Composites Market Overview
Composites are the material produced from two or more constituent materials with different physical and chemical properties. Composites are used in corrosive environments. Composites are strong, stiff and lightweight, Composites are used in chemical processing plants. Composites are highly chemical & corrosion resistant which helps in increasing their shelf life. Composites have excellent characteristics like low co-efficient of thermal expansion, high strength, low density, high modulus, resistance to creep rupture, fatigue, chemicals and corrosion. Composites helps in improving the stiffness and strength. Due to excellent properties the composites are widely used in industries. The mechanical properties of Composites are depend on structures like volume fraction occupied by inhomogenities, shape of inhomogenities, and interface between the components. Composites are commonly used in hoods, cabinets, tanks, ducts, fans, pumps, etc. Composites are of different types like polymer, metal, carbon, ceramic, etc. Polymer Composites are the combination of thermoplastics and thermosets. Polymer Composites are used in engineering fields. Polymer matrix composites are used in wide range of medical devices like X-ray couches, C scanners, MRI scanners, tables, wheelchairs, mammography tools, prosthetics and surgical target tools. However, the wide applications of composites in medical devices has given rise in growth of the market.
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Attributes |
Details |
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Composites Market Value (2022) |
US$ 95.8 Bn |
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Composites Market Projected Value (2032) |
US$ 193.79 Bn |
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Composites Market CAGR (2022 – 2032) |
7.3% |
Composites Market Dynamics
Rise in industries and rate of urbanization
Rise in industries is one of the leading factors for the global composites market growth. Industrialization is rising worldwide to fulfill the individual needs. Moreover, increasing urban population is one of the driving factors for the composites market. Urban culture affects the person’s living lifestyle. Urbanization has given rise in industries. Urbanization has positive implications which includes increase in better transportation & communication, improved standards of living, employment opportunities, rise in newly manufacturing industries, infrastructure advancement, quality medical facilities, etc. Use of composites in various industries especially in medical devices and automotive industries has fueled the market growth. Properties like resistance to chemical and corrosion, design flexibility, high performance at elevated temperatures has increased the demand for composites by industries. According to data published by United Nations in 2018, about 55% of the world’s population resided in urban areas, and it is projected that this percentage will increase over the forecast period. However, the growth in industries and population in urban areas boosts the demand for composites.
Technological advancement
Manufactures involved in composites market are developing advanced versions of their products due to new age technological advancements. New manufacturing technology has changed the industries. Advancement in Composites Manufacturing Technology has changed the industry. Nanotechnology - helps in assisting manufacturers in developing materials by manipulating matter on molecular, atomic, and supra-molecular scale. This has helped in making longer lasting materials and giving new properties to them. Advanced robotic technology – are flexible and intelligent which helps in manufacturing product with fast speed and increased volume rate. The robotic automated process will help in increasing the production times with more efficiency, precision and more accuracy. Automated Fiber Placement (AFP) - more advanced method used in fabrication of complex composite components. AFP helps in improving part to part uniformity. AFP helps in lowering material waste and labor costs. Automated Tape Lying (ATL) - used in fabricating the higher complex parts. This process is used in creating the thermoplastic and thermoset components. 3D Printing – used by manufacturers in reducing the cost of product development phase. It also helps in saving time in making tool. Cloud Computing – helps in connecting the remote services by internet to manage, store and process the data. It had become the game - changer in different geographic areas for the manufacturers. Recycling Technology helps in balancing the environment. However, the technological advancement in Composites has given boosts in the growth of the market. For instance, in 2021, the recent advancement in Carbon Nano-Infused Cementitious Composites has provided the additional functionality in monitoring the strains, self-healing, electromagnetic shielding and energy harvesting and thus used in industries and civil engineering solutions.
Restrains:
However, high raw material costs and high assembly & fabrication costs may somewhat restrain the growth of the target market.
Composites Market Segmentation
Source: Prophecy Market Insights
Disclaimer: This data is only a representation. Actual data may vary and will be available in the report.
The global composites market is segmented based on type, application, and region.
On the basis of type, the global composites market is segmented into, Metal Matrix Composites, Carbon Matrix Composites, Ceramic Matrix Composites, Polymer Matrix Composites, and others. On the basis of application, the target market is classified into Marine Transportation & Shipbuilding, Automotive, Electronics, Aerospace, Construction, Furniture, Medical Devices, Machinery Equipment, Chemical Processing Plants, Oil & Gas Refineries, and others.
Regional Insights:
Disclaimer: This data is only a representation. Actual data may vary and will be available in the report.
On region the global composites market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Asia-pacific market is estimated to witness a significantly high revenue share over the forecast period, owing to growing population, especially in countries such as India and China, and technological advancements. Moreover, rising presence of automotive, aerospace, electronics manufacturing industries and rising demand for lightweight and durable materials in industries is anticipated to increase the demand for composites in the region.
Report Scope:
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Attribute |
Details |
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Base year for estimation |
2022 |
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Forecast period |
2022 – 2032 |
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Market representation |
Revenue in USD Billion & CAGR from 2022 to 2032 |
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Market Segmentation |
By Type - Metal Matrix Composites, Carbon Matrix Composites, Ceramic Matrix Composites, Polymer Matrix Composites, and others By Application – Marine Transportation & Shipbuilding, Automotive, Electronics, Aerospace, Construction, Furniture, Medical Devices, Machinery Equipment, Chemical Processing Plants, Oil & Gas Refineries, and others
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Regional scope |
North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America - Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa |
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Report coverage |
Revenue forecast, company share, competitive landscape, growth factors, and trends |
Segments Covered in the Report:
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2022 to 2032. For the purpose of this study, has segmented the global composites market report based on type, application, and region:
Global Composites Market, By Type:
- Metal Matrix Composites
- Carbon Matrix Composites
- Ceramic Matrix Composites
- Polymer Matrix Composites
- Others
Global Composites Market, By Application:
- Marine Transportation & Shipbuilding
- Automotive
- Electronics
- Aerospace
- Construction
- Furniture
- Medical Devices
- Machinery Equipment
- Chemical Processing Plants
- Oil & Gas Refineries
- Others
Global Composites Market, By Region:
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- North America
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- U.S.
- Canada
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- Europe
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- Germany
- UK
- France
- Russia
- Italy
- Rest of Europe
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- Asia Pacific
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- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
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- Latin America
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- Brazil
- Mexico
- Rest of Latin America
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- Middle East & Africa
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- GCC
- Israel
- South Africa
- Rest of Middle East & Africa
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- North America
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Composites Market Key Players
The key players operating the global composites market includes, Toray Industries Inc., Huntsman Corporation, Owens Corning, Teijin Ltd., PPG Industries Inc., Solvay, Hexcel Corporation, Composite Solutions, SGL Carbon, Veplas d.d., 3M, DIT B.V., Mitsubishi Chemical Corporation, DuPont etc. Prominent players operating in the target market are focusing on the strategic partnerships as well as launching of the products in order to gain competitive edge in the target market. For instance, in 2022, Solvay launched the low-temperature carbon fiber epoxy prepreg tooling material which is designed in delivering highly accurate composite parts, saving cost and time for automotive, aerospace, race car market and other industries.
Composites Market Company Profile
- Solvay*
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Toray Industries Inc.
- Huntsman Corporation
- Owens Corning
- Teijin Ltd.
- PPG Industries Inc.
- Hexcel Corporation
- Composite Solutions
- SGL Carbon
- Veplas d.d.
- 3M
- DIT B.V.
- Mitsubishi Chemical Corporation
- DuPont
“*” marked represents similar segmentation in other categories in the respective section
Composites Market Table of Contents
- Research Objective and Assumption
- Preface
- Research Objectives
- Study Scope
- Years Considered for the study
- Assumptions
- Abbreviations
- Research Methodology
- Research data
- Primary Data
- Primary Interviews
- Primary Breakdown
- Key data from Primary Sources
- Key Thickness Insights
- Secondary Data
- Major Secondary Sources
- Secondary Sources
- Market Estimation
- Top-Down Approach
- Approach for estimating Market Share by Top-Down Analysis (Supply Side)
- Bottom-Up Approach
- Approach for estimating market share by Bottom-up Analysis (Demand Side)
- Market Breakdown and Data Triangulation
- Research Assumptions
- Market Purview
- Executive Summary
- Key Findings—Global Outlook for medical carts Strategies
- Key Questions this Study will Answer
- Market Snippet, By Type
- Market Snippet, By Application
- Market Snippet, By Region
- Opportunity Map Analysis
- Executive Summary—3 Big Predictions
- Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Drivers
- Restrains
- Market Opportunities
- Market Trends
- DR Impact Analysis
- PEST Analysis
- Porter’s Five Forces Analysis
- Opportunity Orbit
- Market Investment Feasibility Index
- Macroeconomic Factor Analysis
- Market Dynamics
- Global Composites Market, By Type
- Overview
- Market Value and Forecast (US$ Bn), and Share Analysis (%), 2022 – 2032
- Y-o-Y Growth Analysis (%), 2022 – 2032
- Segment Trends
- Metal Matrix Composites
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
- Carbon Matrix Composites
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
- Ceramic Matrix Composites
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
- Polymer Matrix Composites
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
- Others
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
- Overview
- Global Composites Market, By Application, 2022 – 2032, (US$ Bn)
- Overview
- Market Value and Forecast (US$ Bn), and Share Analysis (%), 2022 – 2032
- Y-o-Y Growth Analysis (%), 2022 – 2032
- Segment Trends
- Marine Transportation & Shipbuilding
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
- Automotive
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
- Electronics
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
- Aerospace
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
- Construction
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
- Furniture
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
- Medical Devices
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
- Machinery Equipment
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
- Chemical Processing Plants
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
- Oil & Gas Refineries
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
- Others
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
- Overview
Global Composites Market, By Region, 2022 – 2032, (US$ Bn)
- Overview
- Market Value and Forecast (US$ Bn), and Share Analysis (%), 2022 – 2032
- Y-o-Y Growth Analysis (%), 2022 – 2032
- Regional Trends
- North America
- Market Size and Forecast (US$ Bn), By Type, 2022 – 2032
- Market Size and Forecast (US$ Bn), By Application, 2022 – 2032
- Market Size and Forecast (US$ Bn), By Country, 2022 – 2032
- U.S.
- Canada
- Europe
- Market Size and Forecast (US$ Bn), By Type, 2022 – 2032
- Market Size and Forecast (US$ Bn), By Application, 2022 – 2032
- Market Size and Forecast (US$ Bn), By Country, 2022 – 2032
- UK
- France
- Germany
- Russia
- Italy
- Rest of Europe
- Asia Pacific
- Market Size and Forecast (US$ Bn), By Type, 2022 – 2032
- Market Size and Forecast (US$ Bn), By Application, 2022 – 2032
- Market Size and Forecast (US$ Bn), By Country, 2022 – 2032
- India
- Japan
- South Korea
- China
- Rest of Asia Pacific
- Latin America
- Market Size and Forecast (US$ Bn), By Type, 2022 – 2032
- Market Size and Forecast (US$ Bn), By Application, 2022 – 2032
- Market Size and Forecast (US$ Bn), By Country, 2022 – 2032
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Market Size and Forecast (US$ Bn), By Type, 2022 – 2032
- Market Size and Forecast (US$ Bn), By Application, 2022 – 2032
- Market Size and Forecast (US$ Bn), By Country, 2022 – 2032
- GCC
- Israel
- South Africa
- Rest of Middle East
- Competitive Landscape
- Heat Map Analysis
- Market Presence and Specificity Analysis
- Company Profiles
- Toray Industries Inc.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Huntsman Corporation
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Owens Corning
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Teijin Ltd.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- PPG Industries Inc.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Solvay
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Hexcel Corporation
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Composite Solutions
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- SGL Carbon
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Veplas d.d.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- 3M
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- DIT B.V.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Mitsubishi Chemical Corporation
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- DuPont
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- The Last Word
- Future Impact
- About Us
- Contact
FAQs
The Composites Market is segmented into Type, Application and Region.
The Composites Market is driven by factors such as growing industries, rise in urbanization and technological advancement.
By region, Composites market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Asia-pacific market is estimated to witness a significantly high revenue share over the forecast period, owing to growing population, especially in countries such as India and China, and technological advancements.
The key players operating the Composites market includes, Toray Industries Inc., Huntsman Corporation, Owens Corning, Teijin Ltd., PPG Industries Inc., Solvay, Hexcel Corporation, Composite Solutions, SGL Carbon, Veplas d.d., 3M, DIT B.V., Mitsubishi Chemical Corporation, DuPont, etc.