The composite materials market is expected to be worth USD 74.08 billion in 2020 and USD 136.88 billion in 2028, growing at an 8.23% CAGR between 2021 and 2028.
Composite materials are made by combining several unmixed or dissolved materials with different properties. Concrete, fibreglass, and mud bricks are examples of composite materials. Most composite materials are created by sandwiching stronger materials between weaker ones. The aerospace and defence industry is currently experiencing a supply-demand constraint as a result of a large order backlog and past orders, which are expected to drive output in the future.
The composite materials market is expected to expand during the forecast period. This increase is due to increased demand for carbon fibres from end-user applications, particularly aerospace and defence. Carbon fibre has recently piqued the interest of the automotive industry.
Carbon fibre is gaining popularity in the automotive industry due to benefits such as e-mobility, a lower carbon footprint, and lightweight construction. The growing popularity of electric vehicles is another factor driving up demand for composite materials.
Because of their strength-to-weight ratio, these materials are frequently used as an alternative to wood, aluminium, and steel. Composites are made from raw materials such as silicone, polyurethane, and polyamide. Coatings, adhesives, and construction are some of the other applications for these products.
Preview of End-User Industry Segment Analysis
The automotive and transportation sectors will grow at a CAGR of more than 5.3% between 2021 and 2028, according to the end-user industry segment. The price increase was caused by increased demand for its strength-to-weight ratio. Composites are important in the transportation industry because they are lightweight while maintaining a certain level of strength when compared to wood, aluminium, and other materials.
Overview of Regional Analysis
In 2019, the Asia Pacific region dominated the composite materials market by more than 20%. This is due to rising demand for composite materials across a wide range of end-use industries in Asia Pacific’s major economies, including China, India, and Japan. The expansion of key shipbuilding hubs in Asia Pacific, such as Singapore, Malaysia, Vietnam, Indonesia, and the Philippines, is expected to boost composites demand throughout the forecast period.
Rising construction investment in China and India is expected to drive demand for composite materials over the forecast period. Rural areas are urbanising, and household wealth is increasing.
Key Market Players & Competitive Landscape
Some of the key players of composite materials market are 3M, Dupont, Dit B.V., Composites Universal Group, Cabot Corporation, Mitsubishi Chemical Corporation, Owens Corning, Teijin Limited, Toray Industries Incorporation, and SGL Group among others. Market players are Indulge in various initiatives like research and development, technology innovations, merger & acquisitions and partnerships to manufacture lightweight and cost-effective composite products.
The global composite materials market is segmented as follows:
By Fiber Type
Glass Fiber Composites
Carbon Fiber Composites
Natural Fiber Composites
By Resin Type
By Manufacturing Process
Filament Winding Process
Injection Molding Process
Compression Molding Process
Resin Transfer Molding Process
By End-User Industry
Aerospace & Defense
Wind EnergyAutomotive & Transportation
Construction & Infrastructure
Pipes & Tanks
Electrical & Electronics
Rest of Europe
Rest of Asia Pacific
Rest of Latin America
Middle East & Africa
Rest of Middle East & Africa
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