Global Composites Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2027
“Global Composites Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2027” is a recent report generated by MarketResearch.biz. The global composites market report has been segmented on the basis of product type, technology, application, and region.
Global Composites Market: Overview
Composites which are in natural or synthetic form are also called as fiber-reinforced polymer (FRP) composites. These composites are obtained from a polymer matrix as these protects the fibers from any environmental and external damage which is strengthen with an engineered, man-made or natural fiber and then transfers the load between the fibers. Composite is a physical combination of two or more materials as to produce a combination of structural properties which is not present in any individual component.
Global Composites Market: Dynamics
Increasing demand for glass fiber composites in the automotive, construction & infrastructure applications, aerospace, and wind energy coupled with increasing usage of these composites in many applications such as electrical & electronics, aerospace, automotive, marine, and oil & gas are the major factors driving growth of the global composites market. In addition, increasing demand for glass fiber strengthen composite pipes in emerging economies and rising adoption of natural composites are other factors fueling growth of the target market. As these composites needs complex fabrication process and these process is labor intensive and complex which increases the cost is one of the major factor hampering growth of the target market.
Furthermore, increasing usage of composites in wind energy is one of the factor expected to drive the growth of the global composites market.
However, high initial costs of these composites is a factor expected to hamper growth of the global composites market. Nevertheless, availability of cheapest labor and low production costs in developing countries can create high revenue growth opportunities for players in the target market.
Global Composites Market: Segment Analysis
On the basis of product type, polymer matrix composites segment dominates the global market in terms of revenue and anticipated maintain its position in the near future.
On the basis of technology, Pultrusion process segment dominates the global market in terms of revenue and anticipated maintain its position in the near future.
On the basis of application, automotive and transportation segment dominates the global market in terms of revenue and anticipated maintain its position in the near future.
Global Composites Market: Regional Analysis
Currently, market in North America accounts for major share in terms of revenue and is expected to lucrative growth over the forecast period. Increasing usage of glass fiber composites in manufacturing of printed circuited boards (PCBs) especially in US is the factor expected to drive growth of the target market in the region. Asia Pacific market in anticipated to witness fastest growth in terms of revenue in the near future. As there is an increase in the use of composites in the aerospace, wind energy, and transportation applications coupled with rapid urbanization and growth in economy in countries is one of the factor fueling growth of the target market in Asia Pacific region. Europe also accounts major share in terms of revenue. Furthermore, market in Latin America anticipated to witness average growth over the forecast period, followed by Middle East and Africa in the global market.
Global Composites Market Segmentation:
Segmentation by Product Type
- Polymer Matrix Composites
- Carbon Fiber Reinforced Plastic
- Glass Fiber Reinforced Plastic
- Others (Aramid fiber composites, etc.)
- Metal Matrix Composites
- Ceramic Matrix Composites
Segmentation by Technology:
- Pultrusion Process
- Layup Process
- Filament Winding
- Compression Molding
- Injection Molding
- Resin Transfer Molding
- Others (include, Automated fiber placement, automated tape laying, etc.)
Segmentation by Application:
- Automotive & Transportation
- Power Train Components
- Others (Chassis, brake pads, etc.)
- Aerospace & Defense
- Electrical & Electronics
- Marine & Oil & Gas
- Others (include Top side applications, etc.)
- Wind Energy
- Others (include consumer goods, etc.)
Segmentation by region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Particular Scope Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
Actual Year 2019 Estimated Year 2020 Forecast Period 2020–2029 Revenue in US$
- Owen Corning
- Solvay S.A.
- SGL Carbon SE
- Hexcel Corporation
- Koninklijke Ten Cate bv
- Teijin Limited
- Toray Industries, Inc.
- Huntsman Corporation
- Jushi Group
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