Global Composites Market Size Booms to Reach USD 157.6 Billion by 2029
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global composites market at USD 98.1 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the global composites market size to grow at a CAGR of 7.2%, to reach USD 157.6 billion by 2029.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global composites market at USD 98.1 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the global composites market size to grow at a CAGR of 7.2%, to reach USD 157.6 billion by 2029. An escalating demand for lightweight components from the automotive and transportation sectors. It is projected that the increased use of cutting-edge lightweight components in production will boost market expansion in the coming years. Due to their capacity to significantly lower the body weight of military aircraft and helicopters, composites are used in the aerospace and defense industry. Weight reduction is thought to be crucial for improving overall performance and fuel economy and is expected to become the main factor boosting the industry's development.
Global Composites Market – Overview
The synthesis of two physically and chemically distinct materials is known as a composite. They combine to create a substance that can perform a particular function, such as becoming stronger, lighter, or electrically resistant. Their use is justified by the fact that, frequently, they are appropriate and improve the properties of their base materials. Concrete is the most typical example of a composite. In this instance, the cured cement holds the structural steel rebar stationary while also giving the concrete strength and rigidity. Cement alone would crumble too easily because rebar is too flexible. The creation of a composite, however, results in the formation of a very rigid material.
Opportunity: Increasing use of Composites in Commercial Aircraft and Automobiles
Despite their high cost, fiber-reinforced composite materials have been driven mainly due to the requirements of high-performance items, such as wings, tails, propellers, fuselages, helicopter rotor blades, and spacecraft equipment. The parts of the Airbus A350 and Boeing 787 aircraft are mainly made from composites. They are also used in sailing, fishing gear, kayaks, dinghies, and scull hull manufacturing. For robust and lightweight composite materials, such as carbon fiber, the esteemed thrill of speed in various sports cars is achieved. Composites are used to render the chassis of multiple two-wheelers and bikes. The introduction of electrification between vehicles to replace conventional fuel has dramatically increased the use of composites in the automotive market.
Challenge: Lack of Standardization and High Cost
The lack of standardization in manufacturing technologies and the high cost of processing and manufacturing are anticipated to impede the growth of the composites market. However, manufacturing and one-time development costs limit the use of composites in a range of applications, such as sporting goods, marine, and consumer goods. Consistency in design, process standardization, and maintenance technology are the main issues. Due to the lack of material and methodology standardization, manufacturers are forced to use conservative designs, which impedes the mass production and commercial viability of automobiles and aircraft. There aren't as many people with training and experience in composites, which limits the applications composites can be used.
Global Residential Security Market – By End-Use Industry
Based on end-use industry type, the composites market is segregated into Aerospace & Defense, Wind Energy, Transportation, Construction & Infrastructure, Marine, Pipe & Tank, Electrical & Electronics, and Others. The transportation segment is projected to have the largest share in the composites market during the forecast horizon. Many composites have a higher strength-to-weight ratio than steel and aluminum. The major driving factors behind the introduction of more lightweight and fuel-efficient composites in transportation are environmental regulations relating to emission standards, particularly in North America, Europe, and China.
Impact of COVID-19 on the Composites Market
Covid-19 harmed the world composites market. Global demand for composites has been significantly impacted by COVID-19 because of a decline in demand from several end-use sectors. One of the key markets for composites, aerospace & defense, has experienced the pandemic's most severe and rapid effects. The lockdown at both international and domestic borders has had the worst effects on the airline industry. This has been impacted by the following phrase: Several businesses have already stated that they expect future product sales to decline and product delivery to be delayed. Global travel restrictions put in place by North American, Asian, and European nations also had an impact on partnership opportunities, commercial collaboration, and geographic expansion.
Global composites market is fragmented with numerous players serving the market. Key players dominating the global composites market, include Owens Corning, Toray Industries, Inc., Teijin Limited, Mitsubishi Chemical Holdings Corporation, Hexcel Corporation, SGL Group, Nippon Electrical Glass Co. Ltd., Koninklijke Ten Cate bv, Huntsman International LLC., Solvay, MRC, PPG Industries, Inc., E. I. DuPont Nemours & Co., Weyerhaeuser Company, Chongqing Polycomp International Corporation, Jushi Group Co., Ltd., Honeywell International Inc., Renegade Materials Corporation, Kineco Kaman Composites – India Private Limited, Henkel AG & Co. KGaA, and UPM Biocomposites. Major marketing strategies adopted by the players are facility expansion, product diversification, alliances, collaborations, partnerships, and acquisition to expand their customer reach and gain a competitive edge in the overall market.
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