Composites Market - Forecast(2023 - 2028)

The global composites market revenue was valued at $82,727 million, according to this IndustryARC market research report, with the demand estimated to increment at a positive CAGR of 5.6% during the forecast period of 2019 to 2025. The global composites market size is consistently expanding owing to the infinite applications of composites in numerous end-user industries including construction, industrial, automotive, defense, sports, and aerospace. However, the analyst of the report pinpoints the construction and automotive industries to generate the most prominent chunk of demand. 

As per the findings of the report, the construction and infrastructure application segment of the composites market is blooming at an above average CAGR of 6.3% through to 2025. The analyst attributes this to urbanization across both developed and developing economies. According to the World Bank Group, the International Financial Corporation (IFC) estimates investment opportunity of $16 trillion by 2030 exists for the development of green buildings in Paris. Over in Asia Pacific, Chinese and Indian building and construction industry players are leveraging new techniques of prefabricated prefinished volumetric construction (PPVC), 3D printing, and new materials thanks to composites. With such an influx in the global construction industry, the composites market is expected to grow consequently. On the back of expansive landscapes and massive population, the Asia-Pacific region is projected to dominate the global composites market, seizing 37% of the total demand share.

Engineers and designers across the world recognize the capability of composite materials to produce durable, cost-effective, and high-quality products. Composites raise performance levels and supports the development of innovative products. Composites are materials manufactured by combining two or more types of artificial or natural elements with the same or varying chemical properties. The process of mixing these two elements makes the final composite much stronger and flexible than individual products. These composites are often referred to as alloys or fiber reinforced plastic (FRP). To manufacture these composites, composite particles such as polyacrylonitrile among other polymers go through various processes such as thermosetting, filament winding process, pultrusion process, and compression molding process. The final products achieved from these processes are fiberglass, carbon fiber, and carbon fiber reinforced plastics (CFRP).  

The construction and infrastructure industry is the prime consumer of composites. With construction happening at a rapid pace, the composite market is supposedly expected to reach its apex. The incessant construction of buildings, swimming pools, storage tanks, countertops, bridges, skyscrapers, and commercial landscapes throughout the developed and developing economies is augmenting the growth in the composite market. The emergence of achieving the most durable and lightweight structures has raised the level of engagement of composites in the construction industry. The humungous demands for composites are seen from the APAC region owing to the high speeded construction in developing economies such as India and China. 

Fiber-reinforced composite materials have propelled despite their high cost mainly because of the requirements of high-performance products such as aerospace components including wings, tails, propellers, fuselages, helicopter rotor blades, spacecraft equipment. The Airbus A350 and Boeing 787 aircraft components are majorly manufactured using composites. They are also used in the manufacturing of boats, fishing equipment, kayaks, dinghies, and scull hulls. Additionally, among land vehicles, composites are used for the production of cars, bikes, and cycles. The eminent thrill of speed in various sports cars is achieved using durable and lightweight composite materials such as carbon fiber. The chassis of numerous two-wheelers and cycles are manufactured using composites. The emerging electrification among vehicles to replace conventional fuel has immensely increased the employment of composites in the automotive market. The global awareness to tackle carbon emissions is booming the electric vehicle industry, which in turn has resulted in growth in the composite market.    

The textile industry saw the innovation of nylon wearables. These wearables were developed to serve the purpose of being water resistant which means, the water will not penetrate the nylon cloth, but the downside of that garment was that it does not let water vapor pass through the cloth. 

This suffocated the garment and the sweat kept getting trapped inside. After wearing these garments for a while these clothes got wet and execrable to wear. To overcome this disadvantage, breathable fabrics were discovered. Breathable clothes are a result of composite materials. These clothes are water resistant and breathable at the same time, which means that the sweat will evaporate from the fabric. The most recent innovation in the breathable clothing market was seen from MIT Media Lab, they have developed moisture and heat responsive gym wear. This garment is a product of composites developed from combining bacterial e.coli cells with latex which resulted in this biofabric. These gears have ventilating flaps that react to the heat and sweat of the person wearing it. The application of composites in the wearable section also lies in the production of firefighting armor. Traits such as fire resistant and light-weighted architecture has induced the usage of composites in this sector.  

Seven out of ten most popular outdoor games today are using composites as the major raw material to manufacture sports equipment. Sports industry extensively uses the composites for the production of multiple sporting equipment.  Manufacturing of baseball bats, tennis, badminton and squash racquets, fishing rods, hockey sticks, and helmets is responsible for the growth of the composites market.  

Composites are materials manufactured by combining two or more types of artificial or natural elements with the same or varying chemical properties. The composites market size is mounting owing to the countless applications of composites in various end-user industries such as construction, industrial, automotive, defense, sports, and aerospace industry. The construction and infrastructure industry is the biggest consumer of composites. Also, the automobile industry is stroking the composites market. Breathable clothes are a result of composite materials. Moreover, sports industry extensively uses the composites for the production of multiple sporting equipment.  The market outlook is foreseeing the strongest future in the APAC region.