Composites Market by Product (Polymer Matrix Composite, Metal Matrix Composites, and Ceramic Matrix Composites), by Fiber Type (Carbon Fiber Composites, Glass Fiber Composites, Natural Fiber Composites, and Others), by Resin type (Thermoset Composites and Thermoplastic Composites), by Manufacturing Process (Layup Process, Filament Winding Process, Injection Molding Process, Pultrusion Process, Compression Molding Process, Resin Transfer Molding Process, and Others), and by Application (Transportation, Aerospace & Defense, Electrical & Electronics, Wind Energy, Construction & Infrastructure, Pipes & Tanks, Marine, and Others) – Global Opportunity Analysis and Industry Forecast 2022-2030.

Market Definition:

The Composites Market size was valued at USD 89.10 billion in 2021 and is predicted to reach USD 175.20 billion by 2030 with a CAGR of 7.6% from 2022-2030.

Composites material is a substance that is obtained by combining two or more constituent elements such as fibres, polymers and matrix materials. These individual elements are merged to produce a composite material that has distinct and dissimilar properties to that of the individual elements.

Composites have a wide variety of applications including equipment and machinery, medical, shipbuilding, building and furniture, among others. This is due to the remarkable properties of composites which includes their low weight, stiffness and strength, ease in manufacturing complex shapes, resistance to corrosion, and temperature lenience. Composites also plays a significant role in automotive industry by providing better driving experience to users and greater power to engine.

Market Dynamics and Trends:

The benefits of using composites in the construction of buildings and infrastructures such as corrosion resistance, improved rot resistance, durability and strength has stimulated its growing demand.

Also, composites are widely used in marine and aerospace industries, as well as highly incorporated in sewage and water management projects. This, in turn is expected to drive the composites market growth during the forecast period.

For instance, racing powerboats and yachts are making greater waves by using hybrid composites in order to save weight and improve performance and safety in extreme marine conditions.

Moreover, tax incentives available for the installation of windmills that incorporates carbon fiber composites for the manufacture of long, slender wind turbine blades is a major factor that is expected to boost the growth of the market.

However, high costs of raw materials of composites materials such as fibers, resins, graphene, and others coupled with issues related to recycling of these composite materials due to heterogeneous hybrid structures are factors, expected to restrain the growth of the market during the forecast period.

On the other hand, huge contribution of composite materials to the healthcare industry in preparation of fillings to check and replace decayed tooth is expected to create lucrative growth opportunities for the composites market players in the coming future.

Market Segmentations and Scope of the Study:

The composites market size has been segmented based on product, fiber type, resin type, manufacturing process, application, and geography. On the basis of product, the market is categorized into polymer matrix composites, metal matrix composites, and ceramic matrix composites. On the basis of fiber type, the market is classified into carbon fiber composites, glass fiber composites, natural fiber composites, and others.

On the basis of resin type, the market is divided into thermoset composites and thermoplastic composites. The thermoset composites segment is further segmented into polyester, vinyl ester, and phenolic. The thermoplastic segment is further segmented into SFT, LFT, CFT, and others.

On the basis of manufacturing process, the market is grouped into layup process, filament winding process, injection molding process, pultrusion process, compression molding process, resin transfer molding process, and others.

On the basis of application, the market is divided into transportation, aerospace & defense, electrical & electronics, wind energy, construction & infrastructure, pipes & tanks, marine, and others. The geography breakdown and analysis of each of the aforesaid segments includes regions comprising of North America, Europe, Asia-Pacific, and ROW.

Geographical Analysis:

Asia-Pacific region holds the lion share of composites market at present and is expected to continue dominating the market during the forecast period. This is attributed to population penetration in countries such as China and India which leads to the huge demand for composite materials in transportation sector for fuel efficiency along with its deployment in infrastructural development for stiffness and durability.

Also, the growing production and export rate of electric vehicles and lithium-ion batteries that uses composites to achieve an excellent balance between mechanical properties and electrical properties in China is expected to boost the demand for composites.  According to the estimates of the World Economic forum in 2022, China owns basically 70-80% of the entire supply chain for electric vehicles and lithium-ion batteries in 2021.

However, North America is expected to witness a rapid rise in the composites market due to the rising demand for defense & aerospace industry that incorporates composites for engine blades, brackets, interiors, and others. Also, manufacturers such as Dentsply Sirona and 3M Company approaching to wide investments, designing planned marketing strategies and strengthening long term contracts are the factors that are contributing to the growth of market in this region.

For instance, in February 2020, 3M Company developed a new ergonomic syringe tip for flowable restorations while providing the ability to quickly personalize the grip for oral care solutions. 3Ms current flowable composite materials, 3M Filtek Supreme Flowable Restorative and 3M Filtek Bulk Fill Flowable Restorative features the improved syringe design, which reportedly simplifies placement.

Competitive Landscape:

The market comprises of various players such as Dentsply Sirona, IDC Composite International Inc., Kulzer GmBH, Royal DSM N.V, SGL Carbon SE, The 3M Company, Toray Industries Inc., Zeus Industrial Products Inc., Owens Corning, and Mitsubishi Chemical Holdings Corporation. These manufacturers are actively indulging merging and product launch to enhance their product and increase their growth as well as geographical reach.

For instance, in March 2021, the 3M Company and Alvant merged together to enhance and accelerate the metal matrix composite technology and work together on advancing technology for electric machines.

Also, in October 2020, Kulzer had launched the Venus Diamond shade composites for restoring the majority of everyday composite demands. It is a unique adaptive shade matching technology that entails optimizing the filler and resin matrix properties as well as allows restorations to blend seamlessly within natural tooth structures.

Key Benefits:

• The composites market report provides the quantitative analysis of the current market and estimations through 2022-2030 that assists in identifying the prevailing market opportunities to capitalize on.

• The study comprises a deep dive analysis of the composites market trend including the current and future trends for depicting the prevalent investment pockets in the market.

• The information related to key drivers, restraints and opportunities and their impact on the composites market is provided in the report.

• The competitive analysis of the market players along with their market share in the composites market.

• The SWOT analysis and Porters Five Forces model is elaborated in the study.

• Value chain analysis in the market study provides a clear picture of the stakeholders’ roles.

Key Market Segments:

By Product

• Polymer Matrix Composite

• Metal Matrix Composites

• Ceramic Matrix Composites

By Fiber Type

• Carbon Fiber Composites

• Glass Fiber Composites

• Natural Fiber Composites

• Others

By Resin type

• Thermoset Composites

  • Polyester

  • Vinyl Ester 

  • Phenolic 

• Thermoplastic Composites

  • SFT

  • LFT

  • CFT

  • Others

By Manufacturing Process

• Layup Process

• Filament Winding Process

• Injection Molding Process

• Pultrusion Process

• Compression Molding Process

• Resin Transfer Molding Process

• Others

By Application

• Transportation

• Aerospace & Defense

• Electrical & Electronics

• Wind Energy

• Construction & Infrastructure

• Pipes & Tanks

• Marine

• Others

By Geography

• North America

  • The U.S.

  • Canada

  • Mexico

• Europe

  • The U.K.

  • Germany

  • France

  • Italy

  • Spain

  • Denmark

  • Netherlands

  • Finland

  • Sweden

  • Norway

  • Russia

  • Rest of Europe

• Asia-Pacific

  • China

  • Japan

  • India

  • South Korea

  • Australia

  • Indonesia

  • Singapore

  • Taiwan

  • Thailand

  • Rest of Asia-Pacific

• Rest of the World (RoW)

  • Latin America

  • Middle East

  • Africa

Test