The report “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 2028″, size is expected to witness a CAGR of 10.8% and is 108.8 USD billion in 2023 and is estimated to reach 181.7 USD billion by 2028. Demand for composites is expected to to grow due to the increase in the demand for high performance materials with properties such as high strength to weight ratio, good tensile strength, and electrical conductivity among others.
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• 487 Market data Tables
• 97 Figures
• 499 Pages and in-depth TOC on “Composites Market – Global Forecast to 2028″
• 97 Figures
• 499 Pages and in-depth TOC on “Composites Market – Global Forecast to 2028″
Some of the prominent key players are:
- Owens Corning (US),
- Toray Industries, Inc. (Japan),
- Teijin Limited (Japan),
- Mitsubishi Chemical Holdings Corporation (Japan),
- Hexcel Corporation (US),
- SGL Group (Germany), and many more….
Driver: Stringent eco-friendly regulations in automotive applications
One important factor in the production of automobiles is the better strength-to-weight ratio that composites offer. Automobiles with robust construction but low weight provide better mileage and fuel economy. When compared to traditional materials such as steel and aluminum, composites provide significant weight savings of 25% to 70% in the production of car bodies. A mere 10% reduction in the weight of the vehicle yields a 5% improvement in fuel efficiency. Compared to steel, carbon fiber can achieve a 30% gain in fuel efficiency. Strict laws, like the US government’s required Corporate Average Fuel Efficiency (CAFE) criteria, are what propel the automobile industry. Because the transportation industry contributes significantly to greenhouse gas emissions, US automakers are required to meet these standards. As a result, there has been a noticeable shift in the manufacturing of lightweight cars to comply with CAFE standards, which call for 36.6 mpg by 2017 and 54.5 mpg by 2025.
Wind Energy is the second fastest growing end use industry for composites
The wind energy sector is witnessing a significant upsurge in the adoption of composites, propelling a high growth within the industry. Composites are essential to the construction of wind turbines, especially when it comes to the fabrication of turbine blades. For these blades to perform at their best in adverse climatic circumstances, materials with outstanding strength-to-weight ratios, corrosion resistance, and longevity are required. These requirements are successfully met by composites such as glass fiber reinforced plastics and carbon fiber. By improving efficiency, longevity, and dependability, their integration into wind turbine blades advances wind energy technology as a whole. Furthermore, the wind energy industry is seeing significant investment and growth due to the growing demand for renewable energy sources worldwide, which is propelling the use of composites in this field even more. It is expected that ongoing technological developments in composite materials and manufacturing techniques will continue innovation and growth in the wind energy industry, confirming composites’ critical role in the landscape of sustainable energy.
Asia Pacific to be the fastest growing regional composites market.
