New York, United States , Aug. 08, 2024 (GLOBE NEWSWIRE) -- The Global Composite Materials Market Size is Expected to Grow from USD 99.50 Billion in 2023 to USD 193.82 Billion by 2033, at a CAGR of 6.90% during the forecast period 2023-2033.
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A composite material is made up of two materials with distinct physical and chemical properties. Composite materials are combined to create a material that has a certain function, such as becoming stronger, lighter, or more resistant to electricity. They can also enhance strength and stiffness. Their prominence over traditional materials arises from the fact that they improve the properties of their base materials and can be employed in a range of applications. Composite materials are utilized in aerospace for aircraft and spacecraft components, in automobile and transportation for body panels and structural sections, and wind power for turbine blades. Several main factors drive the composite materials market, including the demand for lightweight, high-strength materials in industries such as aircraft, automotive, and construction. Composites are becoming more accessible and cost-effective as manufacturing techniques and material formulations advance. The development of infrastructure projects, as well as regulatory requirements for sustainable and environmentally friendly materials, contribute to market growth. However, the composite materials market confronts various hurdles that might stymie expansion, including high beginning costs and complex manufacturing methods. The difficulty of recycling and disposing of composites raises environmental issues and increases lifecycle expenses.
Browse key industry insights spread across 261 pages with 110 Market data tables and figures & charts from the report on the" Global Composite Materials Market Size, Share, and COVID-19 Impact Analysis, By Type (Glass Fiber Reinforced Polymers, Carbon Fiber Reinforced Polymers, Aramid Fiber Reinforced Polymers, Others), By Resin Type (Thermoset Composites, Thermoplastic Composites), By End Use Industry (Aerospace & Defense, Wind Energy, Automotive & Transportation, Construction & Infrastructure, Electrical & Electronics, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The glass fiber reinforced polymers segment is predicted to hold the largest market share through the forecast period.
Based on the type, the composite materials market is classified into glass fiber reinforced polymers, carbon fiber reinforced polymers, aramid fiber reinforced polymers, and others. Among these, the glass fiber reinforced polymers segment is predicted to hold the largest market share through the forecast period. GFRPs provide a good blend of strength, weight, and durability, making them suitable for a variety of applications in industries such as automotive, aerospace, and construction. Their cheap and established manufacturing procedures add to their dominant market position.
The thermoset composites segment is anticipated to hold the highest market share during the projected timeframe.
Based on the resin type, the composite materials market is divided into thermoset composites and thermoplastic composites. Among these, the storage segment is anticipated to hold the highest market share during the projected timeframe. The dominance of thermoset composites stems from their desirable qualities, which include better mechanical strength, durability, and resistance to high temperatures and chemical deterioration. Thermoset resins, such as epoxy and polyester, cure a hard structure, providing outstanding performance in demanding applications spanning industries such as aerospace, automotive, and construction.
The aerospace & defense segment is anticipated to hold the greatest share of the composite materials market during the projected timeframe.
Based on the end use industry, the composite materials market is categorized into aerospace & defense, wind energy, automotive & transportation, construction & infrastructure, electrical & electronics, and others. Among these, the aerospace & defense segment is anticipated to hold the greatest share of the composite materials market during the projected timeframe. This dominance stems from the sector's tremendous need for innovative composite materials, which provide critical advantages such as high strength-to-weight ratios, higher fuel efficiency, and increased durability. Composites are used in aircraft for components such as fuselages, wings, and engine elements, and in defense for equipment and structural parts.
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North America is estimated to hold the largest share of the composite materials market over the forecast period.
North America is estimated to hold the largest share of the composite materials market over the forecast period. The North American area dominates the composite materials market due to its significant presence in sophisticated manufacturing and innovation, particularly in the aerospace and defense industries. The region's strong automotive industry fuels the demand for lightweight, high-performance materials.
Asia Pacific is predicted to have the highest CAGR growth in the composite materials market over the forecast period. This rapid rise can be ascribed to a variety of factors, including the region's thriving construction and automotive industries, increased industrialization, and significant infrastructure development investments. Furthermore, the increasing need for lightweight and high-performance materials in the aerospace and electronics sectors fuels this expansion.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major key players in the composite materials market include Owens Corning, Toray Industries, Hexcel Corporation, SGL Carbon SE, Huntsman Corporation, Gurit Holding AG, Zoltek Companies, Inc., Nippon Electric Glass Co.Ltd., Mitsubishi Chemical Holdings Corporation, General Plastics & Composites LP, JPS Composite Materials, Teijin Limited, Solvay S.A., and Other key companies.
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Recent Developments
- In January 2024, Sonichem received over £600,000 in financing from Innovate UK's 'Resource Efficiency for Materials and Manufacturing' programme. The funding will help to accelerate the development of Sonichem's proprietary ultrasound technology as well as the production of renewable, cost-effective alternatives to petrochemicals used in the automotive industry to make plastics, resins, and composites.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the composite materials market based on the below-mentioned segments:
Global Composite Materials Market, By Type
- Glass Fiber Reinforced Polymers
- Carbon Fiber Reinforced Polymers
- Aramid Fiber Reinforced Polymers
- Others
Global Composite Materials Market, By Resin Type
- Thermoset Composites
- Thermoplastic Composites
Global Composite Materials Market, By End Use Industry
- Aerospace & Defense
- Wind Energy
- Automotive & Transportation
- Construction & Infrastructure
- Electrical & Electronics
- Others
Global Composite Materials Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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