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The composite materials market is forecast to increase by USD 17,158.66 million during the forecast period. The market is estimated to grow at a CAGR of 6.45% between 2022 and 2027. The growth of the market depends on several factors, including the rising demand for these materials in the transportation industry, the increasing number of opportunities for textile glass fibers and glass fibers in the electronics sector, and the increasing demand for composite fibers in construction. This market research and analysis report also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The rising demand for composite materials in the transportation industry is notably driving the market growth, although factors such as the high cost of composites may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Drivers
The rising demand for composite materials in the transportation industry is the key factor driving the market growth. The automotive segment is becoming increasingly obsessed with carbon fiber consumption, which has increased significantly in recent years. This is due to its reduced CO2 emissions, lightweight construction, and benefits from an e-mobility point of view. These materials are very popular in the automotive industry. Their use has increased in recent years with the rapid development of the automotive sector and the demand for lighter vehicles to more reliably meet mileage standards.
Currently, they are used for more than just body panels, including car frames to rims, springs, and truck bed liners. In addition, these materials are damage-resistant, thus providing more safety to the vehicle owner. These materials are corrosion-resistant, thus offering longer durability to vehicles. This will drive the growth of the market during the forecast period
Significant Trends
Strategic collaboration, partnerships, and mergers and acquisitions are the primary trends in market growth. The global composites market is focused on strategic collaborations, partnerships, mergers, and acquisitions. companies are partnering to develop new materials that are cheaper and more advanced than their predecessors. For example, in April 2021, Impossible Objects and Ricoh 3D partnered to develop a new carbon fiber-based composite material for printing using composite-based additive manufacturing (CBAM) processes. This new material removes obstacles when printing parts for drones, planes, cars, sporting goods, and more.
Moreover, in March 2021, Composites One, the North American supplier of composites materials and value-added services, announced the completion of its purchase of the Process Materials business from the Solvay Composites Materials Global Business. Such collaborations and partnerships may boost the demand for the materials during the forecast period.
Major Challenges
The high cost of composites is a major challenge to market growth. The high cost is a major concern associated with their increasing use in structural applications. Moreover, due to its high specific strength and modulus, carbon fiber composite components offer distinct advantages over steel, aluminum, wood, and high-performance plastics. The main raw materials of carbon composites are polymer resins and carbon fibers. The cost of carbon fiber is directly related to the cost and yield of its precursors and the conversion cost. Nevertheless, it is still expensive due to high raw material costs and high demand for skilled workers.
Moreover, many applications of aerospace composites have been discovered, but due to high-cost constraints, the commercialization of such applications is yet to be adopted. Owing to the high R and D costs, developing low-cost technologies is a major challenge for all researchers and key manufacturers. Hence, the high cost associated with manufacturing and developing these materials will restrict the growth of the market during the forecast period.
Key Market Customer Landscape
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Composite Materials Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
jushi.com - The company offers composite materials that are used to help make strong, yet lightweight, honeycomb sandwich composite found in aircraft parts such as flooring panels, interior walls, storage bins, exterior control surfaces, engine nacelles, and helicopter blades. Also, the company is involved in the manufacture and sale of fiberglass and its derivatives.
This market growth and trends report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market share growth by the glass fiber segment will be significant during the forecast period. The glass fiber composites segment captured the largest share of the market. This is attributed to glass fiber's superior attributes, such as strength, flexibility, durability, stability, low weight, and resistance to heat, temperature, and moisture.
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The glass fiber segment was valued at USD 17,664.65 million in 2017 and continued to grow by 2021. Glass fiber is used in different industries such as construction, wind energy, pipes and tanks, marine, and transportation industries. It is used in different applications, including underbody systems, deck lids, front-end modules, bumper beams, engine covers and instrument panels, and air ducts in the marine industry. Furthermore, the development of glass fiber-based turbine blades for wind energy plants will drive the demand in the forecast period. Thus, the rising number of wind energy plants globally will further accelerate the growth of the segment during the forecast period.
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North America is estimated to contribute 34% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. In 2022, North America held the largest market share of the market. This is attributed to the presence of some of the biggest composite material manufacturers and their end-users in the region. Furthermore, in the US, the demand for composites is primarily driven by the increasing demand for lightweight materials in the automotive industry. As materials such as glass fibers and carbon fibers provide greater strength than steel and lightweight and non-corrosive properties, they are highly preferred by automotive manufacturers. Moreover, the presence of some of the biggest automaker manufacturers, such as General Motors, coupled with the steady growth of the automobile market in the region, will drive the growth of the regional market during the forecast period.
The market is experiencing substantial growth, driven by the widespread use of thermoplastic and thermoset resins in various industries. Applications range from carbon-fiber bodies in automotive to wind energy installations and construction & infrastructure projects. Advanced manufacturing processes such as RTM (Resin Transfer Molding), vacuum-assisted resin transfer process, and laminate compression ensure optimal glass-to-resin ratio and superior strength-to-weight characteristics. These techniques enable the production of intricate three-dimensional components with excellent mechanical performance and tight dimensional tolerances. Surface finish is enhanced through techniques like surface compression, catering to industries that demand high-quality finishes.
This market research and growth report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Composite Materials Market Scope |
|
Report Coverage |
Details |
Page number |
178 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.45% |
Market growth 2023-2027 |
USD 17,158.66 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
7.34 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
APAC at 34% |
Key countries |
US, China, India, Germany, and UK |
Competitive landscape |
Leading Companies, Market Trends and Analysis Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
3M Co., Cabot Corp., China Jushi Co. Ltd., Compagnie de Saint Gobain SA, COMPOSITES UNIVERSAL GROUP, DuPont de Nemours Inc., Gurit Holding AG, Hexcel Corp., Huntsman Corp., Kineco Ltd., Mitsubishi Chemical Corp., Momentive Performance Materials Inc., Nippon Electric Glass Co. Ltd., Owens Corning, Scott Bader Co. Ltd., SGL Carbon SE, Solvay SA, Teijin Ltd., Veplas dd, and Toray Industries Inc. |
Market dynamics |
Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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