Global Composite Material Market Outlook to 2028

Composite materials are prepared by combining two or more materials with different characteristics without blending or dissolving them into each other. According to the report, the global Composite Material market is expected to witness a significant growth rate during the forecasted period. Factors such as increasing demand for lightweight automotive and emerging use and popularity of 3D printing among various end-users are expected to drive the direction of the Composite materials market in the forecasted period. Further, the increasing demand for recent improvements in technological advancements such as Nanotechnology, Out-of-Autoclave (OOA) Curing, and others in composite material production are expected to drive the market's growth. Furthermore, increasing demand for technological improvements in aerospace, automobile, construction, and other industries, is expected to drive the direction of the global Composite materials market in the forecasted period. However, the lack of standardization of materials and methodologies compels the manufacturers to consider conservative designs, which restraints the mass production and economic performance of automobiles and aircraft and limited human resources with training and experience in composites hinder broader composites applications.

The usage of composites in the construction and infrastructure sector is overgrowing due to their increasing usage in refabrication and retrofit applications. These are used in constructing windows, doors, non-structural gratings, bridge components, long-span roof structures, paneling, complete bridge systems, furniture, and other interiors.

Carbon fibers, also concerned considered graphite fibers, mainly based on three chemical sources, polyacrylonitrile, rayon, and petroleum pitch, are likely to drive the market. C.F. weighs about one-fifth as much as steel and is better in terms of stiffness and strength. According to the Oak Ridge National Laboratory, they also do not rust or corrode like steel or aluminum. They could significantly increase vehicle fuel economy by reducing vehicle weight by as much as 60 percent hence experiencing increased demand from automotive industries. Further, roughly 25% of wind turbines are now manufactured with carbon fiber spar caps to provide lighter weight to the massive structures without Performance sacrifices. The beneficial properties of these fibers, like low thermal expansion, high stiffness, high-temperature tolerance, low weight, and high chemical resistance, make them popular for utilization in industrial and manufacturing applications. Carbon fibre includes carbon atoms bonded in crystals aligned parallel to the thread, and these fibers are in combination with other materials to form a carbon composites. Hence, owing to the above-mentioned factors, carbon fiber is expected to witness the highest growth rate during the forecasted period.

The Asia Pacific region is expected to be the largest market for global composite material due to its high consumption from the region's end-user industries and rapid industrialization. Besides this, the massive inflow of investments in the construction sector of countries such as China, India, Vietnam, Singapore, and Japan has positively impacted the growth of the studied market. The need for composites is primarily driven by the rising demand for lightweight materials in the automotive industry. Rising electrical & electronics capacity additions and constant growth in the automotive and aerospace sectors are the factors that are awaited to augment the market growth over the forecasted period. The high weight-to-strength ratio has been the vital factor behind the surged usage of composite materials in various end-use industries. A composite material combines two materials with different chemical and physical properties. Combined, they create a material with specialized properties, for instance, to become lighter, stronger, or resistant to electricity. Superior properties of composites like design flexibility, corrosion resistance, and high performance at elevated temperatures reduce the threat of substitutes. Technological developments for improvements in the strength and durability of these composites have raised penetration in pipe manufacturing applications. Moreover, a demand increase for high-strength materials in the automotive and aerospace industries is expected to support the market in the estimated time. Other products mainly include aromatic polyamide fiber, silicon carbide fiber, and hybrid fiber. Silicon carbide fiber is a composite of carbon and silicon. It takes place in nature as exceptionally rare mineral moissanite and possesses high-temperature resistance, high tensile strength, and good heat resistance. Owing to its superior attributes, such as flexibility, durability, stability, strength, low weight, and resistance to temperature, heat, and moisture, glass fibre is used for different applications in construction, wind energy, pipes & tanks, marine, and transportation industries. It is used in other applications, such as underbody systems, deck lids, front-end modules, engine covers, instrument panels, bumper beams, and air ducts in the transportation industry. Asia's demand is rising, particularly in sports, outdoor activities, industrial, and aircraft.

The global market for the composite material is moderately segmented, with significant players including TORAY INDUSTRIES, INC., 3M, Cabot Corporation, Dupont, and Owens Corning, among others.

In June 2021, Solvay S.A. collaborated with Italian UAM company Novotech and will offer access to its area of thermoset and thermoplastic composites and adhesive materials. It will also provide dedicated technical support to develop the structure of its hybrid Seagull water landing aircraft's second prototype, due to fly in late 2021.

In June 2021, Hexcel Corporation announced the successful maiden flight of a lightweight camera drone developed using Hexcel HexPly carbon fiber prepregs. The composite drone was created by a team of students from the University of Applied Sciences Upper Austria in Wels with composite materials supplied by Hexcel Neumarkt in Austria.

Global Composite Material Market report provides deep insight into the current and future Composite Material market state across various regions. The study comprehensively analyzes the Composite Material market by segmenting based on Resin (Thermoset Resin, Thermoplastic Resin), by Fiber Type (Glass Fiber, Carbon Fiber, Aramid Fiber, and Others), by Process (Continuous Lamination, Direct LFT Compression & Injection, Filament Winding, Hand Lay-Up, Pultrusion, Resin Infusion, Sheet Molding Compound (SMC), Spray-Up, and Others), by End-Use (Building & Construction, Consumer Goods Electrical and Electronics, Energy Generation, Industrial & Infrastructure, Transportation, Aerospace & Defense, and Others), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The report examines the market drivers and restraints, along with the impact of COVID-19 on the market growth, in detail. The study covers & includes emerging market size, trends, developments, opportunities, and challenges in the industry. This report also covers an extensively researched competitive landscape section with profiles of prominent companies, including their market shares and projects.

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