Composites Market is Estimated to Account for US$ 160 Bn by 2027

Introduction

Composites Market (By Resin: Thermoplastic, Thermosetting; By Product: Carbon Fiber, Glass Fiber; By Manufacturing Process: Injection Molding Process, Resin Transfer Molding Process, Pultrusion Process, Layup Process, Filament Winding Process, Compression Molding Process; End use: Electrical & Electronics, Automotive & Transportation, Wind Energy, Aerospace & Defense, Pipes & Tanks, Construction & Infrastructure, Other) - Global Market Size, Trends Analysis, Segment Forecasts, Regional Outlook 2020 - 2027

The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, market share analysis, and the overall market environment.

The global composites market is expected to reach a market size of US$ 160 Billion by the end of 2027 and register a high revenue CAGR of 7.8% from 2020 to 2027, According to a new research report by Precedence Research.

Market Analysis and Insights

The global composites market is expected to gain market growth in the forecast period. A recent study by Precedence Research on the composites market offers a 7-year forecast from 2020 to 2027. The study offers a comprehensive analysis of the current state of the global composites market, as well as projections for overall growth prospects and key factors in major regional markets.

The research report includes a detailed study of regions of North America, Europe, Asia Pacific, and Rest of the World. For these regions, primary variables such as production volume, price analysis, and gross margin analysis are provided. This research report presents the market status, import-export data, and consumption ratio for each region. The SWOT analysis, pricing structures, and gross margin are all analyzed by region.

A composite material consists of minimum two materials that combine to offer superior properties to those of the single constituents. Several component materials and numerous processes make composites enormously efficient and versatile. They usually offer more durable lighter, stronger solutions than conventional materials. Foremost driver for the development of composites is the combination of matrix and the reinforcement that can be altered to address the desired properties of a component. Composite materials attain the maximum of their advantageous properties from a strong bond among the stiff, strong reinforcement generally filaments or reinforcements with another geometrical shapes. The high usage of these composites is mainly influenced by cost thresholds, performance requirements, customer demand and regulations.

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Growth Factors

Global composites market is largely influenced by ascending lightweight materials demand in many sectors like automotive, wind energy, transportation, aerospace and defense. Growing demand for composites in the automotive sector of emerging economies is predicted to lift the growth of global composite market during forecast period. Escalating prices of fuel have prompted the requirement for fuel-efficient vehicles. Composites are largely employed as the replacement for wood, aluminum, and steel due to its greater strength to weight ratio.

At present, against the backdrop of unsettled China/U.S. trade disagreements, the U.S. composites sector stays optimistic and endures to demonstrate positive growth. This mainly backed by stable growth of aerospace wind energy, and construction areas.

Report Highlights

• Asia Pacific is predicted to mirror its dominance by both value and volume throughout the forecast period. This high growth is attributed to rising demand from expanding transportation, electrical and electronics, construction segments in this region.
• Some of the driving factors for extensive growth of composites market are high growth in construction, cumulative automotive production, and infrastructure advancements.
• Glass fiber-based composites products dominated the global marketplace in 2019, followed by carbon fiber-based composites.
• The appearance of the Singapore, Philippines, Indonesia, Malaysia, and Vietnam as chief shipbuilding hubs in Asia Pacific is projected to stimulate composites demand in the region during years to come
• The global composites market has emerged as exciting workplace due to new materials, processes and increasing applications areas.

Key Players:

The composites market is consolidated with a major number of manufacturers. The company profiling of key players in the market includes major business strategies, company overview and revenues. In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report. Primary research represents a bulk of research efforts, supplemented by extensive secondary research.

Top Manufacturers in the composites market are

• Huntsman Corporation LLC
• SGL Group
• Teijin Ltd
• PPG Industries, Inc.
• Toray Industries, Inc.
• Owens Corning
• Hexcel Corporation
• DuPont
• Momentive Performance Materials, Inc.
• Jushi Group Co., Ltd.
• Compagnie de Saint-Gobain S.A
• Weyerhaeuser Company
• Cytec Industries

Market Segmentation

By Product Type

• Glass Fiber
• Carbon Fiber
• Others

By Resin Type

• Thermoplastic
• Thermosetting
• Others

By Manufacturing Process Type

• Injection Molding Process
• Resin Transfer Molding Process
• Pultrusion Process
• Layup Process
• Filament Winding Process
• Compression Molding Process
• Others

By End Use Type

• Electrical & Electronics
• Automotive & Transportation
• Wind Energy
• Aerospace & Defense
• Pipes & Tanks
• Construction & Infrastructure
• Marine
• Others

By Geography

• North America
  • U.S.
  • Canada
• Europe
  • U.K.
  • Germany
  • France
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
• Middle East & Africa
• Latin America

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