Composites Market Size, Share, Growth, Trends, Production, Consumption, Revenue and Forecast 2020 to 2027

Published Date : Apr 2020 | No. of Pages : 200 Pages | Category :

The global composites market size is projected to reach USD 145.83 billion by 2027, and anticipated to expand at a CAGR of 8.5% over the forecast period 2020 to 2027.

Rapid industrialization in developing economies from Asia Pacific and increasing demand for wind energy are expected to augment market growth. High demand from automotive industry is anticipated to further propel market growth. Rising fuel prices have triggered the need for fuel-efficient vehicles. This factor is projected to positively influence market growth in near future.

Composites are most widely used as a replacement for steel on account of their higher strength to weight ratio. Presently, a substantial number of vehicles use conventional fuel technologies such as petrol and diesel. This has led to a rise in demand for fuel-efficient vehicles. Increasing environmental concerns and stringent regulations regarding pollution control have forced automotive manufacturers to use advanced technologies and develop vehicles to reduce pollution.

Rise in propylene production has driven demand for polyacrylonitrile, which is a primary raw material for Carbon Fiber Reinforced Plastic (CFRP) production. Extensive R&D activities in Japan and Europe have led to emergence of numerous market players, which in turn, is expected to drive the market demand. For example, presence of key industry players such as Toray Industries Inc., Teijin Limited, and Mitsubishi Rayon Co., Ltd. in Japan has boosted regional product demand.

Growing aerospace industry in North America and Europe is also anticipated to fuel the market. Escalating demand for commercial aviation on account of increased disposable income and globalization is driving aerospace industry over the last few years. This key trend is expected continue over the forecast period as well.

Rising concerns regarding aircraft weight are expected to fuel composite demand from aviation industry. Commercial aviation has increased the usage of composites to around 50% of total weight of the aircraft. Airbus A350 is built utilizing 52% CFRP, while Boeing 787 Dreamliner is built using 50% CFRP in terms of weight. Surge in commercial aviation is expected to drive the global CFRP market over the forecast period.

Product Insights

Glass fiber emerged as the largest product segment in the global composites market in 2017. Also known as fiberglass, this composite is made of fine fibers of glass. Fiberglass is robust, lightweight, and strong material, but has lower stiffness than carbon fiber. Glass fibers weight properties and bulk strength are very favorable compared to metals.

Carbon fiber is expected to register fastest growth over the study period. It mostly comprises of carbon atoms that are bounded together in crystals aligned parallel to the fiber. Carbon fibers are combined with other materials to form a composite. Carbon fiber reinforced polymer is formed when carbon fiber is molded with plastic resin. Properties of carbon fibers such as low weight and thermal expansion, high stiffness, temperature tolerance, and high chemical resistance makes it very popular in industrial and other applications.

Resin Insights

Thermosetting resin was estimated to be the largest market globally, with a volume share of 81.75% in 2017. Thermoset or thermosetting composites are synthetic materials that get strengthened when heated. They cannot be remolded after the initial heating. Thermosetting products are stronger owing to cross linking and are also suited for high temperature.

Thermoplastics harden when cooled down without losing their plasticity. They can be re-melted and reshaped when reheated above their processing temperature. Thermoplastics are less expensive, weldable, extra tough, non-toxic, and recyclable for other processes.

Manufacturing Process Insights

Layup was the dominant market globally, with a revenue share of 32% in 2017. Layup is the most basic method for production. The process involves placing a layer of fiber in a sequence by using a matrix of resin and hardener. The layup is then allowed to set at room temperature. The curing process can be accelerated by applying heat with an oven. Hand layup process is a low cost tooling technique and includes a wide choice of material types and suppliers.

Asia Pacific is expected to continue its dominance over the forecast period. Increasing production of boats, wind turbine blades, and architectural moldings are expected to fuel the growth of layup product market in Asia Pacific.

Application Insights

Transportation accounted for the largest revenue share of 20.98% in 2017. Advantages of durable and lightweight materials are appreciated in design, manufacturing efficiencies, and fuel savings for autos to buses to trains, across the transportation spectrum. Manufacturers in the bus and light rail markets use composites to enhance fuel efficiency and interiors. Top suppliers require corrosion resistant, fire retardant, and durable products to fulfil demand for adhesives, resins, putties, reinforcements, and gels in transportation applications.

Wind energy is projected to emerge as the fastest-growing application segment in composites market over the forecast period. The primary intent for using composites in wind energy sector is to keep the blade weight under control and its ability to impart superior properties such as fire retardancy, excellent corrosion resistance, design flexibility, and durability.

Regional Insights

The North America composites market was valued at USD 16,925 million in 2017 and is expected to grow at a CAGR of 7.3% over the forecast period. The demand for composites in North America is driven by the robust growth of aerospace & defense, electrical & electronics, and automotive industries. In North America, particularly the U.S. is an important manufacturer of commercial aircraft, cargo jets, large passenger aircraft, and defense aircraft. The demand for composites in aircraft application is driven by major aircraft manufacturers such as Airbus S.A.S, and Boeing.

Asia Pacific is one of the most lucrative destinations for automotive, construction, aerospace, and electrical & electronics manufacturers owing to the presence of major economies in the region. The demand for composites, in terms of volume was estimated at 3,758.9 kilotons in 2017 and is projected to grow at an estimated CAGR of 8.1% over the forecast period.

Composites Market Share Insights

The market has observed backward as well as forward integration from various raw material manufacturers. Self-procurement of raw materials along with production and utilization of carbon fiber helps manufacturers cut down logistics cost and cater to end-use product manufacturers directly to increase profitability. CFRP applications depend on the grades used and ultimately on the quality of precursor. Various manufacturers have developed their own manufacturing technique to gain competitive advantage. CFRP is manufactured as per client requirement for special applications such as aerospace and high performance cars.

Key market players such as Cytec Industries, Toray industries, Mitsubishi Rayon Corporation, Hexcel, and Hyosung have integrated major part of their value chain ranging from production and raw material supply to CFRP distribution. High level of integration enables companies to cut down on cost associated with raw material procurement and strengthens their market share with development of specialty products. Key market players have their own patented technologies and they have presence across all levels of a value chain.

Segmentation

Composites Product Outlook

  • Carbon Fiber

  • Glass Fiber

  • Others

Composites Resin Outlook

  • Thermosetting

  • Thermoplastic

Composites Manufacturing Process Outlook

  • Layup Process

  • Filament Winding Process

  • Injection Molding Process

  • Pultrusion Process

  • Compression Molding Process

  • Resin Transfer Molding Process

  • Others

Composites End-use Outlook

  • Automotive & Transportation

  • Aerospace & Defense

  • Electrical & Electronics

  • Construction & Infrastructure

  • Pipes & Tanks

  • Marine

  • Others

Composites Regional Outlook

  • North America

    • U.S.

  • Europe

    • Germany

    • France

  • Asia Pacific

    • China

    • India

  • Latin America

    • Brazil

  • Middle East & Africa

The Composites market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of Composites market for the base year 2019 and the forecast between 2020 and 2027. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global Composites market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Composites market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted Composites market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the Composites capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of Composites by regions (countries) and application.

Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Composites market. These figures have been provided in terms of both revenue and volume for the period 2016 to 2027. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.

With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Composites market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Composites market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.

The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.

Overall, this is an in-depth research report specifically for the Composites industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.

Composites market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Composites market.

Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Composites market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.

Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Composites market. These factors have benefited the growth of the global market for Composites. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.

New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Composites. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).

In this study, the years considered to estimate the market size of Microcontroller are as follows:

  • History Year: 2016-2019
  • Base Year: 2019
  • Estimated Year: 2020
  • Forecast Year 2020 to 2027

Reasons to Purchase this Report:

- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

Market Size Estimation

Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).

The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.

Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.

Secondary Sources

Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.

Primary Sources

 In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.

The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.

The study objectives of this report are:

  • To analyze and study the global market capacity, production, value, consumption, status (2016-2019) and forecast (2020-2027);
  • Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
  • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
  • To define, describe and forecast the market by type, application and region.
  • To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
  • To identify significant trends and factors driving or inhibiting the market growth.
  • To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
  • To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
  • To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
  • To strategically profile the key players and comprehensively analyze their growth strategies.

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