Growing demand for high performance materials to drive the composites market post-2022 with companies operating in full capacities and smooth flow in supply chain
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The global composites market size was USD 113.7 billion in 2021 and is expected to reach USD 168.6 billion by 2027, projecting a CAGR of 8.2% between 2022 and 2027. The composites market has been segmented on the basis of fiber, resin, manufacturing process, end-use industry and region. On the basis of resin, the market has been segmented into thermoset and thermoplastic resins. On the basis of the manufacturing process, the market has been segmented into lay-up, compression molding, injection molding, RTM, filament winding, pultrusion, and others. On the basis of fiber type, the market has been segmented into glass fiber, natural fiber, carbon fiber and others. On the basis of end-use industry, the market has been segmented into aerospace & defense, wind energy, automotive & transportation, construction & infrastructure, pipes & tanks, marine, electrical & electronics, and others.
Region-wise, In terms of volume, Asia Pacific accounts for the largest share of the global composites market due to major carbon and glass fiber manufacturers in China and Japan and the emerging economies of China and India. The market in the wind energy sector, which is a prominent user of composites, is growing significantly in the region. The transportation end-use industry, which is also among the major users of composites, is witnessing significant growth in the Asia Pacific region due to the growing focus of OEMs on manufacturing electric vehicles. The automotive industry is highly focused on stringent regulations such as the Corporate Average Fuel Efficiency (CAFE) standards and the European Emission Standards (EES) by the US and European governments, respectively, for vehicle manufacturers. These factors have helped the demand for composites to grow in the region.
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In 2021, the aerospace & defense end-use industry accounted for a 23.6% share of the market. There is a high demand for composites in next-generation aircraft. Composites are used to design carbon-fiber fuselage and wings in the aerospace & defense industry. These components have led to a 25% reduction in fuel consumption and CO2 emissions, along with lower maintenance costs. This is likely to increase the demand for composites from next-generation aircraft, as about 50% of the structural components of Boeing aircraft are composites.
Composites are segmented based on resins used in two types, namely, thermoset composites and thermoplastic composites. The thermoset composites accounted for a larger share in the composites market. Thermoset composites do not expand under high-heat and moist conditions, making them suitable for highly corrosive and high-temperature applications.
Various types of fibers, such as glass fiber, carbon fiber, natural fibers, among others, are used in as composites. The glass fiber composite has the highest demand from various end-use industries such as transportation, wind energy, construction & infrastructure, and other industries. Carbon fiber composites account for the second-largest share in terms of value in the global composites market. The carbon fiber and carbon fiber composites manufacturers are in a position to take advantage of the plummeting oil and raw materials prices. China is the major market for composites with assembly, fabrication, and R&D centers for many international wind energy OEMs, such as Seimens Gamesa and LM wind Power.