The Composites by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2024-2033).
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In accordance with The Business Research Company’s findings on Composites, the market has experienced substantial growth, surging from $97.06 billion in 2023 to a projected $107.19 billion in 2024, showcasing a noteworthy compound annual growth rate (CAGR) of 10.4%. This remarkable expansion in the historical period is attributable to an increasing awareness of the environmental advantages associated with composite usage, a heightened demand for fuel-efficient vehicles, a surge in composite applications within the construction industry, advancements in wind energy, and the imperative corrosion resistance in the chemical sector.
Forecasts for the composites market indicate robust growth, anticipating a substantial increase to $154.82 billion by 2028, with a CAGR of 9.6%. This growth in the upcoming years is underpinned by the expanding electric vehicles sector, infrastructure revitalization initiatives, a rising adoption within the marine industry, endeavors in space exploration, and an escalating demand for composites in the defense sector. Notable trends in this forecasted period encompass bio-based composites, smart composites, advancements in recycling and circular economy practices, the integration of digital twin technology, and the emergence of hybrid composites.
Growth in the automotive and aerospace sectors is expected to propel the growth of the composites market. In the automotive and aerospace industries, composites are used to provide improved performance, corrosion resistance, and fuel savings. For instance, in November 2022, according to the Aerospace Industries Association (AIA), a US-based trade association for makers and distributors of civil, military, and business aircraft, helicopters, unmanned aerial vehicles (UAVs), space systems, and aircraft, exports from the A&D business increased by 11.2 % to an overall value of $100.4 billion in 2022. Also, according to IBEF, Indian automobile exports stood at 1,419,430 units from April 2021 to June 2021 as compared to 436,500 units from previous year same period. Therefore, the growth in the automotive and aerospace sectors is driving the growth of the composites market.
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The composites market covered in this report is segmented –
1) By Product: Carbon Fiber, Glass Fiber
2) By Manufacturing Process: Layup Process, Filament Winding Process, Injection Molding Process, Pultrusion Process, Compression Molding Process, Resin Transfer Molding Process, Other Processes
3) By Resin Type: Thermoset Composites, Thermoplastic Composites
4) By End-Use Industry: Aerospace and defense, Wind Energy, Automotive and Transportation, Construction & Infrastructure, Marine, Pipe and Tank, Electrical and Electronics, Other End-Users
Top 5 Major Players:
- General Electric Company
- Rolls-Royce plc
- SGL Carbon Graphite Technic Co. Ltd
- Axiom Materials Inc
- United Technologies Corporation
Technological progressions represent a pivotal trend gaining traction in the composites market. Innovations aimed at reducing the structural mass of composites exemplify a profound exploration of knowledge, propelling technological advancements. A noteworthy example is the June 2021 achievement by Hexcel Corporation, a US-based manufacturer specializing in reinforcement products, composite materials, and engineered products. Hexcel successfully orchestrated the maiden flight of a lightweight camera drone employing HexPly carbon fibre prepregs. Developed by students from the University of Applied Sciences Upper Austria, the composite drone showcased a remarkable 42% reduction in structural mass compared to its counterparts, exemplifying the transformative impact of advanced composite materials.
The composites market report table of contents includes:
1. Executive Summary
2. Composites Market Characteristics
3. Composites Market Trends And Strategies
4. Composites Market – Macro Economic Scenario
5. Global Composites Market Size and Growth
…..
31. Global Composites Market Competitive Benchmarking
32. Global Composites Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Composites Market
34. Composites Market Future Outlook and Potential Analysis
35. Appendix
List of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Composites Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Composites Market, Segmentation By Manufacturing Process, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Composites Market, Segmentation By Resin Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
….
Table 75: General Electric Company Financial Performance
Table 76: Rolls-Royce plc Financial Performance
Table 77: SGL Carbon Graphite Technic Co. Ltd. Financial Performance
Table 78: Axiom Materials Inc. Financial Performance
Table 79: United Technologies Corporation Financial Performance
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