As per the latest report published titled “Global Composites Market – Growth, Size, Trends and Insights 2023-2032” by Insight Slice, it has been analyzed that Global Composites Market is expected to account for US$ 132.75 million in 2024. Initiating from early agrarian civilizations and being almost elapsed after epochs, a factual revitalization started of using lightweight composite edifices for many mechanical solutions throughout the second half of the 20th century.
Subsequently being exclusively used for their electromagnetic properties (radar-domes and insulators), by means of composites to advance the physical performance of military aircraft and spacecraft became prevalent in the past two eras of the preceding century. Foremost at any budgets, through progress of amended resources with growing prices, currently cost decrease in manufacturing and operation are the key technology drivers. Modern progress is the use of composites to guard man against fire and a propensity to a more environmental friendly design, leading to the restoration of natural fibers in the composite technology.
Progressively these days, the achievement of composites in end-use, by numbers and by volume, can be ranked by user-friendliness and reproducibility of the pragmatic industrial techniques. A composite material is made by merging two or more materials – frequently those that have very diverse properties. Both the materials toil together to stretch composite inimitable properties. Nevertheless, in the interior of the composite one can effortlessly express the diverse constituents apart as they do not liquify or merger into each other.
Global composites market is segmented based on products, resins and end-use. Based on products, the global composites market is segmented into Glass fiber, Carbon fiber and Others. Among these products, Glass fiber accounted for major share of the market and is expected to retain its position during the forecast period. Carbon fiber is expected to follow the trend and accounted as second largest composite product. Other products are also expected to boost market growth of global composites market during the forecast period from 2023 to 2032. On the basis of resins, the market is segmented into thermoplastic and thermosetting resins. Thermosetting resin accounted as the largest market in 2018. By end-use, the market is divided into Electrical and Electronics, Construction & Infrastructure, Automotive & Transportation, Aerospace & Defense and Others. Aerospace & defense and Construction & infrastructure industries are expected to boost high demand for composites in 2018 and are expected to fuel growth during the forecast period from 2023 to 2032.
Rising demand for lightweight products from various end-use industries is the major driving factor for growth of global composites market. High demand for composite materials from the defense and aircraft manufacturers is another factor booming market growth for composites in most of the regions of the world. Asia Pacific is largest and fastest growing market mainly due to high demand from various end-use industries such as electrical & electronics and construction & infrastructure industry. Europe and North America is followed after Asia Pacific owing to rising demand from the transportation industry.
High demand from the aerospace industry is the major factor promoting growth of composites in Europe. Other regions covered in the report include Middle East & Africa and Rest of World which are further segmented on country level. Global composites market covers complete analysis of the competitive landscape of the Composites Market. The major players covered in the report include: Toray Industries, Inc., Teijin Limited, PPG Industries, Inc., Owens Corning, Hexcel Corporation, Huntsman Corporation and E. I. DuPont Nemours & Co among others.
Market Segmentation:
By Products
- Glass fiber
- Carbon fiber
- Others
By Resins
- thermoplastic
- thermosetting resins
By End Use
- Electrical and Electronics
- Construction & Infrastructure
- Automotive & Transportation
- Aerospace & Defense
- Others
By Geography
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
