(EnergyIndustry.Net, July 22, 2022 ) The 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 2025", size is expected to grow from USD 74.0 billion in 2020 to USD 112.8 billion by 2025, at a CAGR of 8.8% 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.
The lay-up manufacturing process holds a significant revenue share in the global composites market during the forecast period.
The lay-up process offers advantages such as a low-cost method of quickly depositing fiber & resin, tooling, and ease of operation. The lay-up process is used mostly for designing simple enclosures and lightly loaded structural panels. Besides, its demand is huge from the aerospace & defense, construction & infrastructure, wind, and marine end-use industries.
The aerospace & defense end-use industry accounted for the largest market share in the global composites market during the forecast period in terms of value.
The aerospace industry is a major consumer of composites. Growing environmental concerns and search for high strength light-weighting material to increase fuel efficiency have put composites in the limelight in the aerospace & defense industry. The COVID-19 pandemic has pushed the global aerospace and defense industry into an unprecedented crisis. The biggest commercial aircraft manufacturers had to suspend their operations temporarily due to COVID-19. This has affected the entire supply chain, including composites manufacturers.
APAC is expected to account for the largest market share in the composites market during the forecast period.
APAC is the largest market for composites. The major international players are exploring opportunities in the region owing to cheap labor, raw materials, and high demand from various end-use industries, such as pipes & tanks, wind energy, and construction & infrastructure. Also, the large market share in the region for composites is due to growth is due to the increase in opportunities in the transportation industry that exist in structural applications. However, COVID-19 has affected the major countries of APAC, such as China, Japan, South Korea, India, among others. COVID-19 has slowed down the economy of the region resulting in a reduction in wind energy installations, construction activities, automobile, and aircraft production. This, in turn, has resulted in a decrease in demand for composites in the region.
The key players in the market include Owens Corning (US), Toray Industries, Inc. (Japan), Teijin Limited (Japan), Mitsubishi Chemical Holdings Corporation (Japan), Hexcel Corporation (US), SGL Group (Germany), Nippon Electrical Glass Co. Ltd. (Japan), Gurit (Switzerland), Huntsman International LLC. (US), and Solvay (Belgium), among many others. These companies are involved in adopting various inorganic and organic strategies to increase their foothold in the composites market. These players have taken different organic and inorganic developmental strategies over the past five years.
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, life science, and other businesses. The company conducts its composite business through the composite materials business segment, wherein it offers a broad range of carbon fibers, carbon fiber composite materials, and related molded products.
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