The global Composites Market Size is expected to reach USD 163.23 billion by 2026, exhibit a CAGR of 7.26% during the forecast period. The market size stood at USD 93.68 billion in 2018.
The global Composites market is anticipated to gain momentum from their possession of several beneficial properties. Composites have long lifespan, high strength, and are capable of resisting corrosion. They are mainly used to build resilient structures such as seawalls, bridges, drainage/water systems, and roads. Fortune Business Insights™ provided this information in a recent study, titled, “Composites Market Size, Share & Industry Analysis, By Matrix (Polymer matrix Composites, Ceramic matrix Composites and Metal matrix Composites), by Polymer matrix Composites (Fiber {Glass, Carbon, Aramid} and Resin {Thermoset, Thermoplastics}), by Application, and Regional Forecast, 2019-2026.” The study further mentions that the Composites market size stood at USD 93.68 billion in 2018 and is projected to reach USD 163.23 billion by 2026, thereby exhibiting a CAGR of 7.26% in the forecast period.
Drivers & Restraints-
Ability to Fulfil Changing Consumer Demand to Aid Growth
Composites are considered to be global entities that help in fulfilling the growing demand of the consumers for a wide range of unique composite structures, design patterns, and highly engineered parts. The market is capable of serving numerous highly vertical industries, such as wind power, consumer goods, marine, aerospace, and automotive. These industries use Composites as per their cost thresholds, consumer demand, regulations, and part performance requirements. In the aerospace industry, for instance, the process technology, cost, and material vary greatly, as compared to the automotive industry. Being diverse materials, Composites can be adopted in a large number of applications. They are very durable, lightweight, stiff, and robust. However, the strict environmental legislation and rules may obstruct the Composites market growth in the near future.
Segment-
Need to Lower Weight of Vehicles to Drive Growth of Automotive Segment
In terms of application, the market is grouped into defence & aviation, maritime, wind power, consumer goods, pipes & tanks manufacturing, electrical & electronics goods, building & construction, automotive, and others. Out of these, the automotive segment held 28.78% Composites market share in 2018. This growth is attributable to the increasing usage of Composites in the industry to lower the weight of the vehicles.
Browse Summary of this Research Report:
https://www.fortunebusinessinsights.com/Composites-market-102295
Fortune Business Insights™ lists out the names of all the Composites manufacturers operating in the global market. They are as follows:
- Huntsman International LLC.
- Owens Corning
- Teijin Limited
- Hexcel Corporation
- Toray Industries, Inc.
- Composite Solutions
- Mitsubishi Chemical Holdings Corporation
- Exel Group
- SGL Carbon
- Veplas D.D.
- Solvay
- Others
Asia Pacific to Lead Stoked by the Presence of Numerous Industry Giants
Asia Pacific is expected to dominate the market throughout the forthcoming years backed by the rising demand for Composites from well-developed industries, such as electrical & electronics, automotive & transportation, building & construction, and aerospace. Apart from that, the rapid urbanization in several countries in this region is opening doors to opportunities for industry giants, such as Mitsubishi and Toray. These companies are opening their offices in Asia Pacific. North America, on the other hand, procured USD 27.61 billion revenue in 2018. It is anticipated to remain in the second position owing to the high demand from the aerospace and defense industry.
