Composites Market Outlook Overview, Methodology, Development, Analysis And Forecasts To 2024

Composites Market Outlook Overview, Methodology,
Development, Analysis And Forecasts To 2024
“The global Composites Market was valued at USD 66.61 billion and is
anticipated to witness a significant growth over the forecast period on
account of its increasing demand from numerous application sectors which
consist of wind energy, electrical & electronics, automotive interiors, pipes &
tanks, marine and aerospace & defense.”
Industry Insights
The global Composites Market was valued at USD 66.61 billion and is anticipated to witness a significant growth
over the forecast period on account of its increasing demand from numerous application sectors which consist
of wind energy, electrical & electronics, automotive interiors, pipes & tanks, marine and aerospace & defence.
The expansion of numerous end-user application segments is expected to augment the industry growth. In
addition, the market of composites is estimated to observe a substantial growth on account of its strength,
thermal conductivity performance properties and high corrosion resistance.
The product is majorly produced by layup process, which accounted for 30.90% of the total composites market
share in the year 2015. The layup process is presumed to witness a significant growth in the near future on
account of its versatility in manufacturing a wide range of products and low operational expenditure. In layup
process, resin is applied by hand or spray technique onto a suitable mold surface which causes in curing the
laminate without requiring any additional treatment. The layup process is expected to grow at a CAGR of 9.70%
over the forecast period.
In terms of volume, Asia Pacific was the major market in 2015. Emerging economies such as India, China, South
Africa and Brazil are anticipated to lead the market on account of the increasing demand from numerous
application sectors including aerospace & defense, transportation, automotive and wind energy.
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Mergers and acquisitions and R&D activities together with new product development by major companies are
projected to augment the market growth. In addition, superior features provided by these products particularly
in CFRP i.e. carbon fiber reinforced plastics on account of technological innovations and new high-value
applications will fuel the market expansion.
Application Insights
Aerospace & defense sector was estimated for 13.10% of the total market share in the year 2015. The
application of composites in the production of aircrafts has a benefit over the traditional materials due to its
high performance properties. Decrease in the weight coupled with high corrosion resistance are few of the
crucial factors enhancing the growth of composites market in this sector.
Wind energy application sector is expected to witness a rapid growth with a CAGR of 10% over the next eight
years owing to its wide application as clean energy materials in this industry. Infrastructure development for
public transport and growing automobile industry is anticipated to augment the further expansion of
composites market in the near future. The improvement in road networks, particularly in Asia Pacific, is
anticipated to result in stimulating the growth of the composites market over the forecast period.
Product Insights
Glass fiber composites generated a revenue of USD 41.8 billion in the year 2015 on account of its wide
consumption globally. The glass fiber composites market has been dominating the international composites
market over the recent past on account of its surface texture variety, inherent strength, lightweight properties
and weather resistant finish. In light of these properties, glass fiber composites possess a great demand from
numerous segments such as transportation, automotive, wind energy, aerospace & defense and others.
Carbon fibers market accounted for over 33.9% of the total international volume in the year 2015 and is
anticipated to witness a steady growth at a rate of 10.40% CAGR over the forecast period. The segment is
expected to create new opportunities in the automobile industry on account of the high value application.
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Regional Insights
Asia Pacific accounted for 40% of the total market share in terms of revenue in the year 2015. Increasing
development of application industries such as transportation, wind energy and aerospace & defense is
enhancing the growth of the composites market in this region. In addition, rapid metropolitan development of
the cities, the existence of major carbon fiber manufacturers in APAC are the major factors that are propelling
the growth.

North America market of composites was estimated at USD 14.5 billion in the year 2015. The increase in
manufacturing of light commercial vehicles is anticipated to enhance the market growth. Germany is expected
to witness a steady growth at a CAGR of 8.8% over the forecast period. Advancements in lightweight car
manufacturing to decrease fuel emissions, thus reducing carbon emissions in the atmosphere, is expected to
fuel the market growth.
Competitive Insights
The market is majorly driven by new product developments coupled with product exhibitions, as key
participants are competing to enlarge their customer base over the forecast period. The global composites
industry is highly fragmented in nature with the presence of major players emphasizing on R&D activities and
advancements in technologies. The key players consist of Toray Industries Inc., Jushi Group Co. Ltd., Compagnie
De Saint-Gobain, TenCate NV and Owens Corning.
Market Segment:
Global Composites Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)
• Carbon Fiber Composites
• Glass Fiber Composites
• Others
Global Composites Resin Outlook (Volume, Kilo Tons; Revenue, USD Million; 2013 - 2024)
• Thermosetting Composites
• Thermoplastic Composites
Global Composites Manufacturing Process Outlook (Volume, Kilo Tons; Revenue, USD Million; 2013 - 2024)
• Layup Process
• Filament Winding Process
• Injection Molding Process
• Pultrusion Process
• Compression Molding Process
• Resin Transfer Molding Process
• Others
Global Composites Application Outlook (Volume, Kilo Tons; Revenue, USD Million; 2013 - 2024)
• Automotive &Transportation
• Aerospace & Defense
• Electrical & Electronics
• Construction & Infrastructure
• Pipes & Tanks
• Marine
• Others

Global Composites Regional Outlook (Volume, Kilo Tons; Revenue, USD Million; 2013 - 2024)
• North America
• Europe
• Asia Pacific
• Latin America
• MEA
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