글로벌 복합재 시장 – 2024-2031년

Report Overview
The Global Composites Market size was worth US$ 108.64 billion in 2023 and is estimated to reach US$ 204.50 million by 2031, growing at a CAGR of 8.23% during the forecast period (2024-2031).
Composite fibers are utilized to improve strength, reduce weight and lessen the cost of athletic equipment. A composite material can be composed of two or more materials with different macro-scale compositions that are joined to form a structurally stable component. Composites or Fiber-Reinforced Polymer (FRP) composites comprise a polymer matrix reinforced with a man-made or natural fiber (such as glass, carbon or aramid) or other reinforcing material.
The matrix shields the fibers from external and environmental degradation while also transferring the load between them. The fibers, in turn, add strength and stiffness to the matrix, making it more resistant to cracks and fractures. When fibers are mixed, they form a material made to do a specific task, like becoming stronger, lighter or more electric resistant. They can also help with strength and stiffness.
Market Dynamics
The need for composites is increasing in the wind energy, aerospace & defense and automotive & transportation industries. However, due to COVID-19, sales in various industries have decreased, resulting in lower demand for composites.
After COVID-19, government stimulus packages will push the composites market
To reduce the detrimental impact on the economy, it is critical to limit the infection. Countries have proposed various measures to stem the spread of the virus, boost consumer spending and stimulate economic activity. China, the first country to be hit by COVID-19, has announced a US$ 180 billion fiscal stimulus program aimed at epidemic prevention, medical equipment manufacturers, insurance payouts and tax relief, among other things.
In addition, the government has committed US$ 430 billion in liquidity injections into the banking system to help micro and small businesses. Other measures taken to boost economic activity include lower repo and report rates.
Rising demand for composites in emerging economies
The composites industries have traditionally focused on Japan, North America and Europe. However, there has been a considerable movement toward rising economies in Asia-Pacific and the rest of the world. For example, due to a significant desire for low-cost carriers and demand for glass fiber and carbon fiber composites in aircraft, wind energy and transportation sectors have surged in emerging economies like India, Brazil and China. Countries like China have started many research projects using glass fiber and carbon fiber composites.
Furthermore, cyclic sectors such as automotive, pipe & tanks and building & infrastructure are predicted to increase fast due to the rapid economic growth and industrialization in emerging nations, fueling demand for GFRP and CFRP. Furthermore, demand for composites in the construction and infrastructure industry and pipes and tanks are predicted to rise during the projection period due to upgrading, maintaining and forming new cities with water treatment facilities.
Lack of standardized manufacturing methods
Composites' penetration in various areas, including sporting goods, marine and consumer products, is still limited by manufacturing and non-recurring development expenses. The principal concerns are design consistency, process standardization and maintenance technology.
Manufacturers are bound to choose conservative designs due to a lack of standardization of materials and processes, which impedes mass manufacturing and the economic performance of automobiles and aircraft. Furthermore, a shortage of people resources with composites training and experience limits the scope of composites' uses.
Market Segment Analysis
By fiber, the composites market is segmented into glass fiber, carbon fiber, natural fiber and others.
Unique properties of glass fiber
Fiber is ideal for composite manufacturing because of its high rigidity and strength. Furthermore, glass fibers come in a variety of grades, each of which has exceptional heat resistance. Glass fiber is utilized in a variety of applications in the building, wind energy, pipes & tanks, marine and transportation industries due to its exceptional properties such as strength, flexibility, durability, stability, low weight and resistance to heat, temperature & moisture.
It is utilized in various applications in the transportation industry, including underbody systems, deck lids, front-end modules, bumper beams, engine covers, instrument panels and air ducts. The outbreak of COVID-19 in India and China's key glass fiber composite manufacturing countries has slowed demand for glass fiber-based composites.
Market Geographical Analysis
Growing automotive industry and the rising government initiatives in Asia-Pacific
Due to significant demand from China, Japan, India and other countries, Asia-Pacific is the leading composite consumer. Construction, automotive & transportation, aerospace & defense and wind energy are among the major end-use industries for composites in Asia-Pacific market. Some of the primary factors driving the composites market in Asia-Pacific are technological advancements, regulatory regulations and government norms. Electric vehicle adoption is expected to impact Asia-Pacific composites market's growth significantly.
The governments of various Asia-Pacific countries encourage the adoption of emission-free automobiles by lowering electric vehicle registration taxes. The Ministry of Heavy Industries and Public Enterprises (MHIPE) reported in November 2019 that more than 285,00 electric and hybrid vehicle buyers in India had received subsidies under the FAME initiative. The region's robust vehicle manufacturing industries, combined with a high prevalence of electrical & electronic component makers, are expected to drive rising demand.
Market Competitive Landscape
Major global Composites market companies include Owens Corning, Toray Industries Inc., Solvay SA, Teijin Limited, SGL Carbon SE, Hexcel Corporation, Nippon Electric Glass Co. Ltd., Huntsman International LLC, Hexion and Gurit Holding AG.
COVID-19 Impact Analysis
Manufacturers' supply of current orders was also disrupted due to travel and trade restrictions. As a result, the composites industry faced considerable challenges maintaining uninterrupted supply chains throughout the COVID-19 outbreak. The demand for sports equipment has reduced due to the postponing of events and international sports competitions.
Furthermore, being one of the largest consumers of composites, aerospace and defense has seen the worst and most immediate effects of the pandemic. The aviation industry has suffered due to international and domestic border closures. It has had a significant impact on composites demand.
Russia-Ukraine War Impact
Supply chain inefficiencies may arise from time delays, labor shortages, transportation route congestion or protracted customs processes. The inefficiencies incur costs that lead to higher consumer prices. The qualitative impact is akin to a tax or tariff, resulting in efficiency losses for the economy. The recent surge in inflation—8.5% year-over-year in March—can be attributed to various factors, including supply chain issues. The issues have intensified price increases in industries experiencing significant demand growth and shortages of essential resources.
The Russia-Ukraine war is expected to further exacerbate and prolong global supply chain disruptions. Although U.S. engages in minimal direct trade with Ukraine or Russia, certain American businesses and industries are significantly exposed to the war's impact. Sectors such as energy, food and semiconductors are likely to be most affected. While U.S. does not completely depend on imports for these products, their prices are determined in global markets.
By Fiber
• Glass Fiber
• Carbon Fiber
• Natural Fiber
• Others
By Resin
• Thermoset
• Thermoplastic
By End-User
• Aerospace and Defense
• Automotive & Transportation
• Construction & Infrastructure
• Pipes & Tanks
• Electrical & Electronics
• Others
By Region
• North America
o U.S.
o Canada
o Mexico
• Europe
o Germany
o UK
o France
o Italy
o Spain
o Rest of Europe
• South America
o Brazil
o Argentina
o Rest of South America
• Asia-Pacific
o China
o India
o Japan
o Australia
o Rest of Asia-Pacific
• Middle East and Africa
Recent Developments
• The competitive rivalry among composite manufacturers is intense, with the market featuring numerous global and regional players. High processing and manufacturing costs of composites are impeding the growth and profitability of manufacturers worldwide. Additionally, the substantial initial capital investment required presents a further challenge.
• Dublin City Council has granted approval for an economic development arrangement with INEOS Composites, a company specializing in the production and distribution of various grades of unsaturated polyester and vinyl ester resins, as well as gelcoats.
• In October 2023, Gurit announced the signing of a four-year and a three-year supply agreement for core material kits with two prominent Wind Turbine Original Equipment Manufacturers (OEMs).
• In October 2022, Owens Corning invested US$ 24.5 million in machinery and new construction at its new Fort Smith manufacturing facility, which is expected to create 50 jobs. In early 2021, the company commenced construction on a 550,000-square-foot plant on Planter Road, adjacent to its existing Fort Smith facility, where it plans to manufacture fiberglass composites, insulation and roofing materials.
Why Purchase the Report?
• Visualize the composition of the composites market segmentation by fiber, resin, end-user and region, highlighting the critical commercial assets and players.
• Identify commercial opportunities in the composites market by analyzing trends and co-development deals.
• Excel data sheet with thousands of composites market-level 4/5 segmentation points.
• Pdf report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
• Product mapping in excel for the key product of all major market players
The global composites market report would provide access to an approx. 61 market data tables, 56 figures and 205 pages.
Target Audience 2024
• Composites Service Providers/Buyers
• Industry Investors/Investment Bankers
• Education & Research Institutes
• Emerging Companies
• Composites Manufacturers