Composites Market Size to Surpass USD 136.25 Billion by 2027 at 7.25% CAGR – Report by Market Research Future (MRFR)

Composites Market Insights and Industry Analysis by Type (Polymer Matrix Composites, Ceramic Matrix Composites, Metal Matrix Composites and others), Resin Type (Thermoplastic Composites and Thermoset Composites), Technology (Layup Process, Pultrusion Process, Filament Winding, Injection Molding, Automated Fiber Replacement, Compression Molding, Automated Tape Lying, Resin Transfer Molding and others), End-Use (Automotive & Transportation, Aerospace & Defense, Electrical & Electronics, Wind Energy, Construction & Infrastructure, Marine & Oil & Gas and others) and Region (Asia-Pacific, North America, Europe, Latin America and Middle East & Africa), Competitive Market Size, Share, Trends, and Forecast to 2027

/EIN News/ -- New York, US, July 29, 2021 (GLOBE NEWSWIRE) -- Composites Market Overview

According to a comprehensive research report by Market Research Future (MRFR), “Composites Market Information by Type, Resin Type, Technology, End-Use, and Region - Forecast till 2027”, the market is slated to reach valuation of USD 136.25 Billion by 2027 growing at a CAGR of 7.25%.

Composites Market Scope

Composites can be found in nature or created. Wood, collagen, cellulose, and other naturally occurring composites can be created manually, but concrete, cermet, and other composites can be fabricated artificially. Composites have a wide range of qualities, including strong impact strength, chemical resistance, and electrical and thermal insulation.

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Competitive Landscape

The notable players in Composites matket are:

• BASF SE (Germany)
• Owens Corning (US)
• Toray Industries, Inc. (Japan)
• TEIJIN Limited (Japan)
• SGL Carbon Company (Germany)
• Solvay (Belgium)
• Mitsubishi Chemical Holding (Japan)
• Koninklijke Ten Cate bv (The Netherlands)
• Hexcel Corporation (US)
• Du Pont (US)
• Honeywell International Inc. (US)
• Nippon Electric Glass Co..Ltd (Japan)
• DowAksa (Turkey)
• Chongqing Polycomp(China)
• Huntsman International LLC. (US)

Market Drives

Increased demand for composites in end-use industries such as aerospace and electronics and electrical is likely to drive the global market. This is largely due to the greater usage of lightweight materials in the manufacture of aircraft structural components. Because of their ease of maintenance, composites are employed in a variety of interior applications such as cupboards, luggage bins, flooring, and other components. Furthermore, the growing use of silicone-based composites in the fabrication of printed circuit boards and components that require high heat and electrical resistance is driving the worldwide composites market.

The increasing need for lightweight materials in the automobile industry for fuel efficiency is one of the important trends in the composite market. Furthermore, the increased use of high-performance composites in kinetic buildings, such as shape memory polymer composites, as well as innovative advancements in composites, such as the production of biomimetic composites and nanocomposites, which are replacing traditional materials, are creating lucrative opportunities for composites market players.

Market Restraints

However, strict laws governing the synthesis of epoxy resins used in the manufacture of some composites are expected to stifle its global expansion. In addition, the preference for traditional materials like as aluminium and steel, which have well-established norms and standards, is expected to constrain the composites market.

Browse In-depth Market Research Report (197 Pages) on Composites: https://www.marketresearchfuture.com/reports/composites-market-5399

COVID-19 Analysis

The global need for high-performance materials is driving growth in the composites industry. Due to COVID-19, demand for composites is predicted to fall in 2020. Aircraft and vehicle manufacturers have been forced to operate at zero or partial capacity due to supply chain disruptions that have resulted in delays or non-arrival of raw materials, delayed cash flows, and rising absenteeism among production line personnel. As a result, composites are in lower demand. During the projection period, however, the end of the lockdown and recovery in the end-use industries will boost demand.

Market Segmentation

In 2018, the polymer matrix composites segment accounted for 86.3 percent of the market by type. Because of their outstanding oxidation resistance, corrosion resistance, and low density even at high temperatures, demand for these composites is increasing rapidly.

Thermoset composites accounted for the majority of the market share in 2018 due to attributes like high performance, superior strength, thermal stability, chemical resistance, and structural integrity.

The layup process is the most extensively utilised of the numerous production methods, with a market value of USD 25,966.2 million in 2018. This technique produces composites with outstanding mechanical characteristics, thermal shock resistance, and good creep and oxidation resistance.

Due to the substantial usage of composites in the construction of gas turbine engines, engine nozzles, tail cones, nose cap, rudder, fins, leading edges, body flaps, panels, and other engine components, aerospace was the leading end-use industry in 2018.

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Regional Analysis

The composites market is dominated by the North American region, which accounted for the biggest market share in 2018. This is due to the rising usage of light weight composites in the aerospace and defence industries to build light-weight structures, which reduce fuel consumption and emissions. Because the United States has the world's largest aerospace and defence industry, demand for composites in commercial and military aircraft is at an all-time high. As a result, substantial prospects for important companies in the composites industry in the region have emerged. Furthermore, ongoing advances in composite materials, which result in stronger and more damage-resistant goods, are fueling the region's growth.

Due to increased industrialization and construction activity in the area, the Asia-Pacific market is expected to grow at the fastest rate of 10.3% during the forecast period. Furthermore, the increased use of composites in the transportation industry due to high mechanical and physical features such as high strength, superior wear and corrosion resistance, and weight reduction property, combined with growing economies, is likely to fuel regional market demand. Due to the expanding usage of composites in numerous end-use industries including as electronics, aviation, and construction, China held the greatest market share in the area, followed by Japan, India, and South Korea. As a result, during the projected period, the region is expected to drive composites market demand.

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