Pune, India, Jan. 30, 2023 (GLOBE NEWSWIRE) -- The global composites market size is projected to reach USD 112.0 billion by 2027, exhibiting a CAGR of 6.88% during the forecast period. Increasing utilization of composite materials in 3D printing applications will broaden the horizons of this market, observes Fortune Business Insights™ 3D printing technology holds an enormous potential for the manufacturing sector, allowing producers to efficiently create parts, machineries, and equipment at relatively low costs. Most of the 3D printers available today use Fused Filament Fabrication (FFF), a polymer-extrusion process for composites.
For example, US-based additive manufacturer, Markforged, developed the continuous fiber 3D printing method and currently offers a variety of industrial 3D printers, with main focus on functional prototyping and end-use manufacturing. Another US-based company, Desktop Metals, launched its Fiber 3D Printer in 2019, which combines the traditional Automated Fiber Placement technology with FFF. These advancements are expected to provide a solid push to the growth trajectory of this market in the foreseeable future.
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List of Key Companies Profiled in the Composites Market Report:
- Composite Solutions
- Exel Group
- Huntsman International LLC
- Hexcel Corporation
- Teijin Limited
- Owens Corning
- Veplas d.d.
- Solvay
- SGL Carbon
- Mitsubishi Chemical Holdings Corporation
- Toray Industries, Inc.
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2020-2027 |
| Forecast CAGR | 6.88% |
| 2027 Value Projection | USD 112.0 Billion |
| Base Year | 2019 |
| Composites Market Size in 2019 | USD 99.91 Billion |
| Historical Data | 2016-2018 |
| No. of Pages | 197 |
| Segments Covered | By Martic, By Application Type and Regional |
| Composites Market Growth Drivers | Rising Demand for Electric Vehicles to Surge the Adoption of Composites |
| Expansion & Acquisitions to be the Mainstay Strategies of Key Players |
According to the report, the global market value stood at USD 99.91 billion in 2019. The other highlights of the report include:
- Deep insights into the trends, drivers, opportunities, and challenges shaping the market;
- Actionable analysis of the market segments;
- Tangible research into the regional developments impacting the market; and
- Thorough evaluation of the key market players and their strategies.
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Market Driver
Rising Demand for Electric Vehicles to Surge the Adoption of Composites
Electric vehicles (EVs) are witnessing skyrocketing demand as consumers are actively looking to reduce their spending on gasoline and lower emissions. According to the International Energy Agency (IEA), 2.1 million EVs were sold in 2019.
The key to enhance the energy-efficiency of these vehicles is to bring down their weight. Composite materials are expected to play an instrumental role in facilitating these requirements and research has been conducted in this area for over a decade now. For example, in 2010, Imperial College London and its European partners engineered a carbon fiber composite to make lightweight and high-strength body panels and structural parts for hybrid EVs.
More recently, the Fraunhofer Institute for Structural Durability and Systems Reliability in Germany initiated the Optimized Energy Management and Use (OPTEMUS) project in 2015. Funded by the European Union, the project has developed a composite that functions as a phase change material and effectively manages EV temperature and range. The vast potential of composites in EV manufacturing is, thus, foreseen to drive the global market in the upcoming years.
Regional Insights
Prominent Presence of Industry Players to Favor Growth in the Asia Pacific Market
Asia Pacific dominated the composites market share with a size of USD 43.76 billion in 2019 on account of the strong presence and robust operations of some of the biggest players in the composites industry such as Toray and Mitsubishi. These companies have been injecting large amount of funds into research and development to create new composite solutions and meet the rapidly rising demand for these materials from diverse industries in the region.
The market in North America is benefiting from the extensive utilization of composite materials by the region’s well-established aerospace & defense industry. In Europe, the market dynamics will be primarily shaped by the region’s massive automotive industry, increasing uptake of EVs, and favorable governmental policies promoting the adoption of lightweight materials in vehicle manufacturing.
Competitive Landscape
Expansion & Acquisitions to be the Mainstay Strategies of Key Players
Chief among the strategies adopted by the key players in this market are the calculated territorial expansion and tactical acquisition activities. These strategies are aiding large companies in the market to widen their offerings, strengthen global market foothold, and penetrate emerging markets.
Industry Developments:
- January 2020: Teijin Limited announced the establishment of the Teijin Automotive Center Europe GmbH in Germany, which will serve as a new base for technical operations for the company’s automotive composites business.
Browse Detailed Summary of Research Report with TOC:
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Trends
- Overview of Global Composites Production
- Impact on COVID-19 on the Composite Market
- Global Composites Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Matrix
- Polymer matrix composites
- Fiber
- Glass
- Carbon
- Aramid
- Resin
- Thermoset
- Thermoplastic
- Fiber
- Ceramic matrix composites
- Metal matrix composites
- Polymer matrix composites
- Market Analysis, Insights and Forecast – By Application
- Automotive
- Building & construction
- Electrical & Electronics goods
- Pipes & tank manufacturing
- Consumer goods
- Wind power
- Maritime
- Defence & Aviation
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia pacific
- Latin America
- Middle East & Africa
- North America Composites Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Matrix
- Polymer matrix composites
- Fiber
- Glass
- Carbon
- Aramid
- Resin
- Thermoset
- Thermoplastic
- Fiber
- Ceramic matrix composites
- Metal matrix composites
- Polymer matrix composites
TOC Continued…!
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Frequently Asked Questions (FAQs):
What are the 4 types composite materials?
Answer- Composites are usually classified by the type of material used for the matrix. The four pri- mary categories of composites are polymer matrix composites (PMCs), metal matrix compos- ites (MMCs), ceramic matrix composites (CMCs), and carbon matrix composites (CAMCs).
What is the future of composites?
Answer- The future of composite materials is an extremely promising one, with the automotive and aerospace sectors driving new developments. With the increase in electric vehicles on the road and the advent of electric urban taxis, we will continue to see the wider use of composites for advanced structures.
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