Composite Materials Market

Composite Materials Market-Size(2023-2028)

The composite materials market was worth US$ 92.7 billion in 2022 and is projected to reach a valuation of US$ 143.54  billion by 2028 and is predicted to register a CAGR of 7.82% from 2023-208

Composition material is another name for composite material. It consists of one or more basic materials with chemical or physical properties that differ. They're linked together to create contrasting materials with distinct properties based on specific parts. This novel material has different characteristics and is lighter, more cost-effective, and more capable than traditional materials. Analysts have recently incorporated computation, sensing, communication, and actuation into this material, also known as robotic materials.

One of the primary factors projected to stymie the composite materials market's growth is the expanding hi-tech breakthroughs in the field of material science, as well as the high price of composite materials. The increased demand for lightweight materials in numerous industries, such as automotive and transportation, wind energy, aerospace, and military, is driving the market. Another critical driver driving the market, according to the research, is the growing use of 3D printing with composites. The ever-increasing demand for electric vehicles in nations such as China and the United States is also a significant driver of composite material demand. Over the forecast period, factors such as rising electrical and electronics amount extensions and consistent growth in the automotive and aerospace sectors are expected to boost the market growth. The existence of a significant number of raw material merchants is likely to increase the composite material market's growth. The high cost of the product, on the other hand, is projected to limit market expansion.

COVID-19 has had a detrimental impact on composite demand around the world due to a drop in demand from numerous end-use sectors. Aerospace and defense, being one of the most significant users of composites, has seen the worst and most immediate effects of the epidemic. The airline industry has suffered the most as a result of the border closures, both international and domestic. This has had a significant impact on composites' demand.

Composite Materials Market Growth:

Over the projected period, the market is likely to be driven by rising demand for performance materials in different industries such as automotive and transportation, wind energy, and aerospace and military. Over the projected period, increased disposable income and willingness to spend more on quality items are expected to favorably influence market growth.

Composite Materials Market Drivers:

The demand for lightweight materials in several industries, such as automotive, wind energy, transportation, aerospace, and defense, is driving the global composites material market. Increasing demand for composites in emerging economies' automotive sectors is expected to propel the global composite market forward throughout the forecast period. Fuel prices are rising, necessitating the use of fuel-efficient automobiles. Composites are commonly used to replace wood, aluminum, and steel because of their superior strength-to-weight ratio.

Composite Materials Market Restraints:

Composites' penetration in various areas, including sporting goods, marine, and consumer products, is still limited by manufacturing and non-recurring development expenses. The main topics of concern are design consistency, process standardization, and maintenance technology. Manufacturers are forced to choose conservative designs due to a lack of standardization of materials and processes, which impedes mass manufacturing and the economic performance of automobiles and aircraft. Furthermore, a scarcity of people resources with composites training and expertise limits the scope of composites' uses.

Recent Development in Composite Materials Market:

Alula has developed lightweight composite materials for wind sports and other applications.

Aluula Composites Inc. (Victoria, British Columbia, Canada) has unveiled a new line of ultra-strong lightweight fabrics that mix with polymer films in a unique fusion technique to improve performance in wind sports and other applications.

Toray and Bell Collaborate on 3960 Prepreg System NCAMP Design Allowable Dataset

Toray Composite Materials America, Inc., the leading manufacturer of innovative carbon fiber and composite prepreg materials, is pleased to announce a collaboration with Bell Textron Inc. to enable a new NCAMP design allowed dataset for Toray's 3960 prepreg material system. Toray's T1100 intermediate modulus plus (IM+) fibers are used in this prepreg system, which provides high toughness and excellent tensile performance, making it perfect for aerospace applications.

COMPOSITE MATERIALS MARKET REPORT COVERAGE:

Composite Materials Market Segmentation:

By Fiber Type:

• Glass Fiber Composites 

• Carbon Fiber Composites

• Natural Fiber Composites

In 2021, the glass fiber composites category dominated the market, accounting for approximately 61.1 percent of total revenue. These fibers are used in industrial and manufacturing applications because of their advantageous qualities such as minimal thermal expansion, high stiffness, high-temperature tolerance, strong chemical resistance, and low weight.

By Resin Type:

• Thermoset Composites

• Thermoplastic Composites

In the resin type group, Thermoset led the composites market. Because of their stiff interlinking molecular structure, inert chemical composition, and resistance to ultraviolet and chemical attacks, thermoset composites are highly durable and low maintenance. However, demand for thermoset resins in wind energy, automotive and transportation, aerospace and military, pipes and tanks, and other industries has decreased as a result of COVID-19.

By Manufacturing Process:

• Layup

• Filament winding

• Injection molding

• Pultrusion 

• Compression molding

In 2021, the layup process for making composites was the market leader, accounting for around 33.7 percent of sales. Over the forecast period, rising production of boats, wind turbine blades, and architectural moldings are likely to propel the layup process segment of the global composites market forward. The orientation of the fibers can be adjusted as needed, allowing them to absorb the maximum amount of stress. This approach is popular among producers because it is low-cost and offers benefits such as rapid fiber and resin deposition and ease of operation. Typically, the layup procedure is used to design primary enclosures and lightweight structural panels.

By End-use Industry:

• Automotive and Transportation

• Building and Construction

• Electrical & Electronics goods

• Pipes & Tank Manufacturing

• Consumer goods

• Wind power

• Maritime

• Défense and aviation

The usage of composite materials in the automotive and transportation industries is critical due to the weight savings for a given level of strength. The automobile and rail industries are concentrating on reducing vehicle weight, boosting vehicle economy, and utilizing more modern materials. Automobile manufacturers around the world are experiencing a number of issues as a result of COVID-19. The most affected countries, which are vital automobile and transportation manufacturing countries, were the United States, Japan, South Korea, Italy, Germany, and the United Kingdom. The majority of automakers have had a direct influence of the pandemic crisis on their income in 2020.

Composite Materials Market Regional Segmentation:

• North America

• Europe

• Asia Pacific

• Latin America

• The Middle East and Africa

Due to increased demand from China, Japan, India, and other countries, APAC is the largest composite consumer. Construction, automotive and transportation, aerospace and defense, and wind energy are among the major end-use industries for composites in the APAC market. Some of the primary reasons driving the composites market in APAC are technological advancements, regulatory policies, and government requirements. The COVID-19 epidemic, on the other hand, lowered the demand for composites in the region.

The aerospace and defense industries, as well as the wind energy harnessing businesses, are driving demand in North America. Furthermore, the automotive manufacturing industries in the United States have a significant penetration of composites material for the production of crucial automobile components, which is expected to increase demand throughout the forecast period.

The market in Europe is being influenced by growing demand from the automotive sector, an increase in defense budgets in several nations, and an increase in demand from the electronics industry. Furthermore, increased manufacturer awareness of the product's benefits is expected to provide the region's market growth with a boost.

Most challenging markets for composite materials is Central and South America. Over the previous decade, the region's political and economic volatility has had a significant impact on the industry's progress. Demand is projected to be supported by increased investments in the region's vehicle manufacturing industry.

Composite Materials Market Key Players:

1. eijin Ltd.

2. Toray Industries, Inc.

3. Owens Corning

4. PPG Industries, Inc.

5. Huntsman Corporation LLC

6. SGL Group

7. Hexcel Corporation

8. DuPont

9. Compagnie de Saint-Gobain S.A

10. Weyerhaeuser Company