The Composites Market is estimated to be valued at US$ 93.4 billion in 2022 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Composites are materials composed of two or more distinct components with significantly different physical or chemical properties. They offer high strength-to-weight ratios, excellent corrosion resistance, and superior thermal and electrical properties. The aerospace and defense sector extensively utilizes composites for manufacturing aircraft components, military equipment, and ballistic-resistant materials. The automotive industry is also adopting composites for lightweight body panels, improving fuel efficiency and reducing emissions.
Market Dynamics:
The market for composites is driven by the increasing demand for lightweight materials in various industries, such as aerospace, automotive, and construction. The growing focus on fuel efficiency and emissions reduction has prompted the adoption of composites in the transportation sector. Additionally, the advancements in manufacturing technologies, such as automated fiber placement and resin transfer molding, have improved the production efficiency of composites. These factors are expected to fuel the growth of the composites market over the forecast period.
Segment Analysis:
The composites market can be segmented based on type, end-use industry, and region.
In terms of type, the dominating segment in the composites market is the fiber reinforced polymer (FRP) segment. FRPs are extensively used in various industries such as aerospace, automotive, construction, and marine due to their high strength, lightweight nature, and corrosion resistance. The growing demand for lightweight materials in these industries is driving the dominance of the FRP segment in the composites market.
PEST Analysis:
Political: The political factors influencing the composites market include government regulations and policies on manufacturing and environmental sustainability. For instance, stringent regulations on carbon emissions are encouraging industries to shift towards lightweight composites as they offer better fuel efficiency.
Economic: Economic factors such as GDP growth, disposable income, and infrastructure development play a significant role in the composites market. The booming construction and automotive sectors in emerging economies are driving the demand for composites.
Social: Changing consumer preferences towards lightweight and sustainable materials are impacting the composites market. The increasing awareness about environmental concerns and the need for energy-efficient solutions are driving the adoption of composites in various industries.
Technological: Technological advancements in manufacturing processes and material innovations are driving the growth of the composites market. The development of advanced composites with improved mechanical properties and reduced production costs is fueling the market growth.
Key Takeaways:
The global Composites Market Scope is expected to witness high growth, exhibiting a CAGR of 7.3% over the forecast period (2023-2030). The increasing demand for lightweight materials in industries such as aerospace, automotive, and construction is a key driver for market growth. Additionally, stringent regulations on carbon emissions and the need for energy-efficient solutions are further boosting the adoption of composites.
In terms of regional analysis, the Asia Pacific region is the fastest-growing and dominating market for composites. The rapid industrialization, urbanization, and infrastructure development in countries like China and India are driving the demand for composites in various industries. The North American market is also witnessing significant growth due to the presence of key players and the increasing demand from the aerospace and automotive sectors.
Key players operating in the composites market include Companies de, Saint-Gobain S.A., Momentive Performance Materials, Inc., Kineco Limited, Veplas Group, China Jushi Group Co., Ltd., Braj Binani Group, and Guardian Fibre Glass. These companies focus on product development, mergers and acquisitions, and partnerships to strengthen their market position and cater to the growing demand for composites.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it