Composite Materials Market - Forecast(2023 - 2028)

Composite materials are materials made up of leastwise two substances. Their integration formulates a new product with specific properties and at the same time the amalgamating individual components retain their identities as well. Some of the commonly manufactured composite materials are composite construction materials (concrete), reinforced plastics like FRPs, metal, and ceramic composites. Due to their distinctive properties such as rigidity with high strength to weight ratio, high resistance to chemical and weather, stiffness and corrosion resistance, and compliance with the modern era trends such as ‘lightweighting strong materials,’ it has scored tremendous scope of application in several flourishing sectors including aerospace, construction, wind energy, and automotive. With all its major employers holding a substantial share in modern economy, composite material market is valued at around $26 billion as of 2018. The analyst of this business intelligence report has tracked this arcade to progressing at a global CAGR of around 6% during the forecast period 2019-2025.

Today, more than half of the world’s population lives in urban areas. The United Nations forecasts that by 2050, an additional 2.6 billion people will be living in cities, with most of them located in developing countries^[1]. Increase in disposable income has liberated consumers to afford better infrastructures with aesthetic feasibility and strength security as well. Aesthetically appeasing glass frontages or arched and suspended structures and skyscrapers are filling the modern infrastructural setting. Traditional building materials such as wood and steel often fail to meet the modern construction objectives hence creating room for composite materials application. As per the World Economic Forum, China in 2017 witnessed the construction of 144 skyscrapers of more than 200 meters, including 15 structures that tower above 300 meters^[2]. Similar is the scenario in North America as well, catering to the United States economic prosperity. Concrete, a ceramic matrix composites, and glass fiber reinforced polymer (GFRP) are the most commonly employed composite material in the modern construction sector. Construction sector is nominated as the most dominant end-user of composite materials market with an application CAGR of around 7% going through 2025.

Modern automobile sector is being constantly confronted by ecological norms in the context of carbon emission. Thus the automobile sector is one of the major employer of composite materials to reduce fuel efficiency by reducing mass of the vehicle. Other motives of application include, improvisation of safety and crashworthiness and enhance styling to provide aerodynamic design. As per the European Automobile Manufacturers Association, 98.9 million motor vehicles were produced globally in 2017. China witnessed a surge of 3.5% compared to the preceding year, whereas the global increment rate recorded by OICA was only 2.36%^[3]. Polymer Matrix Composite (PMC), Carbon Fiber Reinforced Plastic (CFRP), Glass Fiber Reinforced Plastic (GFRP), and Natural Fiber Reinforced Plastic (NFRP) are composite materials applied in automotive structural, powertrain, interior and exterior components.

The aforementioned data indicates the global sheer affluence of composite materials market. After an acute analysis of the regional aspects APAC is reckoned to be the leading region, capturing more than 45% of the global composite market demand under its own topography. The dominance can be attributed to its construction and automotive demand augmenting composite materials market.

One of the major trend supporting the growth of composite materials market is demand for ‘lightweighting’ by all major industries. For example, Japanese automotive giant Toyota is a leader in adopting bio-composites plastics which is accustomed to employ biobased polyesters, biobased PET, and PLA-blends in its manufacturing procedure. Toyota has fixed an objective of substituting 20 percent by weightiness of all petroleum plastics for automotive by bioplastics. The Toyota SAI and Toyota Prius models already feature a number of bioplastic applications such as headliners, sun visors, or floor mats. Up to 60 percent of the interior fabrics are made of biobased polyesters.

Owen Corning, Solvay, SGL Group and Toray Industries are some of the heavyweights profiled in this business intelligence report. In 2016, Japan’s Toray Industries partnered with Toyota Tsusho to develop a recycled carbon-fibre manufacturing technology. Lightweight properties of carbon-fibre is reflected as an important participant to resolving environmental concerns. Its lightweight properties condense CO2 emissions over the comprehensive lifespan of products in which it is used, so demand for the material is mounting across an extensive range of applications, comprising aircraft and automobile parts.

The base year of the study is 2017, with forecast done up to 2023. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the Composite Materials Market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the various forms in Composite Materials Market, and their specific applications in different types of industries. 

By Material: Fibre Reinforced Polymers, Resins, Matrices, Others

By application: Aerospace, Construction, Wind Energy, Automotive, Others

By Method: Open Molding & Closed Molding

The Composite Materials Market report also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include: