The Global composite market registered a revenue of US$ 95.48 Billion in 2022 and is predicted to grow at a Compound Annual Growth Rate (CAGR) of 6.9% to collect a Revenue of US$ 174.07 Billion in 2032.
A Composite is a material manufactured from two or more combinative materials. These combinative materials combine considerably different chemical and physical properties to produce a material with properties other than the individual elements.
The components of the concluded structure remain marked, differentiating composites from solid solutions and mixtures.
Composite materials include ceramic matrix composites, Reinforced Plastics like fiber-reinforced Polymer or Fibreglass, Composite Wood like plywood, Reinforced concrete and masonry, and Metal matrix composite.
This expansion is accredited to the growing demand for lightweight components in the transportation and Automotive Industry. Moreover, expanding the application of advanced features in the manufacturing industries is anticipated to contribute to market growth across the foreseeing period. In the Defence sector, Aerospace Composites find usage owing to their capability to minimize the body weight of helicopters and aircraft to a great level.
The COVID-19 outbreak throughout the globe has notably impacted the supply chains as major economies postponed trade operations. Furthermore, demand for products throughout the different end-use industries, such as automotive, aerospace, and construction, decreased in 2020. The condition is expected to return to normal in upcoming years, which is expected to refurbish the growing movement of the market.
The expensiveness of composites mimicked its usage in premium segment cars. However, the leading players deliver vast R&D activities to create less-expensive composite grades with comparable mechanical properties to most-expensive variants.
The Glass Fiber Segment is predicted to dominate the market and account for collecting the large Revenue share of 62.1% in 2023. Glass Fibers are extensively used as Raw material for composites owing to their rigidity, lightweight, and immense tensile strength. In Addition, it has a brilliant impact resistance.
When Carbon fiber is molded with plastic resin, Carbon fiber-reinforced polymer is formed in both exterior and interior applications. In the aircraft sector, sandwich structures formed by carbon fiber-reinforced polymer composite material are highly preferred.
Other composite materials include aromatic polyamide fiber, silicon carbide fiber, and hybrid fiber.
The appearance of many regional and global players is prevalent in the market. As a result, Combative rivalry among producers of composites is intense. Some leading key players in the global composite market industry are Toray Industries, Inc., Teijin Ltd., PPC Industries, Inc., Owen Corning., Huntsman Corporation LLC., Hexcel Corporation., SGL Group., Cytec Industries (Solvay S.A.), Dupont., Veplas Group., Kineco limited., China Jushi Co., Ltd.
Our Chemicals & Materials category segmentation encompasses:
Bulk Chemicals
Renewable, Speciality chemicals
Coatings, Paints, and Additives
Advanced Materials
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