The composites market is projected to grow from USD 72.58 Billion in 2016 to USD 115.43 Billion by 2022, at a CAGR of 8.13% between 2017 and 2022.
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The report "Composites Market by Fiber Type (Glass, Carbon), Resin Type (Thermoset, Thermoplastic), Manufacturing Process (Layup, Filament Winding, Pultrusion), Application (Transportation, Aerospace & Defense, Wind Energy), Region - Global Forecast to 2022",
The major factors fueling the growth of the composites market across the globe are the increasing use of composites in the wind energy, aerospace, and transportation applications.
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Increasing use of composites in the aerospace & defense applications is expected to drive the growth of the composites market from 2017 to 2022.
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The use of composite materials and related core materials in the aerospace & defense applications has gained momentum in the past few decades. The latest Airbus aircraft, A350XWB is 53% made of composite materials as compared to old aircraft models, where only 2%–5% of composites were used in an aircraft.
The main reasons for the growing use of composites in aircraft are the reduction in the weight of aircraft and high resistance offered by them to corrosion. Moreover, the maintenance costs of aircraft made from composites are lower in comparison to the aircraft made from traditional materials.
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Among fiber types, the glass fiber composites segment is projected to lead the composites market during the forecast period in terms of value.
Glass fibers account for over 90% of the reinforcements that are used in the manufacturing of composites across the globe. There is an increased demand for glass fiber composites in the aerospace, automotive, wind energy, and construction & infrastructure applications, owing to their lightweight, high inherent strength, weather-resistant finish, and variety in surface textures offered by them.
As the demand for glass fiber composites is increasing across the globe, several companies are investing in setting up their glass fiber composites manufacturing plants in the emerging economies such as China, India, etc. One of the major composite manufacturing companies, Owens Corning (U.S.), signed a strategic alliance with two China-based glass fiber manufacturing companies, namely, Xingtai Jinniu and Taishan Fiberglass in 2013 to enhance its supply of customized glass fiber reinforcements in the Asia-Pacific region.
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The Asia-Pacific region is the largest market for composites across the globe.
The Asia-Pacific region is the largest consumer of composites across the globe. Moreover, the Asia-Pacific composites market is projected to grow at the highest CAGR in terms of volume during the forecast period from 2017 to 2022.
The increasing use of composites in the aerospace, wind energy, and transportation applications is the major factor driving the growth of the Asia-Pacific composites market. Moreover, the presence of major manufacturers of carbon fibers, growing economy, and rapid urbanization in the region are also driving the growth of the Asia-Pacific composites market.
In addition, the use of glass fiber composites for manufacturing printed circuited boards (PCBs) in the region is also fueling the growth of the Asia-Pacific composites market.
Some of the leading manufacturers of composites include Owen Corning (U.S.), Solvay (Belgium), SGL Group (Germany), Hexcel Corporation (U.S.), Koninklijke Ten Cate bv (Netherlands), Teijin Limited (Japan), Toray Industries, Inc. (Japan), Huntsman Corporation (U.S.), Jushi Group (China), Gurit (Switzerland), etc.
These players have adopted various organic and inorganic strategies to strengthen their foothold in the composites market.
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