The global composites market size is projected to reach USD 112.0 billion by 2027, exhibiting a CAGR of 6.88% during the forecast period. Increasing utilization of composite materials in 3D printing applications will broaden the horizons of this market, observes Fortune Business Insights™ in its report, titled “Composites Market Size, Share and Global Trend By Matrix (Polymer matrix, Ceramic matrix and Metal matrix), by Polymer matrix (Fiber {Glass, Carbon, Aramid} and Resin {Thermoset and Thermoplastics}) and by Application (Automotive & Transportation, Building & Construction, Electrical & Electronics goods, Pipes & tank manufacturing, Consumer goods, Wind power, Maritime, Defense & aviation and Others) and Regional Forecast, 2024-2032”.
Composites, materials made from combining two or more distinct materials with different properties, have been gaining significant traction in various industries. Their unique properties, such as high strength-to-weight ratio, corrosion resistance, and design flexibility, make them ideal for applications ranging from aerospace and automotive to construction and consumer goods.
3D printing technology holds an enormous potential for the manufacturing sector, allowing producers to efficiently create parts, machineries, and equipment at relatively low costs. Most of the 3D printers available today use Fused Filament Fabrication (FFF), a polymer-extrusion process for composites. For example, US-based additive manufacturer, Markforged, developed the continuous fiber 3D printing method and currently offers a variety of industrial 3D printers, with main focus on functional prototyping and end-use manufacturing. Another US-based company, Desktop Metals, launched its Fiber 3D Printer in 2019, which combines the traditional Automated Fiber Placement technology with FFF. These advancements are expected to provide a solid push to the growth trajectory of this market in the foreseeable future.
List of Key Companies Profiled in the Composites Market Report:
Composite Solutions, Exel Group, Huntsman International LLC, Hexcel Corporation, Teijin Limited, Owens Corning, Veplas d.d., Solvay, SGL Carbon, Mitsubishi Chemical Holdings Corporation, Toray Industries, Inc.
Key Drivers of the Composites Market
Advancements in Manufacturing Technology: The development of techniques like pultrusion, resin transfer molding (RTM), and filament winding has enabled the efficient production of high-quality composites.
Increasing Demand for Lightweight Materials: The need for fuel-efficient vehicles and energy-efficient structures has driven the demand for lightweight materials, making composites a preferred choice.
Growing Aerospace and Automotive Industries: The aerospace and automotive sectors are major consumers of composites due to their ability to reduce weight and improve performance.
Expanding Applications in Construction and Consumer Goods: Composites are increasingly being used in construction for applications such as building facades, flooring, and roofing, as well as in consumer goods like sports equipment and electronics.
Regional Insights
Prominent Presence of Industry Players to Favor Growth in the Asia Pacific Market
Asia Pacific dominated the composites market share with a size of USD 43.76 billion in 2019 on account of the strong presence and robust operations of some of the biggest players in the composites industry such as Toray and Mitsubishi. These companies have been injecting large amount of funds into research and development to create new composite solutions and meet the rapidly rising demand for these materials from diverse industries in the region.
The market in North America is benefiting from the extensive utilization of composite materials by the region’s well-established aerospace & defense industry. In Europe, the market dynamics will be primarily shaped by the region’s massive automotive industry, increasing uptake of EVs, and favorable governmental policies promoting the adoption of lightweight materials in vehicle manufacturing.
Source- https://www.fortunebusinessinsights.com/composites-market-102295
Types of Composites
Polymer Matrix Composites (PMCs): These are the most common type of composite, with a polymer matrix reinforced by fibers such as carbon, glass, or aramid.
Metal Matrix Composites (MMCs): These composites have a metal matrix reinforced by ceramic or metallic fibers.
Ceramic Matrix Composites (CMCs): These composites have a ceramic matrix reinforced by ceramic fibers.
Applications of Composites
Aerospace: Aircraft wings, fuselages, and components
Automotive: Vehicle body panels, frames, and components
Construction: Building materials, infrastructure components
Wind Energy: Blades for wind turbines
Sports Equipment: Golf clubs, tennis rackets, bicycles
Consumer Goods: Electronics, automotive parts, sporting goods
Competitive Landscape
Expansion & Acquisitions to be the Mainstay Strategies of Key Players
Chief among the strategies adopted by the key players in this market are the calculated territorial expansion and tactical acquisition activities. These strategies are aiding large companies in the market to widen their offerings, strengthen global market foothold, and penetrate emerging markets.
Challenges and Opportunities
While the composites market is experiencing significant growth, there are certain challenges to overcome:
High Manufacturing Costs: The production of composites can be relatively expensive compared to traditional materials.
Limited Recycling and Disposal Options: Recycling and disposal of composite materials can be challenging.
Performance Variability: The properties of composites can vary depending on factors such as manufacturing processes and material quality.
Despite these challenges, the composites market presents numerous opportunities for growth and innovation. As manufacturing technologies continue to advance and new applications emerge, the demand for composites is expected to increase further.