The future of the composites market looks attractive with opportunities in the transportation, construction, wind energy, pipe & tank, marine, consumer goods, electrical and electronics, aerospace, and others. The composite materials market is expected to reach an estimated $40.2 billion by 2024 and it is forecast to grow at a CAGR of 3.3% from 2019 to 2024. The composites end product market is expected to reach an estimated $114.7 billion by 2024. The major drivers for growth in this market are increasing demand for lightweight materials in the aerospace & defense and automotive industry; corrosion and chemical resistance materials demand in construction and pipe & tank industry; electrical resistivity and high flame retardant materials demand in electrical and electronics industry.
Emerging trends, which have a direct impact on the dynamics of the industry, include development of low-cost carbon fibers, high performance glass fiber, and rapid cure resin system.
A total of 238 figures / charts and 38 tables are provided in this 385-page report to help in your business decisions. Sample figures with some insights are shown below. To learn the scope of, benefits, companies researched and other details of this composites report, download the report brochure.
The study includes the market size for composites market and forecast for the composites market by application, fiber type, resin type, manufacturing process, molding compound, country, and region, as follows:
Composites Industry by End Use Industry ($ Million and Million Pounds)
- Wind Energy
- Pipe & Tank
- Electrical and Electronics
- Consumer Goods
Composites Industry by Manufacturing Process ($ Million and Million Pounds)
- Hand Lay-up
- Resin Infusion (RRIM, RTM, VARTM)
- Filament Winding
- Injection Molding
- Compression Molding
- Prepreg Lay-up
Composites Industry by Molding Compound ($ Million and Million Pounds)
- Thermoplastic Compounds ( SFT, LFT, GMT, CFT and Other)
Composites Industry by Resin Type ($ Million and Million Pounds)
- Vinyl ester
Composites Industry by Fiber Type ($ Million and Million Pounds)
- Glass fiber
- Carbon fiber
- Aramid fiber
Composites Industry by Fiber Glass Type ($ Million and Million Pounds)
- Single End Roving
- Multi End Roving
- Chopped Strands
- Woven Roving
- Chopped Strand Mat
- Continuous Filament Mat
Composites Industry by Carbon Fiber Type ($ Million and Million Pounds)
- PAN Based Carbon Fiber
- PITCH Based Carbon Fiber
Composites Industry by Region ($ Million and Million Pounds)
- North America
- Asia Pacific
Composites Industry by Country (Million Pounds)
- South Korea
On the basis of its comprehensive research, Lucintel forecasts that the aerospace and wind energy segments are expected to show above average growth during the forecast period from 2019 to 2024.
Within the composites market, injection molding, hand layup, compression molding, spray up, filament winding, resin infusion, and prepreg layup are some of the major processes utilized to manufacture composite parts. Injection molding is expected to be the largest process in terms of value and volume in composite manufacturing because of low cycle time, low manufacturing cost, and ability to make complex shapes.
Asia Pacific is expected to remain the largest region by value and volume; this region is also expected to experience the highest growth over the forecast period because of growth in construction, transportation, and the electrical and electronics segments. The major drivers for growth are increasing automotive production, high growth in construction, and infrastructure development.
Some of the features of the "Growth Opportunities in the Composites Industry 2019-2024" report include:
- Market size and growth rates of the composites market.
- Composites and competing material markets (steel, aluminium, plastic, composites) in terms of volume
- Market size estimates of glass fiber and by type of product form.
- Market size estimates of carbon fiber market by tow size as well as by pan and pitch type in terms of volume and value
- Market for fiber type (glass composites, carbon composites, aramid composites).
- Analysis of the composites industry size in terms of value and volume.
- Trends (2013-2018) and forecast (2019-2024) for the composites industry in terms of value and volume by region, such as North America, Europe, Asia Pacific, and ROW
- Composites industry trends (2013-2018) and forecast (2019-2024) in terms of value and volume by application, such as Transportation, Marine, Wind energy, Aerospace, Pipe and tank, Construction, Electrical & Electronics, Consumer goods, and Others.
- Market size estimates for reinforcements and resins
- Market size estimates for commodity composites and advanced composites
- Market size estimates of composites by molding compound
- Market breakdown by applications and key regions of North America, Europe, Asia Pacific, and the Rest of the World
- Market size estimates of composites by end product market for 2018 and 2024
- Composites market by country, including China, India, the US, and Germany
- Competitive analysis of steel, aluminum, plastics and the composites industries
- Market breakdown by manufacturing technology, manufacturing process, market segment, and material type
- Thermoset and thermoplastic composites market size
- Market outlook and trends in automotive, marine, construction, aerospace and other important market segments with the needs and challenges of each
- Value chain analysis: Dollar and gross profit flow through various nodes of the value chain (from raw material to final application)
- Company profiles of material and end product manufacturers
- Current innovations in the composites industry
This report answers following 11 key questions:
- Q.1. What are some of the most promising, high-growth segments in the composites market by application type (transportation, marine, wind energy, aerospace, pipe & tank, construction, electrical & electronics, consumer goods, and others), raw material (glass fiber, carbon fiber, aramid fiber, polyester resin, vinyl ester, phenolic, polyurethane, thermoplastic resin, filler, and others), fiber type (glass fiber composites, carbon fiber composites, and aramid fiber composites), resin type (polyester composites, epoxy composites, vinyl ester composites, phenolic composites, other thermosets, and thermoplastic composites), by molding compound (SMC, BMC, SFT, LFT, and other composites), and region (North America, Europe, APAC, and ROW)?
- Q.2.Which segments will grow at a faster pace and why?
- Q.3.Which region will grow at a faster pace and why?
- Q.4.What are the key factors affecting market dynamics? What are the drivers, challenges, and business risks in this composites market?
- Q.5.What are the business risks and competitive threats in this composites market?
- Q.6.What are the emerging trends in this composites market and the reasons behind them?
- Q.7.What are some of the changing demands of customers in the composites market?
- Q.8.What are the new developments in the composites market? Which companies are leading these developments?
- Q.9. Who are the major players in this composites market? What strategic initiatives are key players pursuing for business growth?
- Q.10.What are some of the competing products in this composites market and how big of a threat do they pose for loss of market share by material or product substitution?
- Q.11.What M & A activity has occurred in the last 5 years in this composites market?