Composites Market Revenue Driving Factors and Growth Opportunities, 2024

Felton, California, Sept. 11, 2020 –

The global Composites Market research report provides complete insights on industry scope, global trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready, data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.

Market Overview:

The global Composites Market size is anticipated to reach USD 130.83 billion by 2024. It is also projected to grow at a CAGR of 7.8% over the forecast period on account of its increasing demand from numerous application sectors which consist of wind energy, electrical & electronics, automotive interiors, pipes & tanks, marine and aerospace & defense. 

Key Players:

• Teijin Limited
• Toray Industries
• Owens Corning
• PPG Industries Inc.
• Huntsman Corporation 

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Growth Drivers: 

The expansion of numerous end-user application segments is expected to augment the industry growth. In addition, the market of composites is estimated to observe a substantial growth on account of its strength, thermal conductivity performance properties and high corrosion resistance.

The product is majorly produced by layup process, which accounted for 30.90% of the total composites market share in the year 2015. In layup process, resin is applied by hand or sprays technique onto a suitable mold surface which causes in curing the laminate without requiring any additional treatment. The layup process is expected to grow at a CAGR of 9.70% over the forecast period.

End-use Outlook: 

• Automotive & Transportation
• Aerospace & Defense
• Electrical & Electronics
• Construction & Infrastructure
• Pipes & Tanks
• Marine

Product Outlook: 

• Carbon Fiber
• Glass Fiber

Regional Insights: 

Asia Pacific accounted for 40% of the total market share in terms of revenue in the year 2015. Increasing development of application industries such as transportation, wind energy and aerospace & defense is enhancing the growth of the composites market in this region.

North America market of composites was estimated at USD 14.5 billion in the year 2015. The increase in manufacturing of light commercial vehicles is anticipated to enhance the market growth. Germany is expected to witness a steady growth at a CAGR of 8.8% over the forecast period.

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