Dublin, Aug. 20, 2020 (GLOBE NEWSWIRE) -- The "Composites Market by Fiber Type (Glass Fiber Composites, Carbon Fiber Composites, Natural Fiber Composites), Resin Type (Thermoset Composites, Thermoplastic Composites), Manufacturing Process, End-use Industry and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global composites market size is projected to grow from USD 70.4 billion in 2020 to USD 112.8 billion by 2025, at a CAGR of 8.8% between 2020 and 2025.
Composites offer exceptional properties, such as stiffness, strength, tenacity, density, thermal & electrical conductivity, fatigue, and corrosion resistance. Owing to these outstanding properties offered by the composites, they are preferred over conventional materials such as aluminum steel in high performance applications in several end-use industries. However, global pandemic disease COVID-19 has forced the automotive, wind blade, and aircraft manufacturers to shut down their operations, which is expected to decrease the demand for composites in 2020.
Carbon fiber composites are the fastest-growing fiber type of composites market in terms of value.
Carbon fiber composites are projected to register the highest CAGR in terms of value between 2020 and 2025. Carbon fiber is twice as strong, and 30% lighter compared to glass and natural fiber and has been used in several end-use industries for some time. However, due to COVID-19, carbon fiber composites production and demand have reduced. It is expected that advancement in carbon fiber manufacturing and a decrease in crude oil prices would result in a reduction of carbon fiber composites prices. This, in turn, would bolster the growth and penetration of carbon fiber composites in various end-use industries.
Thermoplastic composites is the fastest-growing resin type of composites, in terms of value.
Thermoplastic composites are the fastest-growing resin type. The thermoplastic composites are easy to remold, and reform and hence can be reused. Due to COVID-19, lockdown conditions and halt in the production of automobiles and aircraft have reduced the demand for thermoplastic composites. However. R&D investments for the mass production of thermoplastic composites would reduce its cost, thereby driving the thermoplastic composites market during the forecast period.
Resin transfer molding is expected to witness widespread adoption in the composites market in terms of value.
The resin transfer molding manufacturing process is projected to register the highest CAGR in terms of value between 2020 and 2025. This process yields increased laminate compression, high glass-to-resin ratio, and outstanding strength-to-weight characteristics. Thus, the process is expected to grow during the forecast period. Due to COVID-19, there is a decreased demand for composites in the resin transfer molding process in construction & infrastructure, automotive & transportation, and aerospace & defense industries. The recovery in these industries post COVID-19 pandemic would restore the demand for composites in the resin transfer molding process.
Automotive & transportation is the fastest-growing end-use industry of composites, in terms of value.
The automotive & transportation industry is expected to grow at the highest CAGR during the forecast period in terms of value. The use of composites in luxury cars, sports cars, electric vehicles, and passenger cars is increasing due to lightweight, high strength, and increased fuel-efficiency. However, due to COVID-19, travel restrictions, and lockdown scenario, the automobile sales have dropped. It is expected that the stringent environmental regulations, recovery in the electric vehicles, and sentiments of people to travel in private cars would drive the composites market at the highest pace than any other industry during the forecast period.
APAC is the fastest-growing composites market.
APAC is projected to register the highest CAGR in terms of value in the global composites market during the forecast period. APAC dominated the composites industry in 2019. The growth of the composites industry in this region is supported by the low-cost labor, the advancement of composite technology solutions, and the penetration of composites in various end-use industries.
Due to COVID-19, numerous wind blade manufacturers and automotive companies have halted their production sites across various countries that has led to reduced demand for composites in Asian countries. The recovery in the end-use industries with restoration in the supply chain would drive the composites demand during the forecast period.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
3.1 Impact of the Pandemic Covid-19 on the Composites Market
4 Premium Insights
4.1 Attractive Opportunities in the Composites Market
4.2 Composites Market, by Manufacturing Process and Region
4.3 Composites Market, by End-Use Industry
4.4 Composites Market, by Fiber Type
4.5 Composites Market, by Resin Type
4.6 Composites Market, by Key Countries
5 Market Overview
5.2 Market Dynamics
188.8.131.52 Increasing Demand from End-Use Industries
184.108.40.206 Government Stimulus Packages to Drive the Composites Market Post Covid-19
220.127.116.11 Tax Incentives to Drive the Composites Demand in Wind Energy
18.104.22.168 Low Crude Oil Prices to Partially Offset the Impact of Covid-19
22.214.171.124 High Processing and Manufacturing Cost
126.96.36.199 Lack of Standardization in Manufacturing Technologies
188.8.131.52 Disruption in Supply Chain and Logistics Due to Covid-19
184.108.40.206 Lower Capacity Utilization and Liquidity Crunch Due to Covid-19
220.127.116.11 Increasing Demand in Emerging Economies
18.104.22.168 High Demand for Environment-Friendly Electric Vehicles
22.214.171.124 Growing Adoption of Natural Composites
126.96.36.199 Penetration of Carbon Fiber Composites in New Applications
188.8.131.52 Reduction of Carbon Fibers Cost
184.108.40.206 Increasing Awareness of Oems Regarding Strict Government Regulations
220.127.116.11 Developing Low-Cost Technologies
18.104.22.168 Issues Related to Recycling
5.3 Porter's Five Forces Analysis
5.4 Value Chain of Composites Industry
5.5 Value Chain Analysis and Impact of Covid-19
5.5.1 Raw Materials
6 Macroeconomic Overview and Key Trends
6.1.1 Trends and Forecast of Gdp
6.1.2 Impact of Covid-19 on the Aerospace Industry
22.214.171.124 Short-Term Strategies to Manage Cost Structure and Supply Chains
126.96.36.199 New Opportunities
6.2 Impact of Covid-19 on the Automotive Industry
6.2.1 Short-Term Strategies to Manage Cost Structure and Supply Chains
6.2.2 Impact on Electric Vehicle (Ev) Demand Due to Lower Oil Prices
6.2.3 New Opportunities
6.3 Impact of Covid-19 on the Wind Energy Industry
6.3.1 Short-Term Strategies to Manage Cost Structure and Supply Chains
6.3.2 New Opportunities
7 Composites Market, by Fiber Type
7.2 Impact of Covid-19 Pandemic on Composites Fiber Type Market
7.3 Glass Fiber Composites
7.3.1 Glass Fiber Composites Market, by Region
7.4 Carbon Fiber Composites
7.4.1 Carbon Fiber Composites Market, by Region
7.5 Natural Fiber Composites
7.5.1 Natural Fiber Composites Market, by Region
7.6.1 Basalt Fiber Composites
7.6.2 Aramid Fiber Composites
7.6.3 Boron Fiber Composites
7.6.4 Hybrid Fiber Composites
7.6.5 Ultra-High-Molecular-Weight Polyethylene (UHMWPE)Fiber Composites
7.6.6 Other Fiber Composites Market, by Region
8 Composites Market, by Resin Type
8.2 Impact of Covid-19 Pandemic on Composites Resin Type Market
8.3 Thermoset Composites
8.3.1 Epoxy Resin
8.3.2 Polyester Resin
8.3.3 Vinyl Ester Resin
8.3.4 Polyurethane Resin
8.3.6 Thermoset Composites Market, by Region
8.4 Thermoplastic Composites
8.4.1 Polycarbonates (PC)
8.4.2 Polypropylene (PP)
8.4.3 Polyphenylene Sulfide (PPS)
8.4.4 Polyetherimide (PEI)
8.4.5 Polyetheretherketone (PEEK)
8.4.6 Polyamide (PA)
8.4.8 Thermoplastic Composites Market, by Region
9 Composites Market, by Manufacturing Process
9.2 Impact of Covid-19 on Composite Manufacturers and Manufacturing Processes
9.3 Lay-Up Process
9.3.1 Lay-Up Process: Composites Market, by Region, 103
9.4 Filament Winding Process
9.4.1 Filament Winding Process: Composites Market, by Region
9.5 Injection Molding Process
9.5.1 Injection Molding Process: Composites Market, by Region
9.6 Pultrusion Process
9.6.1 Pultrusion Process: Composites Market, by Region
9.7 Compression Molding Process
9.7.1 Compression Molding Process: Composites Market, by Region
9.8 Resin Transfer Molding (RTM) Process
9.8.1 RTM Process: Composites Market, by Region
9.9.1 Other Processes: Composites Market, by Region
10 Composites Market, by End-Use Industry
10.2 Impact of Covid-19 on End-Use Industries
10.2.3 Wind Energy
10.3 Automotive & Transportation
10.3.2 Recreational Vehicles
10.3.3 Bus, Trucks, and Other Heavy Vehicles
10.3.4 Metros and Monorails
10.3.5 Passenger Rails
10.3.6 High Speed and Bullet Trains
10.3.7 Composites Market Size in Automotive & Transportation End-Use Industry, by Region
10.4 Aerospace & Defense
10.4.3 Composites Market Size in Aerospace & Defense End-Use Industry, by Region
10.5 Wind Energy
10.5.1 Composites Market Size in Wind Energy End-Use Industry, by Region
10.6 Construction & Infrastructure
10.6.1 Composites Market Size in Construction & Infrastructure End-Use Industry, by Region
10.7 Pipes & Tanks
10.7.1 Composites Market Size in Pipes & Tanks End-Use Industry, by Region
10.8.3 Cruise Ship
10.8.5 Composites Market Size in Marine End-Use Industry, by Region
10.9 Electrical & Electronics
10.9.1 Composites Market Size in Electrical & Electronics End-Use Industry, by Region
10.10.3 Sporting Goods
10.10.4 Composites Market Size in Other End-Use Industries, by Region
11 Composites Market, by Region
11.2 Regional Impact of Covid-19
11.3 North America
11.6 Middle East & Africa (Mea)
11.7 Latin America
12 Competitive Landscape
12.2 Competitive Leadership Mapping
12.2.1 Visionary Leaders
12.2.2 Dynamic Differentiators
12.2.3 Emerging Companies
12.3 Strength of Product Portfolio
12.4 Business Strategy Excellence
12.5 Market Ranking
12.6 Competitive Scenario
12.6.4 New Product/Technology Launch
12.6.5 Partnership and Collaboration
12.6.6 Merger & Acquisition, Investment, and Diversification
12.6.7 Joint Venture
13 Company Profiles
13.1 Owens Corning
13.2 Toray Industries, Inc.
13.3 Teijin Limited
13.4 Mitsubishi Chemical Holdings Corporation
13.5 Hexcel Corporation
13.6 SGL Group
13.7 Nippon Electric Glass Co. Ltd.
13.8 Huntsman International LLC.
13.12 Weyerhaeuser Company
13.13 Chongqing Polycomp International Corporation
13.14 Jushi Group Co. Ltd.
13.15 Taishan Fiberglass Inc.
13.16.1 Basf Se
13.16.3 Honeywell International Inc.
13.16.4 Renegade Materials Corporation
13.16.5 Kineco Kaman Composites - India Private Limited
13.16.6 Henkel AG & Co. Kgaa
13.16.7 UPM Biocomposites
13.16.8 Trex Company, Inc.
13.16.9 Gaffco Ballistics
13.16.10 Binani Industries Ltd.
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