Composites Market Status, Key Vendors Analysis and Regional Outlook 2021-2024

Posted on 2021-08-26 by researchinsights in Chemicals // 0 Comments

San Jose, California , USA, Aug 26, 2021 — /EPR Network/ —

The Composites Market report provides a detailed evaluation of the industry by highlighting information on different aspects which include drivers, restraints, growth opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing. It also provides a detailed analysis of global market size, regional and country-level market size, competitive landscape, impact of domestic market players and value chain optimization. Furthermore, it sheds light on the market contribution, recent developments and successful marketing strategies of leading companies.

Market Insights

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.

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.

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The product is majorly produced by layup process, which accounted for 30.90% of the total composites market share in the year 2015. The layup process is presumed to witness a significant growth in the near future on account of its versatility in manufacturing a wide range of products and low operational expenditure. In layup process, resin is applied by hand or spray 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.

In terms of volume, Asia Pacific was the major market in 2015. Emerging economies such as India, China, South Africa and Brazil are anticipated to lead the market on account of the increasing demand from numerous application sectors including aerospace & defense, transportation, automotive and wind energy. Mergers and acquisitions and R&D activities together with new product development by major companies are projected to augment the market growth. In addition, superior features provided by these products particularly in CFRP i.e. carbon fiber reinforced plastics on account of technological innovations and new high-value applications will fuel the market expansion.

Composites Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 – 2024)

Carbon Fiber
Glass Fiber
Other

Composites Resin Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 – 2024)

Thermosetting
Thermoplastic

Composites Manufacturing Process Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 – 2024)

Layup Process
Filament Winding Process
Injection Molding Process
Pultrusion Process
Compression Molding Process
Resin Transfer Molding Process
Others

Composites End-use Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 – 2024)

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

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Top Players Analysis covered in these report

Toray Industries Inc
Jushi Group Co. Ltd
Compagnie De Saint-Gobain
TenCate
Owens Corning

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