According to the new market research report, “Composites Market by Fiber Type (Glass Fiber Composites, Carbon Fiber Composites, Natural Fiber Composites), Resin Type (Thermoset Composites, Thermoplastic Composites), Manufacturing Process, End-use Industry and Region – Global Forecast to 2026″, The global composites market size is projected to reach USD 126.3 billion by 2026, registering a CAGR of 7.5% from 2021 to 2026. The global composites market size is expected to grow from USD 88.0 billion in 2021 to USD 126.3 billion by 2026, at a CAGR of 7.5% during the forecast period. The composites industry is growing due to the increase in the demand for high performance materials with properties such as high strength to weight ratio, good tensile strength, electrical conductivity among others.
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Glass fiber composites comprise a major share of the composites market in terms of value and volume.
The glass fiber composites have superior attributes, such as strength, flexibility, durability, stability, lightweight, and resistance to heat, temperature, and moisture. Owing to its properties, glass fiber is used in different end-use industry segments, such as construction, wind, pipe & tanks, marine, and transportation. There is a high demand for glass fiber composites from the wind energy and construction & infrastructure industries. And, it is expected to decline due to lockdown resulting in reduced wind capacity installations and the temporary suspension of operations in the automotive, aerospace, and construction industries.
The thermoset composites accounted for the largest market share in the global composites market during the forecast period in terms of value and volume.
In thermoset composites, thermoset resin is used as a matrix with fibers, including glass fiber, carbon fiber, natural fiber, and others. Currently, thermoset resins are widely used for manufacturing composites, as when uncured, they are in liquid state at room temperatures. This unique property of thermoset resin allows for the convenient impregnation of reinforcing fiber. But, because of the lockdown situation occurred due to COVID-19, many floor workers were unable to work in manufacturing facilities, which was resulted in the reduction in output of several resins, such as epoxy resins. Thus, the demand for thermoset resins was declined in 2020.
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Composites have been increasingly used in the aerospace industry as they decrease weight and increase fuel efficiency. In addition, the capability of aerospace composites to maintain a greater strength-to-weight ratio allows more efficient structural and aerodynamic designs. The governments in developed countries focus on the replacement of old aircraft with advanced and high-performance aircraft. Manufacturers are considering the use of composites to achieve fuel efficiency and performance in accordance with the norms given by regulatory authorities. The automotive industry is highly focusing 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 the vehicle manufacturers. In wind turbines, the amount of energy produced by a turbine depends on the area swept by the blades of the turbines. The larger the blade of turbines, the larger is the area covered by them, and higher is the energy production. The turbines with high energy production capacity require lightweight wind blades as heavier blades affect the production capacity due to its weight constraints. Hence, the manufacturers are focusing on the use of lightweight materials in wind turbine designing.
The global composites market size is expected to grow from USD 88.0 billion in 2021 to USD 126.3 billion by 2026, projecting a CAGR of 7.5% during the forecast period between 2021 and 2026.
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Companies operating in the composites market have strengthened their position in the global composites market by adopting expansions, partnerships, agreements, new product/technology launches, joint ventures, contracts, and mergers & acquisitions from 2016-2021. However, the novel coronavirus pandemic has created ripples across the global aerospace & defense, automotive & transportation, wind energy, and many other sectors, affecting the global supply chains. These factors have affected the demand for composites. The demand is expected to recover bounce and picking up momentum by 2021.
The major composite manufacturers are Owens Corning (US), Toray Industries, Inc. (Japan), Teijin Limited (Japan), Mitsubishi Chemical Holdings Corporation (Japan), Hexcel Corporation (US), SGL Group (Germany), Nippon Electric Glass Co. Ltd. (Japan), Huntsman International LLC. (US), and Solvay (Belgium), among others. These companies have adopted various organic and inorganic growth strategies.
Owens Corning is an American multinational corporation headquartered in Toledo, Ohio, US. It manufactures a broad range of roofing, insulation, and fiberglass composite materials. The products of Owens Corning are used in various applications such as sporting goods, consumer electronics, boats, aircraft, defense, wind energy, construction, roofing, and pipes. It offers composites as a product of its fiberglass composite business. The company primarily offers residential and commercial building materials, glass-fiber reinforcements, and engineered materials for composite systems.
Toray Industries, Inc. is a multinational corporation specializing in industrial products involving core technologies in organic synthetic chemistry, polymer chemistry, and biochemistry. The company, currently, is the largest producer of carbon fiber in the world and synthetic fiber in Japan. It operates through six business segments: fibers and textiles, performance chemicals, carbon fiber composite materials, environment and engineering, lif