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Composites Global Market Report 2023: Rising Adoption of Natural Composites Presents Opportunities
Global Composites Market
Dublin, March 08, 2023 (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 2027" report has been added to ResearchAndMarkets.com's offering.
The global composites market size is projected to grow from USD 113.6 billion in 2022 to USD 168.6 billion by 2027, at a CAGR of 8.2% between 2022 and 2027. Composites have outstanding qualities like as stiffness, strength, tenacity, density, thermal and electrical conductivity, fatigue resistance, and corrosion resistance. In light of the characteristics delivered by composites, traditional materials like aluminum steel are becoming less popular for high-performance applications.
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 2022 and 2027. Carbon fiber is twice as strong and 30% lighter than glass fiber and used in several end-use industries. In the automotive industry, carbon fiber-reinforced composites were first used in racing cars to reduce the vehicle's weight and are essential as a high-strength high-rigidity material for the monocoque frame to ensure the driver's safety. In F1 racing cars, carbon fiber-reinforced composites are used for all structural components.
Thermoplastic composites is the fastest-growing resin type of composites, in terms of value.
Thermoplastic composites are the fastest-growing resin type. The application of thermoplastic resins as a matrix material in fiber-reinforced composites has increased significantly in recent years. Thermoplastic resin has been used with continuous fiber to create structural composite products. The main advantage of this resin as a matrix material is that the composite formed can be reshaped and reformed, unlike thermoset resin. The composite formed is easily recyclable, and its use has increased significantly in the last decade.
Resin Transfer Molding (RTM) manufacturing process is the fastest-growing manufacturing process of composites, in terms of value.
RTM employs a flexible solid counter tool to compress the surface during the vacuum-assisted resin transfer process. This technique results in improved strength-to-weight ratios, higher laminate compression, and high glass to resin ratios. Large-surface-area, intricately shaped, and well-finished parts are the most common kind of components it is used to mold. This process is used to produce structures for automotive, construction and infrastructure, and aerospace applications. The growth prospects of the RTM process are high in the next five years due to increasing applications in the automotive and construction industries in emerging countries.
Wind energy is the fastest-growing end-use industry of composites, in terms of value.
Wind energy is predicted to expand with the fastest CAGR for the next five years. Great tensile strength provided by composite materials used in wind turbine construction enables manufacturers to achieve huge blades and high energy output. The volume of fiber reinforcement used in the wind blades accounts for about 70-75% by weight infused with epoxy or unsaturated polymer resins. Fiberglass also provides high tensile strength, helping manufacturers to achieve larger blades and higher energy output. Fiberglass has helped the wind energy industry grow by allowing wind turbines to work in the toughest environments due to its corrosion resistance properties.
Asia Pacific is the fastest-growing composites market.
In terms of value, the composites sector is predicted to exhibit the highest CAGR in Asia Pacific over the next five years. The region has huge growth potential for the electrical & electronics industry growth. The continuous rise in technologically advanced electronic products has resulted in high demand for lightweight and high-strength electronic products. This increasing demand for technologically advanced electronic products for various applications has led to innovations and developments in the composites industry of Asia Pacific.
Research Coverage
This report covers the global composites market and forecasts the market size until 2027. The report includes the market segmentation - Fiber Type (Glass Fiber Composites, Carbon Fiber Composites, Natural Fiber Composites, and Other), Resin Type (Thermoset Composites and Thermoplastic Composites), Manufacturing process (Lay-up, filament winding, injection molding, pultrusion, compression molding, RTM, and others), End-use Industry (Aerospace & Defense, Wind Energy, Automotive & Transportation, Construction & Infrastructure, Marine, Pipes & Tanks, Electrical & Electronics, and Others) and Region (Europe, North America, Asia Pacific, South America, and Middle East & Africa). Porter's Five Forces analysis, along with the drivers, restraints, opportunities, and challenges, are discussed in the report. It also provides company profiles and competitive strategies adopted by the major players in the global composites market.
Market Dynamics
Drivers
Increasing Demand from Aerospace Applications
Extensive Use of Composites in the Construction & Infrastructure Industry
Growing Demand from Manufacturers of Satellite Parts
Stringent Eco-Friendly Regulations in Automotive Applications
Increasing Use of ATF and AFP Technologies to Manufacture Aircraft Primary Structures
Restraints
High Processing and Manufacturing Costs
Lack of Standardization in Manufacturing Technologies
Limitations in Use of Carbon Fiber Composites in High-Temperature Aerospace Applications
Opportunities
High Demand for Electric Vehicles
Rising Adoption of Natural Composites
Growing Penetration of Natural Fiber Composites and Carbon Fiber Composites in Emerging Applications
Cost Reduction of Carbon Fiber Composites
Increasing Use of Carbon Fiber Composites in 3D Printing
Increasing Number of Wind Energy Capacity Installations
Development of Advanced Software Tools for Prepreg Product Development
Challenges
Developing Low-Cost Technologies
Issues Related to Recycling
Key Attributes:
Report Attribute | Details |
No. of Pages | 347 |
Forecast Period | 2022 - 2027 |
Estimated Market Value (USD) in 2022 | $113.6 Billion |
Forecasted Market Value (USD) by 2027 | $168.6 Billion |
Compound Annual Growth Rate | 8.2% |
Regions Covered | Global |
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Composites Market, by Resin Type
7 Composites Market, by Manufacturing Process
8 Composites Market, by Fiber Type
9 Composites Market, by End-use Industry
10 Composites Market, by Region
11 Competitive Landscape
12 Company Profiles
13 Appendix
Companies Mentioned
BASF SE
Binani Industries Ltd.
Composite Part Manufacturers
Dowaksa
Exel Composites
Gaffco Ballistics
Gurit Holding AG
Henkel AG & Co. KGaA
Hexcel Corporation
Hexion
Honeywell International Inc.
Huntsman International LLC
Kineco Kaman Composites - India Private Limited
Magna International Inc.
Mitsubishi Chemical Holdings Corporation
Nippon Electric Glass Co. Ltd.
Owens Corning
Renegade Materials Corporation
Sgl Carbon SE
Solvay SA
Spirit Aerosystems
Strongwell Corporation
Teijin Limited
Toray Industries, Inc.
Trex Company, Inc.
Upm Biocomposites
Weyerhaeuser Company
For more information about this report visit https://www.researchandmarkets.com/r/mx6ydu
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