Composites Market Scenario
Increasing use of composites in commercial aircraft coupled with growing demand for lightweight materials and fuel-efficient vehicles from the transportation industry are some of the major factors propelling the composites market globally. Furthermore, increase in the use of carbon fiber in wind blades and high demand for glass fiber-reinforced composite pipes in sewage & water management and oil & gas industries are also some of the factor propelling the growth of composites market. However, issues related to recycling is one of the major factor expected to hamper the global growth of the composites market.
Composites Market Segmentation
The composites market is segmented by Fiber Type, Resin Type, Manufacturing Process, End-Use Industry and Geography. Various Fiber Type in the composites market are Glass Fiber Composites, Carbon Fiber Composites, Natural Fiber Composites and Others. Furthermore, the Resin Type comprises of Thermoset Composites (Epoxy Resin, Polyester Resin, Vinyl Ester Resin, Polyurethane Resin and Others) and Thermoplastic Composites (Polycarbonates (PC), Polypropylene (PP), Polyphenylene Sulfide (PPS), Polyetherimide (PEI), Polyetheretherketone (PEEK), Polyamide (PA) and others. Moreover, the manufacturing process includes Lay-Up Process, Filament Winding Process, Injection Molding Process, Pultrusion Process, Compression Molding Process, Resin Transfer Molding (RTM) Process and Others. Likewise, Major End Use Industry of composites market are Transportation, Aerospace & Defense, Wind Energy, Construction & Infrastructure, Pipe & Tank, Marine, Electrical & Electronics and Others. Based on Geography, the Composites Market is studied across the countries of key regions such as, North America, Europe, Asia Pacific and RoW.
Composites Market by Geography
Geographically, the composites market is studied across the countries of key regions such as, North America, Europe, Asia Pacific and RoW. APAC accounts for the largest market share in the composites industry owing to the growing economies of China and India, the presence of prominent players, and expanding transportation, wind energy, and construction & infrastructure industries. In APAC, China is projected to grow at the fastest rate during the forecast period. It is the largest market for composites in APAC.
Composites Market Key Players
Some of the major players operating in the global composites market includes Owens Corning, Toray Industries, Inc., Teijin Limited, Mitsubishi Chemical Holdings Corporation, Hexcel Corporation, SGL Group, Nippon Electric Glass Co. Ltd., Koninklijke Ten Cate BV., Huntsman International LLC., Solvay, Hexion, E. I. Du Pont Nemours & Co., Weyerhaeuser Company, Chongqing Polycomp International Corporation, Jushi Group Co., Ltd., Taishan Fiberglass Inc.(CTG), BASF SE, Gurit, Dowaksa, Honeywell International Inc., Renegade Materials Corporation, Kineco Kaman Composites – India Private Limited and Henkel AG & Co. KGaA. These companies are involved in adopting various inorganic and organic strategies to increase their foothold in the composites industry.
Composites Market Report Key Benefits