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Composites Market by Fiber Type (Glass Fiber Composites, Carbon Fiber Composites, Natural Fiber Composites), Resin Type (Thermoset Composites, Thermoplastic Composites), Manufacturing Process, End-use Industry and Region - Global Forecast to 2027

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    Report

  • 347 Pages
  • February 2023
  • Region: Global
  • Markets and Markets
  • ID: 5130343

Growing Penetration of Natural Fiber Composites and Carbon Fiber Composites in Emerging Applications

The global composites market size is projected to grow from USD 113.6 billion in 2022 to USD 168.6 billion by 2027, at a CAGR of 8.2% between 2022 and 2027. Composites have outstanding qualities like as stiffness, strength, tenacity, density, thermal and electrical conductivity, fatigue resistance, and corrosion resistance. In light of the characteristics delivered by composites, traditional materials like aluminum steel are becoming less popular for high-performance applications. 

Carbon fiber composites are the fastest-growing fiber type of composites market in terms of value.

Carbon fiber composites are projected to register the highest CAGR in terms of value between 2022 and 2027. Carbon fiber is twice as strong and 30% lighter than glass fiber and used in several end-use industries. In the automotive industry, carbon fiber-reinforced composites were first used in racing cars to reduce the vehicle's weight and are essential as a high-strength high-rigidity material for the monocoque frame to ensure the driver's safety. In F1 racing cars, carbon fiber-reinforced composites are used for all structural components.

Thermoplastic composites is the fastest-growing resin type of composites, in terms of value.

Thermoplastic composites are the fastest-growing resin type. The application of thermoplastic resins as a matrix material in fiber-reinforced composites has increased significantly in recent years. Thermoplastic resin has been used with continuous fiber to create structural composite products. The main advantage of this resin as a matrix material is that the composite formed can be reshaped and reformed, unlike thermoset resin. The composite formed is easily recyclable, and its use has increased significantly in the last decade.

Resin Transfer Molding (RTM) manufacturing process is the fastest-growing manufacturing process of composites, in terms of value.

RTM employs a flexible solid counter tool to compress the surface during the vacuum-assisted resin transfer process. This technique results in improved strength-to-weight ratios, higher laminate compression, and high glass to resin ratios. Large-surface-area, intricately shaped, and well-finished parts are the most common kind of components it is used to mold. This process is used to produce structures for automotive, construction and infrastructure, and aerospace applications. The growth prospects of the RTM process are high in the next five years due to increasing applications in the automotive and construction industries in emerging countries. 

Wind energy is the fastest-growing end-use industry of composites, in terms of value.

Wind energy is predicted to expand with the fastest CAGR for the next five years. Great tensile strength provided by composite materials used in wind turbine construction enables manufacturers to achieve huge blades and high energy output. The volume of fiber reinforcement used in the wind blades accounts for about 70-75% by weight infused with epoxy or unsaturated polymer resins. Fiberglass also provides high tensile strength, helping manufacturers to achieve larger blades and higher energy output. Fiberglass has helped the wind energy industry grow by allowing wind turbines to work in the toughest environments due to its corrosion resistance properties.

Asia Pacific is the fastest-growing composites market.

In terms of value, the composites sector is predicted to exhibit the highest CAGR in Asia Pacific over the next five years. The region has huge growth potential for the electrical & electronics industry growth. The continuous rise in technologically advanced electronic products has resulted in high demand for lightweight and high-strength electronic products. This increasing demand for technologically advanced electronic products for various applications has led to innovations and developments in the composites industry of Asia Pacific. 

This study has been validated through primary interviews conducted with various industry experts globally. These primary sources have been divided into the following three categories:

  • By Company Type - Tier 1 - 37%, Tier 2 - 33%, and Tier 3 - 30%
  • By Designation - C Level - 50%, Director Level - 20%, and Others - 30%
  • By Region - Europe - 50%, Asia Pacific - 20%, North America - 15%, Middle East & Africa (MEA) - 10%, South America - 5%

The report provides a comprehensive analysis of the company profiles listed below: 

  • Owens Corning (US) 
  • Toray Industries, Inc. (Japan)
  • Teijin Limited (Japan)
  • Mitsubishi Chemical Holdings Corporation (Japan)
  • Hexcel Corporation (US)
  • SGL Group (Germany)
  • Nippon Electric Glass Co. Ltd. (Japan)
  • Huntsman International LLC. (US)
  • Solvay S.A. (Belgium)

Research Coverage

This report covers the global composites market and forecasts the market size until 2027. The report includes the market segmentation - Fiber Type (Glass Fiber Composites, Carbon Fiber Composites, Natural Fiber Composites, and Other), Resin Type (Thermoset Composites and Thermoplastic Composites), Manufacturing process (Lay-up, filament winding, injection molding, pultrusion, compression molding, RTM, and others), End-use Industry (Aerospace & Defense, Wind Energy, Automotive & Transportation, Construction & Infrastructure, Marine, Pipes & Tanks, Electrical & Electronics, and Others) and Region (Europe, North America, Asia Pacific, South America, and Middle East & Africa). Porter’s Five Forces analysis, along with the drivers, restraints, opportunities, and challenges, are discussed in the report. It also provides company profiles and competitive strategies adopted by the major players in the global composites market. 

Key benefits of buying the report:

The report will help market leaders/new entrants in this market in the following ways:
1.    This report thoroughly classifies the global composites market and offers the most accurate estimates of revenues for both the overall market and the sub-segments across various industries and geographies.
2.    The report gives information on crucial market drivers, constraints, challenges, and opportunities while also assisting stakeholders in understanding the composites industry's pulse.
3.    This study will assist stakeholders in better-comprehending rivals and gaining more knowledge to strengthen their position in their market. The rival ecosystem, new product development, partnerships, and acquisitions are all included in the section on the competitive landscape.

Reasons to buy the report:

The report will help market leaders/new entrants in this market by providing them with the closest approximations of the revenues for the overall composites market and the sub-segments. This report will help stakeholders to understand the competitive landscape and gain more insights and position their businesses and market strategies in a better way. The report will also help stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.

Frequently Asked Questions about the Global Composites Market

What is the estimated value of the Global Composites Market?

The Global Composites Market was estimated to be valued at $113.6 Billion in 2022.

What is the growth rate of the Global Composites Market?

The growth rate of the Global Composites Market is 8.2%, with an estimated value of $168.6 Billion by 2027.

What is the forecasted size of the Global Composites Market?

The Global Composites Market is estimated to be worth $168.6 Billion by 2027.

Who are the key companies in the Global Composites Market?

Key companies in the Global Composites Market include BASF SE, Binani Industries Ltd., Composite Part Manufacturers, Dowaksa, Exel Composites, Gaffco Ballistics, Gurit Holding AG, Henkel AG & Co. KGaA, Hexcel Corporation and Hexion.

Table of Contents

1 Introduction
1.1 Study Objectives
1.2 Market Definition
1.3 Inclusions & Exclusions
1.4 Market Scope
Figure 1 Composites Market Segmentation
1.4.1 Regions Covered
1.4.2 Years Considered
1.5 Currency
1.6 Units Considered
1.7 Limitations
1.8 Stakeholders
1.9 Summary of Changes

2 Research Methodology
2.1 Research Approach
Figure 2 Composites Market: Research Design
Figure 3 Composites Market: Research Approach
2.2 Base Number Calculation
2.2.1 Approach 1: Supply-Side Analysis
2.2.2 Approach 2: Demand-Side Approach
2.3 Impact of Recession
2.4 Forecast Number Calculation
2.4.1 Supply Side
2.4.2 Demand Side
2.5 Research Data
2.5.1 Secondary Data
2.5.1.1 Key Data from Secondary Sources
2.5.2 Primary Data
2.5.2.1 Key Data from Primary Sources
2.5.2.2 Primary Interviews-Top Composites Manufacturers
2.5.2.3 Breakdown of Primary Interviews
2.5.2.4 Key Industry Insights
2.6 Market Size Estimation
2.6.1 Bottom-Up Approach
Figure 4 Composites Market: Bottom-Up Approach
2.6.2 Top-Down Approach
Figure 5 Composites Market: Top-Down Approach
2.7 Data Triangulation
Figure 6 Composites Market: Data Triangulation
2.8 Factor Analysis
2.9 Research Assumptions
2.10 Market Growth Rate Assumptions/Growth Forecast
2.11 Research Limitations
2.12 Risks Associated with the Composites Market

3 Executive Summary
Figure 7 Glass Fiber Composites Dominated Market in 2021
Figure 8 Thermoset Composites Accounted for Largest Market Share in 2021
Figure 9 Lay-Up Manufacturing Process Accounted for the Largest Share of Composites Market in 2021
Figure 10 Wind Energy to Witness Highest Market Growth Between 2022 and 2027
Figure 11 Asia-Pacific Experienced Highest Growth in the Composites Market in 2021

4 Premium Insights
4.1 Composites Market Size, by Volume
Figure 12 Significant Growth Expected in Composites Market Between 2022 and 2027
4.2 Composites Market, by Fiber Type, 2021
Figure 13 Glass Fiber Composites Segment Dominated Market in 2021
4.3 Composites Market, by Resin Type, 2021
Figure 14 Thermoset Composites Segment Accounted for Largest Share in 2021
4.4 Composites Market, by Manufacturing Process, 2021
Figure 15 Lay-Up Was Largest Manufacturing Process in 2021
4.5 Composites Market, by End-use Industry, 2021
Figure 16 Aerospace & Defense Industry Dominated Market in Terms of Value
4.6 Composites Market, by Region, 2021
Figure 17 Asia-Pacific Was the Largest Market in Terms of Volume in 2021
4.7 Composites Market Growth, by Key Countries
Figure 18 China to be Fastest-Growing Composites Market During 2022-2027

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
Figure 19 Drivers, Restraints, Opportunities, and Challenges in the Composites Market
5.2.1 Drivers
5.2.1.1 Increasing Demand from Aerospace Applications
Table 1 Orders of Different Boeing Planes
5.2.1.2 Extensive Use of Composites in the Construction & Infrastructure Industry
5.2.1.3 Growing Demand from Manufacturers of Satellite Parts
5.2.1.4 Stringent Eco-Friendly Regulations in Automotive Applications
5.2.1.5 Increasing Use of ATF and AFP Technologies to Manufacture Aircraft Primary Structures
5.2.2 Restraints
5.2.2.1 High Processing and Manufacturing Costs
5.2.2.2 Lack of Standardization in Manufacturing Technologies
5.2.2.3 Limitations in Use of Carbon Fiber Composites in High-Temperature Aerospace Applications
5.2.3 Opportunities
5.2.3.1 High Demand for Electric Vehicles
5.2.3.2 Rising Adoption of Natural Composites
5.2.3.3 Growing Penetration of Natural Fiber Composites and Carbon Fiber Composites in Emerging Applications
5.2.3.4 Cost Reduction of Carbon Fiber Composites
5.2.3.5 Increasing Use of Carbon Fiber Composites in 3D Printing
5.2.3.6 Increasing Number of Wind Energy Capacity Installations
Table 2 Estimated Global Wind Energy Installations, 2021-2030
5.2.3.7 Development of Advanced Software Tools for Prepreg Product Development
5.2.4 Challenges
5.2.4.1 Developing Low-Cost Technologies
5.2.4.2 Issues Related to Recycling
5.3 Porter's Five Forces
Figure 20 Composites Market: Porter's Five Forces Analysis
5.3.1 Threat of New Entrants
5.3.2 Threat of Substitutes
5.3.3 Bargaining Power of Buyers
5.3.4 Bargaining Power of Suppliers
5.3.5 Intensity of Competitive Rivalry
Table 3 Composites Market: Porter's Five Forces Analysis
5.4 Emerging Need of Customers in Terms of Utilization of Composites
5.4.1 Composites in Electric-Powered Aircraft
5.4.2 Emerging Need for Composites in Urban Taxis
5.4.3 Application of Composites in Sensor Position Optimization
5.4.4 Composites for Hypersonic Aircraft
5.5 Technology Analysis
Table 4 Comparative Study of Major Composite Manufacturing Processes
5.6 Ecosystem: Composites Market
5.7 Value Chain Analysis
Figure 21 Composites Market: Value Chain Analysis
5.7.1 Raw Materials
Figure 22 Leading Composite Raw Material Manufacturers and Suppliers
5.7.2 Intermediates
Figure 23 Leading Composite Intermediate Manufacturers
5.7.3 Molder
Figure 24 Leading Molders in the Composites Market
5.7.4 OEM/Assembly
Figure 25 Major End-users of Composite Products
5.8 Supply Chain Analysis
5.9 Distribution Channel
5.10 Composites Market: Optimistic, Pessimistic, and Realistic Scenarios
Table 5 Composites Market: CAGR (By Value) in Realistic, Pessimistic, and Optimistic Scenarios
5.10.1 Optimistic Scenario
5.10.2 Pessimistic Scenario
5.10.3 Realistic Scenario
5.11 Pricing Analysis
5.11.1 Average Selling Price, by End-use Industry (Key Players)
Figure 26 Average Selling Prices of Composites Offered by Key Players for Top Three End-use Industries (USD/KG)
5.12 Average Selling Price
Table 6 Average Selling Price of Composites, by Region
Table 7 Average Selling Price of Composites, by Fiber Type
Table 8 Average Selling Price of Composites, by Resin Type
5.12.1 Key Stakeholders & Buying Criteria
5.12.1.1 Key Stakeholders in Buying Process
Figure 27 Influence of Stakeholders on Buying Process for Top Three End-use Industries
Table 9 Influence of Stakeholders on Buying Process for Top Three End-use Industries
5.12.2 Buying Criteria
Figure 28 Key Buying Criteria for Top Three End-use Industries
Table 10 Key Buying Criteria for Top Three End-use Industries
5.13 Key Markets for Import & Export
5.13.1 China
5.13.2 US
5.13.3 Germany
5.13.4 France
5.13.5 India
5.14 Patent Analysis
5.14.1 Introduction
5.14.2 Methodology
5.14.3 Document Type
Table 11 Composites Market: Global Patents
Figure 29 Global Patent Analysis, by Document Type
Figure 30 Global Patent Publication Trend Analysis: Last 10 Years
5.14.4 Insights
5.14.5 Legal Status of Patents
Figure 31 Composites Market: Legal Status of Patents
5.14.6 Jurisdiction Analysis
Figure 32 Global Jurisdiction Analysis
5.14.7 Top Applicants' Analysis
Figure 33 Boeing Has Highest Number of Patents
5.14.8 Patents by Boeing
5.14.9 Patents by Nissin Kogyo
5.14.10 Patents by Arkema France
5.14.11 Top 10 Patent Owners (US) in Last 10 Years
5.15 Case Study Analysis
5.16 Tariffs and Regulations
5.16.1 Regulatory Bodies, Government Agencies, and Other Organizations
Table 12 North America: List of Regulatory Bodies, Government Agencies, and Other Organizations
5.16.2 Standards in the Composites Market
Table 13 Current Standard Codes for Automotive Composites
Table 14 Current Standard Codes for Construction Composites
5.16.3 Trade Policy
5.17 Impact on Customer Business
5.18 Key Conferences & Events, 2023-2024
Table 15 Composites Market: Detailed List of Conferences & Events, 2023-2024

6 Composites Market, by Resin Type
6.1 Introduction
Figure 34 Thermoset Composites to Dominate Composites Market
Table 16 Composites Market, by Resin Type, 2019-2021 (USD Million)
Table 17 Composite Market, by Resin Type, 2019-2021 (Kiloton)
Table 18 Composites Market, by Resin Type, 2022-2027 (USD Million)
Table 19 Composite Market, by Resin Type, 2022-2027 (Kiloton)
6.2 Thermoset Composites
6.2.1 Increasing Demand from End-use Industries in Asia-Pacific to Drive Market
6.2.2 Epoxy Resin
6.2.3 Polyester Resin
6.2.4 Vinyl Ester Resin
6.2.5 Polyurethane Resin
6.2.6 Others
Figure 35 Asia-Pacific to be Largest Thermoset Composites Market
6.2.7 Thermoset Composites Market, by Region
Table 20 Thermoset Composites Market, by Region, 2019-2021 (USD Million)
Table 21 Thermoset Composite Market, by Region, 2019-2021 (Kiloton)
Table 22 Thermoset Composites Market, by Region, 2022-2027 (USD Million)
Table 23 Thermoset Composite Market, by Region, 2022-2027 (Kiloton)
6.3 Thermoplastic Composites
6.3.1 Increasing Demand from Aerospace & Transportation Industries to Drive Market
6.3.2 Polycarbonates (Pc)
6.3.3 Polypropylene (Pp)
6.3.4 Polyphenylene Sulfide (Pps)
6.3.5 Polyetherimide (Pei)
6.3.6 Polyetheretherketone (Peek)
6.3.7 Polyamide (Pa)
6.3.8 Others
Figure 36 Asia-Pacific to be Largest Thermoplastic Composites Market
6.3.9 Thermoplastic Composites Market, by Region
Table 24 Thermoplastic Composites Market, by Region, 2019-2021 (USD Million)
Table 25 Thermoplastic Composite Market, by Region, 2019-2021 (Kiloton)
Table 26 Thermoplastic Composites Market, by Region, 2022-2027 (USD Million)
Table 27 Thermoplastic Composite Market, by Region, 2022-2027 (Kiloton)

7 Composites Market, by Manufacturing Process
7.1 Introduction
Figure 37 Lay-Up Manufacturing Process to Dominate Composites Market During Forecast Period
Table 28 Composites Market, by Manufacturing Process, 2019-2021 (USD Million)
Table 29 Composite Market, by Manufacturing Process, 2019-2021 (Kiloton)
Table 30 Composites Market, by Manufacturing Process, 2022-2027 (USD Million)
Table 31 Composite Market, by Manufacturing Process, 2022-2027 (Kiloton)
7.2 Lay-Up Process
7.2.1 Demand from the Aerospace & Defense Industry to Drive European Market
Figure 38 Europe to Account for Largest Market Share for Lay-Up Process
7.2.2 Lay-Up Process: Composites Market, by Region
Table 32 Lay-Up Process: Composites Market, by Region, 2019-2021 (USD Million)
Table 33 Lay-Up Process: Composite Market, by Region, 2019-2021 (Kiloton)
Table 34 Lay-Up Process: Composites Market, by Region, 2022-2027 (USD Million)
Table 35 Lay-Up Process: Composite Market, by Region, 2022-2027 (Kiloton)
7.3 Filament Winding Process
7.3.1 Demand from Marine & Construction End-use Industry to Drive Market
Figure 39 Asia-Pacific to Lead Filament Winding Process During Forecast Period
7.3.2 Filament Winding Process: Composites Market, by Region
Table 36 Filament Winding Process: Composites Market, by Region, 2019-2021 (USD Million)
Table 37 Filament Winding Process: Composite Market, by Region, 2019-2021 (Kiloton)
Table 38 Filament Winding Process: Composites Market, by Region, 2022-2027 (USD Million)
Table 39 Filament Winding Process: Composite Market, by Region, 2022-2027 (Kiloton)
7.4 Injection Molding Process
7.4.1 Increased Applications of Composites in the Automotive Industry to Drive Market
Figure 40 Europe to be Largest Market for Injection Molding Process in Composites Market
7.4.2 Injection Molding Process: Composites Market, by Region
Table 40 Injection Molding Process: Composites Market, by Region, 2019-2021 (USD Million)
Table 41 Injection Molding Process: Composite Market, by Region, 2019-2021 (Kiloton)
Table 42 Injection Molding Process: Composites Market, by Region, 2022-2027 (USD Million)
Table 43 Injection Molding Process: Composite Market, by Region, 2022-2027 (Kiloton)
7.5 Pultrusion Process
7.5.1 Low-Cost Production Method to Boost Market
Figure 41 Asia-Pacific to be the Fastest-Growing Market for Pultrusion Process
7.5.2 Pultrusion Process: Composites Market, by Region
Table 44 Pultrusion Process: Composites Market, by Region, 2019-2021 (USD Million)
Table 45 Pultrusion Process: Composite Market, by Region, 2019-2021 (Kiloton)
Table 46 Pultrusion Process: Composites Market, by Region, 2022-2027 (USD Million)
Table 47 Pultrusion Process: Composite Market, by Region, 2022-2027 (Kiloton)
7.6 Compression Molding Process
7.6.1 Ability to Manufacture Complex Shapes to Drive Market
Figure 42 Europe to be Largest Market for Compression Molding Process
7.6.2 Compression Molding Process: Composites Market, by Region
Table 48 Compression Molding Process: Composites Market, by Region, 2019-2021 (USD Million)
Table 49 Compression Molding Process: Composite Market, by Region, 2019-2021 (Kiloton)
Table 50 Compression Molding Process: Composites Market, by Region, 2022-2027 (USD Million)
Table 51 Compression Molding Process: Composite Market, by Region, 2022-2027 (Kiloton)
7.7 Resin Transfer Molding (RTM) Process
7.7.1 Demand for Complex Structures from the Automotive and Aerospace Industry to Drive Market
Figure 43 Asia-Pacific to be Largest Market for Resin Transfer Molding (RTM) Process
7.7.2 Rtm Process: Composites Market, by Region
Table 52 Rtm Process: Composites Market, by Region, 2019-2021 (USD Million)
Table 53 Rtm Process: Composite Market, by Region, 2019-2021 (Kiloton)
Table 54 Rtm Process: Composites Market, by Region, 2022-2027 (USD Million)
Table 55 Rtm Process: Composite Market, by Region, 2022-2027 (Kiloton)
7.8 Others
Figure 44 Europe to be Largest Market for Other Manufacturing Processes
7.8.1 Other Processes: Composites Market, by Region
Table 56 Other Processes: Composites Market, by Region, 2019-2021 (USD Million)
Table 57 Other Processes: Composite Market, by Region, 2019-2021 (Kiloton)
Table 58 Other Processes: Composites Market, by Region, 2022-2027 (USD Million)
Table 59 Other Processes: Composite Market, by Region, 2022-2027 (Kiloton)

8 Composites Market, by Fiber Type
8.1 Introduction
Figure 45 Glass Fiber Composites to Dominate Composites Market
Table 60 Composites Market, by Fiber Type, 2019-2021 (USD Million)
Table 61 Composite Market, by Fiber Type, 2019-2021 (Kiloton)
Table 62 Composites Market, by Fiber Type, 2022-2027 (USD Million)
Table 63 Composite Market, by Fiber Type, 2022-2027 (Kiloton)
8.2 Glass Fiber Composites
Figure 46 Asia-Pacific to be Largest Glass Fiber Composites Market During Forecast Period
8.2.1 Glass Fiber Composites, by Region
Table 64 Glass Fiber Composites Market, by Region, 2019-2021 (USD Million)
Table 65 Glass Fiber Composite Market, by Region, 2019-2021 (Kiloton)
Table 66 Glass Fiber Composites Market, by Region, 2022-2027 (USD Million)
Table 67 Glass Fiber Composite Market, by Region, 2022-2027 (Kiloton)
8.3 Carbon Fiber Composites
Figure 47 Europe to be Largest Carbon Fiber Composites Market by 2027
8.3.1 Carbon Fiber Composites, by Region
Table 68 Carbon Fiber Composites Market, by Region, 2019-2021 (USD Million)
Table 69 Carbon Fiber Composite Market, by Region, 2019-2021 (Kiloton)
Table 70 Carbon Fiber Composites Market, by Region, 2022-2027 (USD Million)
Table 71 Carbon Fiber Composite Market, by Region, 2022-2027 (Kiloton)
8.4 Natural Fiber Composites
Table 72 Natural Fiber Composites in Automotive Sector, by Different Manufacturers
Figure 48 Europe to be Largest Natural Fiber Composites Market During Forecast Period
8.4.1 Natural Fiber Composites, by Region
Table 73 Natural Fiber Composites Market, by Region, 2019-2021 (USD Million)
Table 74 Natural Fiber Composite Market, by Region, 2019-2021 (Kiloton)
Table 75 Natural Fiber Composites Market, by Region, 2022-2027 (USD Million)
Table 76 Natural Fiber Composite Market, by Region, 2022-2027 (Kiloton)
8.5 Others
8.5.1 Basalt Fiber Composites
8.5.2 Aramid Fiber Composites
8.5.3 Boron Fiber Composites
8.5.4 Hybrid Fiber Composites
8.5.5 Ultra-High-Molecular-Weight Polyethylene (Uhmwpe) Fiber Composites
Figure 49 Asia-Pacific to be Largest Market for Other Fiber Composites
8.5.6 Other Fiber Composites, by Region
Table 77 Other Fiber Composites Market, by Region, 2019-2021 (USD Million)
Table 78 Other Fiber Composite Market, by Region, 2019-2021 (Kiloton)
Table 79 Other Fiber Composites Market, by Region, 2022-2027 (USD Million)
Table 80 Other Fiber Composite Market, by Region, 2022-2027 (Kiloton)

9 Composites Market, by End-use Industry
9.1 Introduction
Figure 50 Aerospace & Defense Industry to Dominate Composites Market During Forecast Period
Table 81 Composites Market, by End-use Industry, 2019-2021 (USD Million)
Table 82 Composite Market, by End-use Industry, 2019-2021 (Kiloton)
Table 83 Composites Market, by End-use Industry, 2022-2027 (USD Million)
Table 84 Composite Market, by End-use Industry, 2022-2027 (Kiloton)
9.2 Aerospace & Defense
9.2.1 Civil
9.2.2 Defense
Table 85 Number of New Commercial Airplane Deliveries, by Region (2019-2038)
Figure 51 Europe to Witness Highest Demand for Composites from Aerospace & Defense End-use Industry
9.2.3 Composites Market in Aerospace & Defense End-use Industry, by Region
Table 86 Composites Market in Aerospace & Defense End-use Industry, by Region, 2019-2021 (USD Million)
Table 87 Composite Market in Aerospace & Defense End-use Industry, by Region, 2019-2021 (Kiloton)
Table 88 Composites Market in Aerospace & Defense End-use Industry, by Region, 2022-2027 (USD Million)
Table 89 Composite Market in Aerospace & Defense End-use Industry, by Region, 2022-2027 (Kiloton)
9.3 Wind Energy
Figure 52 Asia-Pacific to Witness Highest Demand from Wind Energy Industry
9.3.1 Composites Market in Wind Energy End-use Industry, by Region
Table 90 Composites Market in Wind Energy End-use Industry, by Region, 2019-2021 (USD Million)
Table 91 Composite Market in Wind Energy End-use Industry, by Region, 2019-2021 (Kiloton)
Table 92 Composites Market in Wind Energy End-use Industry, by Region, 2022-2027 (USD Million)
Table 93 Composite Market in Wind Energy End-use Industry, by Region, 2022-2027 (Kiloton)
9.4 Automotive & Transportation
Table 94 Cost Benefits of Composite Parts vs Steel Parts
9.4.1 Automotive
9.4.2 Recreational Vehicles
9.4.3 Bus, Trucks, and Other Heavy Vehicles
9.4.4 Metros and Monorails
9.4.5 Passenger Rails
9.4.6 High-Speed and Bullet Trains
Figure 53 Asia-Pacific to Lead Composites Market in the Automotive & Transportation Industry
9.4.7 Composites Market in Automotive & Transportation End-use Industry, by Region
Table 95 Composites Market in Automotive & Transportation End-use Industry, by Region, 2019-2021 (USD Million)
Table 96 Composite Market in Automotive & Transportation End-use Industry, by Region, 2019-2021 (Kiloton)
Table 97 Composites Market in Automotive & Transportation End-use Industry, by Region, 2022-2027 (USD Million)
Table 98 Composite Market in Automotive & Transportation End-use Industry, by Region, 2022-2027 (Kiloton)
9.5 Construction & Infrastructure
Figure 54 Asia-Pacific to be Largest Market for Composites in Construction & Infrastructure End-use Industry
9.5.1 Composites Market in Construction & Infrastructure End-use Industry, by Region
Table 99 Composites Market in Construction & Infrastructure End-use Industry, by Region, 2019-2021 (USD Million)
Table 100 Composites Market in Construction & Infrastructure End-use Industry, by Region, 2019-2021 (Kiloton)
Table 101 Composite Market in Construction & Infrastructure End-use Industry, by Region, 2022-2027 (USD Million)
Table 102 Composites Market in Construction & Infrastructure End-use Industry, by Region, 2022-2027 (Kiloton)
9.6 Pipes & Tanks
Figure 55 Asia-Pacific to be Largest Market for Composites in Pipes & Tanks End-use Industry
9.6.1 Composites Market in Pipes & Tanks End-use Industry, by Region
Table 103 Comp Composites Market in Pipes & Tanks End-use Industry, by Region, 2019-2021 (USD Million)
Table 104 Composites Market in Pipes & Tanks End-use Industry, by Region, 2019-2021 (Kiloton)
Table 105 Composite Market in Pipes & Tanks End-use Industry, by Region, 2022-2027 (USD Million)
Table 106 Composites Market in Pipes & Tanks End-use Industry, by Region, 2022-2027 (Kiloton)
9.7 Marine
9.7.1 Powerboat
9.7.2 Sailboat
9.7.3 Cruise Ship
9.7.4 Others
Figure 56 Europe to be Largest Market Composites in Marine End-use Industry
9.7.5 Composites Market in Marine End-use Industry, by Region
Table 107 Composites Market in Marine End-use Industry, by Region, 2019-2021 (USD Million)
Table 108 Composite Market in Marine End-use Industry, by Region, 2019-2021 (Kiloton)
Table 109 Composites Market in Marine End-use Industry, by Region, 2022-2027 (USD Million)
Table 110 Composite Market in Marine End-use Industry, by Region, 2022-2027 (Kiloton)
9.8 Electrical & Electronics
Figure 57 Asia-Pacific to be Largest Market for Composites in Electrical & Electronics End-use Industry
9.8.1 Composites Market in Electrical & Electronics End-use Industry, by Region
Table 111 Composites Market in Electrical & Electronics End-use Industry, by Region, 2019-2021 (USD Million)
Table 112 Composite Market in Electrical & Electronics End-use Industry, by Region, 2019-2021 (Kiloton)
Table 113 Composites Market in Electrical & Electronics End-use Industry, by Region, 2022-2027 (USD Million)
Table 114 Composite Market in Electrical & Electronics End-use Industry, by Region, 2022-2027 (Kiloton)
9.9 Others
9.9.1 Industrial
9.9.2 Healthcare
9.9.3 Sporting Goods
Figure 58 North America to be Largest Market for Composites in Other End-use Industries
9.9.4 Composites Market in Other End-use Industries, by Region
Table 115 Composites Market in Other End-use Industries, by Region, 2019-2021 (USD Million)
Table 116 Composite Market in Other End-use Industries, by Region, 2019-2021 (Kiloton)
Table 117 Composites Market in Other End-use Industries, by Region, 2022-2027 (USD Million)
Table 118 Composite Market in Other End-use Industries, by Region, 2022-2027 (Kiloton)

10 Composites Market, by Region
10.1 Introduction
Figure 59 China to be Fastest-Growing Composites Market During Forecast Period
Table 119 Composites Market, by Region, 2019-2021 (USD Million)
Table 120 Composite Market, by Region, 2019-2021 (Kiloton)
Table 121 Composites Market, by Region, 2022-2027 (USD Million)
Table 122 Composite Market, by Region, 2022-2027 (Kiloton)
10.2 North America
Figure 60 North America: Composites Market Snapshot
10.2.1 North America: Composites Market, by Fiber Type
Table 123 North America: Market, by Fiber Type, 2019-2021 (USD Million)
Table 124 North America: Market, by Fiber Type, 2019-2021 (Kiloton)
Table 125 North America: Market, by Fiber Type, 2022-2027 (USD Million)
Table 126 North America: Market, by Fiber Type, 2022-2027 (Kiloton)
10.2.2 North America: Composite Market, by Manufacturing Process
Table 127 North America: Market, by Manufacturing Process, 2019-2021 (USD Million)
Table 128 North America: Market, by Manufacturing Process, 2019-2021 (Kiloton)
Table 129 North America: Market, by Manufacturing Process, 2022-2027 (USD Million)
Table 130 North America: Market, by Manufacturing Process, 2022-2027 (Kiloton)
10.2.3 North America: Composites Market, by Resin Type
Table 131 North America: Market, by Resin Type, 2019-2021 (USD Million)
Table 132 North America: Market, by Resin Type, 2019-2021 (Kiloton)
Table 133 North America: Market, by Resin Type, 2022-2027 (USD Million)
Table 134 North America: Market, by Resin Type, 2022-2027 (Kiloton)
10.2.4 North America: Composite Market, by End-use Industry
Table 135 North America: Market, by End-use Industry, 2019-2021 (USD Million)
Table 136 North America: Market, by End-use Industry, 2019-2021 (Kiloton)
Table 137 North America: Market, by End-use Industry, 2022-2027 (USD Million)
Table 138 North America: Market, by End-use Industry, 2022-2027 (Kiloton)
10.2.5 North America: Composites Market, by Country
Table 139 North America: Composites Market, by Country, 2019-2021 (USD Million)
Table 140 North America: Composites Market, by Country, 2019-2021 (Kiloton)
Table 141 North America: Composites Market, by Country, 2022-2027 (USD Million)
Table 142 North America: Composites Market, by Country, 2022-2027 (Kiloton)
10.2.5.1 US
10.2.5.1.1 Rise in Demand for Commercial & Next-Generation Aircraft to Boost Market
Table 143 US: New Wind Energy Installations, 2010-2020 (Mw)
10.2.5.2 Canada
10.2.5.2.1 Demand from Aerospace Industry to Influence the Market
10.2.5.3 Mexico
10.2.5.3.1 Automobile & Sporting Goods Industry to Boost Demand for Composites
10.3 Europe
Figure 61 Europe: Composites Market Snapshot
10.3.1 Europe: Composites Market, by Fiber Type
Table 144 Europe: Market, by Fiber Type, 2019-2021 (USD Million)
Table 145 Europe: Market, by Fiber Type, 2019-2021 (Kiloton)
Table 146 Europe: Market, by Fiber Type, 2022-2027 (USD Million)
Table 147 Europe: Market, by Fiber Type, 2022-2027 (Kiloton)
10.3.2 Europe: Composite Market, by Manufacturing Process
Table 148 Europe: Market, by Manufacturing Process, 2019-2021 (USD Million)
Table 149 Europe: Market, by Manufacturing Process, 2019-2021 (Kiloton)
Table 150 Europe: Market, by Manufacturing Process, 2022-2027 (USD Million)
Table 151 Europe: Market, by Manufacturing Process, 2022-2027 (Kiloton)
10.3.3 Europe: Composite Market, by Resin Type
Table 152 Europe: Market, by Resin Type, 2019-2021 (USD Million)
Table 153 Europe: Market, by Resin Type, 2019-2021 (Kiloton)
Table 154 Europe: Market, by Resin Type, 2022-2027 (USD Million)
Table 155 Europe: Market, by Resin Type, 2022-2027 (Kiloton)
10.3.4 Europe: Composites Market, by End-use Industry
Table 156 Europe: Market, by End-use Industry, 2019-2021 (USD Million)
Table 157 Europe: Market, by End-use Industry, 2019-2021 (Kiloton)
Table 158 Europe: Market, by End-use Industry, 2022-2027 (USD Million)
Table 159 Europe: Market, by End-use Industry, 2022-2027 (Kiloton)
10.3.5 Europe: Composites Market, by Country
Table 160 Europe: Market, by Country, 2019-2021 (USD Million)
Table 161 Europe: Market, by Country, 2019-2021 (Kiloton)
Table 162 Europe: Market, by Country, 2022-2027 (USD Million)
Table 163 Europe: Market, by Country, 2022-2027 (Kiloton)
10.3.5.1 Germany
10.3.5.1.1 Increasing Wind Turbine Installations to Drive Demand
Table 164 Germany: New Wind Energy Installations, 2010-2020 (Mw)
10.3.5.2 France
10.3.5.2.1 Demand from the Automotive & Aerospace Industry to Increase Consumption
10.3.5.3 UK
10.3.5.3.1 Demand from Automotive Industry to Influence the Market
10.3.5.4 Italy
10.3.5.4.1 Demand from End-use Industries to Increase Consumption of Composites
10.3.5.5 Spain
10.3.5.5.1 Improving Industrial Demand for Composites to Drive Market
10.3.5.6 Russia
10.3.5.6.1 Improving Automobile Market to Support Market
10.3.5.7 Rest of Europe
10.4 Asia-Pacific
Figure 62 Asia-Pacific: Composites Market Snapshot
10.4.1 Asia-Pacific: Composites Market, by Fiber Type
Table 165 Asia-Pacific: Market, by Fiber Type, 2019-2021 (USD Million)
Table 166 Asia-Pacific: Market, by Fiber Type, 2019-2021 (Kiloton)
Table 167 Asia-Pacific: Market, by Fiber Type, 2022-2027 (USD Million)
Table 168 Asia-Pacific: Market, by Fiber Type, 2022-2027 (Kiloton)
10.4.2 Asia-Pacific: Composite Market, by Manufacturing Process
Table 169 Asia-Pacific: Market, by Manufacturing Process, 2019-2021 (USD Million)
Table 170 Asia-Pacific: Market, by Manufacturing Process, 2019-2021 (Kiloton)
Table 171 Asia-Pacific: Market, by Manufacturing Process, 2022-2027 (USD Million)
Table 172 Asia-Pacific: Market, by Manufacturing Process, 2022-2027 (Kiloton)
10.4.3 Asia-Pacific: Composites Market, by Resin Type
Table 173 Asia-Pacific: Market, by Resin Type, 2019-2021 (USD Million)
Table 174 Asia-Pacific: Market, by Resin Type, 2019-2021 (Kiloton)
Table 175 Asia-Pacific: Market, by Resin Type, 2022-2027 (USD Million)
Table 176 Asia-Pacific: Market, by Resin Type, 2022-2027 (Kiloton)
10.4.4 Asia-Pacific: Composite Market, by End-use Industry
Table 177 Asia-Pacific: Market, by End-use Industry, 2019-2021 (USD Million)
Table 178 Asia-Pacific: Market, by End-use Industry, 2019-2021 (Kiloton)
Table 179 Asia-Pacific: Market, by End-use Industry, 2022-2027 (USD Million)
Table 180 Asia-Pacific: Market, by End-use Industry, 2022-2027 (Kiloton)
10.4.5 Asia-Pacific: Composites Market, by Country
Table 181 Asia-Pacific: Market, by Country, 2019-2021 (USD Million)
Table 182 Asia-Pacific: Market, by Country, 2019-2021 (Kiloton)
Table 183 Asia-Pacific: Market, by Country, 2022-2027 (USD Million)
Table 184 Asia-Pacific: Market, by Country, 2022-2027 (Kiloton)
10.4.5.1 China
10.4.5.1.1 Large-Scale Manufacturing Facilities to Increase Demand for Composites
Table 185 China: New Wind Energy Installations, 2010-2020 (Mw)
10.4.5.2 Japan
10.4.5.2.1 Improving Demand from Electronics Industry to Drive Market
10.4.5.3 India
10.4.5.3.1 Inexpensive Labor and Availability of Raw Materials to Drive Market
10.4.5.4 South Korea
10.4.5.4.1 Improving Demand from Infrastructure Industry to Influence Market
10.4.5.5 Rest of Asia-Pacific
10.5 Middle East & Africa
10.5.1 Middle East & Africa: Composites Market, by Fiber Type
Table 186 Middle East & Africa: Market, by Fiber Type, 2019-2021 (USD Million)
Table 187 Middle East & Africa: Market, by Fiber Type, 2019-2021 (Kiloton)
Table 188 Middle East & Africa: Market, by Fiber Type, 2022-2027 (USD Million)
Table 189 Middle East & Africa: Market, by Fiber Type, 2022-2027 (Kiloton)
10.5.2 Middle East & Africa: Composite Market, by Manufacturing Process
Table 190 Middle East & Africa: Market, by Manufacturing Process, 2019-2021 (USD Million)
Table 191 Middle East & Africa: Market, by Manufacturing Process, 2019-2021 (Kiloton)
Table 192 Middle East & Africa: Market, by Manufacturing Process, 2022-2027 (USD Million)
Table 193 Middle East & Africa: Market, by Manufacturing Process, 2022-2027 (Kiloton)
10.5.3 Middle East & Africa: Composites Market, by Resin Type
Table 194 Middle East & Africa: Market, by Resin Type, 2019-2021 (USD Million)
Table 195 Middle East & Africa: Market, by Resin Type, 2019-2021 (Kiloton)
Table 196 Middle East & Africa: Market, by Resin Type, 2022-2027 (USD Million)
Table 197 Middle East & Africa: Market, by Resin Type, 2022-2027 (Kiloton)
10.5.4 Middle East & Africa: Composite Market, by End-use Industry
Table 198 Middle East & Africa: Market, by End-use Industry, 2019-2021 (USD Million)
Table 199 Middle East & Africa: Market, by End-use Industry, 2019-2021 (Kiloton)
Table 200 Middle East & Africa: Market, by End-use Industry, 2022-2027 (USD Million)
Table 201 Middle East & Africa: Market, by End-use Industry, 2022-2027 (Kiloton)
10.5.5 Middle East & Africa: Composites Market, by Country
Table 202 Middle East & Africa: Market, by Country, 2019-2021 (USD Million)
Table 203 Middle East & Africa: Market, by Country, 2019-2021 (Kiloton)
Table 204 Middle East & Africa: Market, by Country, 2022-2027 (USD Million)
Table 205 Middle East & Africa: Market, by Country, 2022-2027 (Kiloton)
10.5.5.1 UAE
10.5.5.1.1 Demand from Pipes & Tanks Industry to Propel Market
10.5.5.2 Saudi Arabia
10.5.5.2.1 Increasing Consumption of Composites in Transportation Industry to Boost Market
10.5.5.3 Rest of Middle East & Africa
10.6 South America
10.6.1 South America: Composites Market, by Fiber Type
Table 206 South America: Market, by Fiber Type, 2019-2021 (USD Million)
Table 207 South America: Market, by Fiber Type, 2019-2021 (Kiloton)
Table 208 South America: Market, by Fiber Type, 2022-2027 (USD Million)
Table 209 South America: Market, by Fiber Type, 2022-2027 (Kiloton)
10.6.2 South America: Composite Market, by Manufacturing Process
Table 210 South America: Market, by Manufacturing Process, 2019-2021 (USD Million)
Table 211 South America: Market, by Manufacturing Process, 2019-2021 (Kiloton)
Table 212 South America: Market, by Manufacturing Process, 2022-2027 (USD Million)
Table 213 South America: Market, by Manufacturing Process, 2022-2027 (Kiloton)
10.6.3 South America: Composites Market, by Resin Type
Table 214 South America: Market, by Resin Type, 2019-2021 (USD Million)
Table 215 South America: Market, by Resin Type, 2019-2021 (Kiloton)
Table 216 South America: Market, by Resin Type, 2022-2027 (USD Million)
Table 217 South America: Market, by Resin Type, 2022-2027 (Kiloton)
10.6.4 South America: Composite Market, by End-use Industry
Table 218 South America: Market, by End-use Industry, 2019-2021 (USD Million)
Table 219 South America: Market, by End-use Industry, 2019-2021 (Kiloton)
Table 220 South America: Market, by End-use Industry, 2022-2027 (USD Million)
Table 221 South America: Market, by End-use Industry, 2022-2027 (Kiloton)
10.6.5 South America: Composites Market, by Country
Table 222 South America: Market, by Country, 2019-2021 (USD Million)
Table 223 South America: Market, by Country, 2019-2021 (Kiloton)
Table 224 South America: Market, by Country, 2022-2027 (USD Million)
Table 225 South America: Market, by Country, 2022-2027 (Kiloton)
10.6.5.1 Brazil
10.6.5.1.1 Transition Toward Renewable Wind Energy to Drive Market
10.6.5.2 Rest of South America

11 Competitive Landscape
11.1 Introduction
11.2 Market Share Analysis
Figure 63 Market Share of Top Companies in the Composites Market
Table 226 Degree of Competition
11.3 Market Ranking
Figure 64 Ranking of Top Five Players in the Composites Market
11.4 Market Evaluation Framework
Table 227 Deals, 2018-2022
Table 228 Others, 2018-2022
Table 229 Product Development, 2018-2022
Figure 65 Revenue Analysis of Top Market Players
11.5 Company Evaluation Matrix
Table 230 Company Product Footprint
Table 231 Company End-use Industry Footprint
Table 232 Company Region Footprint
11.5.1 Stars
11.5.2 Pervasive Players
11.5.3 Participants
11.5.4 Emerging Leaders
Figure 66 Competitive Leadership Mapping, 2021
11.5.5 Strength of Product Portfolio
Figure 67 Product Portfolio Analysis of Top Players in the Composites Market
11.5.6 Business Strategy Excellence
Figure 68 Business Strategy Excellence of Top Players in the Composites Market
11.6 Startup/Small and Medium-Sized Enterprises (SME) Evaluation Matrix
11.6.1 Progressive Companies
11.6.2 Responsive Companies
11.6.3 Dynamic Companies
11.6.4 Starting Blocks
Figure 69 Small and Medium-Sized Enterprises Mapping, 2020

12 Company Profiles
(Business Overview, Products Offered, Deals, Other Developments, Analyst's View)*
12.1 Key Companies
12.1.1 Owens Corning
Table 233 Owens Corning: Company Overview
Figure 70 Owens Corning: Company Snapshot
12.1.2 Toray Industries, Inc.
Table 234 Toray Industries, Inc.: Company Overview
Figure 71 Toray Industries, Inc.: Company Snapshot
12.1.3 Mitsubishi Chemical Holdings Corporation
Table 235 Mitsubishi Chemical Holdings Corporation: Company Overview
Figure 72 Mitsubishi Chemical Holdings Corporation: Company Snapshot
12.1.4 Solvay SA
Table 236 Solvay SA: Company Overview
Figure 73 Solvay SA: Company Snapshot
12.1.5 Teijin Limited
Table 237 Teijin Limited: Company Overview
Figure 74 Teijin Limited: Company Snapshot
12.1.6 Sgl Carbon SE
Table 238 Sgl Carbon SE: Company Overview
Figure 75 Sgl Carbon SE: Company Snapshot
12.1.7 Hexcel Corporation
Table 239 Hexcel Corporation: Company Overview
Figure 76 Hexcel Corporation: Company Snapshot
12.1.8 Nippon Electric Glass Co. Ltd.
Table 240 Nippon Electric Glass Co. Ltd.: Company Overview
Figure 77 Nippon Electric Glass Co. Ltd.: Company Snapshot
12.1.9 Huntsman International LLC
Table 241 Huntsman International LLC: Company Overview
Figure 78 Huntsman International LLC: Company Snapshot
12.1.10 Hexion
Table 242 Hexion: Company Overview
Figure 79 Hexion: Company Snapshot
12.1.11 Gurit Holding AG
Table 243 Gurit Holding AG: Company Overview
Figure 80 Gurit Holding AG: Company Snapshot
12.1.12 Weyerhaeuser Company
Table 244 Weyerhaeuser Company: Company Overview
Figure 81 Weyerhaeuser Company: Company Snapshot
12.2 Other Key Players
12.2.1 BASF SE
12.2.2 Dowaksa
12.2.3 Honeywell International Inc.
12.2.4 Renegade Materials Corporation
12.2.5 Kineco Kaman Composites - India Private Limited
12.2.6 Henkel AG & Co. KGaA
12.2.7 Upm Biocomposites
12.2.8 Trex Company, Inc.
12.2.9 Gaffco Ballistics
12.2.10 Binani Industries Ltd.
12.3 Composite Part Manufacturers
12.3.1 Magna International Inc.
Table 245 Magna International Inc.: Company Overview
12.3.2 Strongwell Corporation
Table 246 Strongwell Corporation: Company Overview
12.3.3 Sgl Carbon
12.3.4 Spirit Aerosystems
Table 247 Spirit Aerosystems: Company Overview
12.3.5 Exel Composites
Table 248 Exel Composites: Company Overview
*Details on Business Overview, Products Offered, Deals, Other Developments, Analyst's View Might Not be Captured in Case of Unlisted Companies

13 Appendix
13.1 Discussion Guide

Executive Summary

Companies Mentioned

  • BASF SE
  • Binani Industries Ltd.
  • Composite Part Manufacturers
  • Dowaksa
  • Exel Composites 
  • Gaffco Ballistics
  • Gurit Holding AG
  • Henkel AG & Co. KGaA
  • Hexcel Corporation
  • Hexion
  • Honeywell International Inc.
  • Huntsman International LLC
  • Kineco Kaman Composites - India Private Limited
  • Magna International Inc.
  • Mitsubishi Chemical Holdings Corporation
  • Nippon Electric Glass Co. Ltd.
  • Owens Corning
  • Renegade Materials Corporation
  • Sgl Carbon SE
  • Solvay SA
  • Spirit Aerosystems
  • Strongwell Corporation
  • Teijin Limited
  • Toray Industries, Inc.
  • Trex Company, Inc.
  • Upm Biocomposites
  • Weyerhaeuser Company

Methodology

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