Trends, opportunities and forecast in this market to 2022 by application type (transportation, marine, wind energy, aerospace, pipe & tank, construction, electrical & electronics, consumer goods, and others), raw material (glass fiber, carbon fiber, aramid fiber, polyester resin, vinyl ester, phenolic, polyurethane, thermoplastic resin, filler, and others), fiber type (glass fiber composites, carbon fiber composites, and aramid fiber composites).
According to a new market report published by Lucintel, the future of the global composites market looks attractive, with opportunities in the transportation, construction, wind energy, pipe & tank, marine, consumer goods, electrical and electronic, aerospace and others. The global composite materials market is expected to reach an estimated $38.5 billion by 2022 and it is forecast to grow at a CAGR of 4.9% from 2017 to 2022.
The global composites end product market is expected to reach an estimated $109.4 billion by 2022. The major drivers for growth in this market are increasing demand for lightweight materials in the aerospace & defense and automotive industry; corrosion and chemical resistance materials demand in construction and pipe & tank industry; electrical resistivity and low flame retardant materials demand in E&E industry.
Browse 39 market data tables and 240 figures spread through 383 pages and in-depth TOC on “Global Composite Materials Market”
In this market, transportation, construction, pipe and tank, electrical and electronics, consumer goods and wind energy are the major end use industries. On the basis of its comprehensive research, Lucintel forecasts that the segments of aerospace and wind energy are expected to show average growth during the forecast period from 2017 to 2022.
Within the global composites market, Injection molding, hand layup, compression molding, spray up, filament winding, resin infusion, and prepreg layup are some of the major processes utilized to manufacture composites part. Injection molding is expected to be the largest process in terms of value and volume in the composites manufacturing and majorly used in transportation, consumer goods and electrical electronics applications.
By fiber type, glass fiber, carbon fiber, and aramid fiber are the major fibers utilized to manufacture composites parts for various end use industries. Carbon fiber is expected to show above average growth during the forecast period.
Increasing penetration of carbon composites in commercial aircraft and automotive are expected to spur growth for carbon fiber over the forecast period from 2017 to 2022.
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By resin type, thermoset and thermoplastic resins are used to make composites parts. In thermoset, polyester composite is expected to remain the largest market by value and volume consumption.
In thermoplastic, polypropylene (PP) is expected to remain the largest market by value and volume consumption and majorly used in transportation, construction and consumer goods applications.
Asia Pacific is expected to remain the largest region by value and volume and is also expected to experience the highest growth over the forecast period because of growth in construction, transportation, and the electrical and electronics segments. The major drivers for growth are increasing automotive production, high growth in construction, and infrastructure development.
Emerging trends, which have a direct impact on the dynamics of the industry, include development of low-cost carbon fibers, high performance glass fiber and shorter cycle time of resin system.
The study includes a forecast for the global composites market by application, fiber type, resin type, manufacturing process, molding compound, country, and region, as follows:
By End Use Industry ($ Million and Million Pounds)
- Wind Energy
- Pipe & Tank
- Electrical and Electronics
- Consumer Goods
By Manufacturing Process ($ Million and Million Pounds)
- Hand Lay-up
- Resin Infusion (RRIM, RTM, VARTM)
- Filament Winding
- Injection Molding
- Compression Molding
- Prepreg Lay-up
By Molding Compounds ($ Million and Million Pounds)
- Thermoplastic Compounds ( SFT, LFT, GMT, CFT and Other)
By Resin Type ($ Million and Million Pounds)
- Vinyl ester
By Fiber Type ($ Million and Million Pounds)
- Glass fiber
- Carbon fiber
- Aramid fiber
By Fiber Glass Types ($ Million and Million Pounds)
- Single End Roving
- Multi End Roving
- Chopped Strands
- Woven Roving
- Chopped Strand Mat
- Continuous Filament Mat
By Carbon Fiber Types ($ Million and Million Pounds)
- PAN Based Carbon Fiber
- PITCH Based Carbon Fiber
By region ($ Million and Million Pounds)
- North America
- Asia Pacific
By Country (Million Pounds)
- South Korea
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