Composites Market Size, Share & Industry Analysis and Foreseen by 2027
The global composites market size is
projected to reach USD 112.0 billion by 2027, exhibiting a CAGR of 6.88% during
the forecast period. Increasing utilization of composite materials in 3D
printing applications will broaden the horizons of this market, observes
Fortune Business Insights™ in its report, titled “Composites Market Size, Share and Global Trend By Matrix (Polymer
matrix, Ceramic matrix and Metal matrix), by Polymer matrix (Fiber {Glass, Carbon, Aramid} and Resin {Thermoset and Thermoplastics}) and by
Application (Automotive & Transportation, Building & Construction,
Electrical & Electronics goods, Pipes & tank manufacturing, Consumer
goods, Wind power, Maritime, Defense & aviation and Others) and
Regional Forecast, 2020-2027”. 3D
printing technology holds an enormous potential for the manufacturing sector,
allowing producers to efficiently create parts, machineries, and equipment at
relatively low costs. Most of the 3D printers available today use Fused
Filament Fabrication (FFF), a polymer-extrusion process for composites. For
example, US-based additive manufacturer, Markforged, developed the continuous
fiber 3D printing method and currently offers a variety of industrial 3D
printers, with main focus on functional prototyping and end-use manufacturing.
Another US-based company, Desktop Metals, launched its Fiber 3D Printer in
2019, which combines the traditional Automated Fiber Placement technology with
FFF. These advancements are expected to provide a solid push to the growth
trajectory of this market in the foreseeable future.
According to the report, the composites
market size value stood at USD 99.91 billion in 2019. The other highlights
of the report include:
·
Deep insights into the trends, drivers,
opportunities, and challenges shaping the market;
·
Actionable analysis of the market segments;
·
Tangible research into the regional
developments impacting the market; and
·
Thorough evaluation of the key market players
and their strategies.
Market
Driver
Rising
Demand for Electric Vehicles to Surge the Adoption of Composites
Electric vehicles (EVs) are witnessing skyrocketing demand as
consumers are actively looking to reduce their spending on gasoline and lower
emissions. According to the International Energy Agency (IEA), 2.1 million EVs
were sold in 2019. The key to enhance the energy-efficiency of these vehicles
is to bring down their weight. Composite materials are expected to play an
instrumental role in facilitating these requirements and research has been
conducted in this area for over a decade now. For example, in 2010, Imperial
College London and its European partners engineered a carbon fiber composite to
make lightweight and high-strength body panels and structural parts for hybrid
EVs. More recently, the Fraunhofer Institute for Structural Durability and
Systems Reliability in Germany initiated the Optimized Energy Management and
Use (OPTEMUS) project in 2015. Funded by the European Union, the project has
developed a composite that functions as a phase change material and effectively
manages EV temperature and range. The vast potential of composites in EV
manufacturing is, thus, foreseen to drive the global market in the upcoming
years.
Browse
summary:
https://www.fortunebusinessinsights.com/composites-market-102295
Regional
Insights
Prominent
Presence of Industry Players to Favor Growth in the Asia Pacific Market
Asia Pacific dominated the composites market share with a size of
USD 43.76 billion in 2019 on account of the strong presence and robust
operations of some of the biggest players in the composites industry such as
Toray and Mitsubishi. These companies have been injecting large amount of funds
into research and development to create new composite solutions and meet the
rapidly rising demand for these materials from diverse industries in the
region.
The market in North America is benefiting from the extensive
utilization of composite materials by the region’s well-established aerospace
& defense industry. In Europe, the market dynamics will be primarily
shapedby the region’s massive automotive industry, increasing uptake of EVs,
and favorable governmental policies promoting the adoption of lightweight
materials in vehicle manufacturing.
Competitive
Landscape
Expansion
& Acquisitions to be the Mainstay Strategies of Key Players
Chief among the strategies adopted by the key players in this
market are the calculated territorial expansion and tactical acquisition
activities. These strategies are aiding large companies in the market to widen
their offerings, strengthen global market foothold, and penetrate emerging
markets.
Industry
Developments:
·
January
2020: Teijin Limited announced the establishment of the Teijin
Automotive Center Europe GmbH in Germany, which will serve as a new base for
technical operations for the company’s automotive composites business.
·
September
2019: INEOS Enterprises completed the acquisition of the entire
composites division of Ashland Global Holdings, including a BDO facility in
Germany. Ashland’s businesses in this domain boast combined annual sales
revenue of USD 1.1 billion, with sites in the Middle East, Europe, the
Americas, and Asia.
List of
Key Companies Profiled in the Composites Market Report:
·
Huntsman International LLC
·
Solvay
·
Mitsubishi
Chemical Holdings Corporation
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