According to a new market research report, the “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 2026″, The global composites market size is projected to reach USD 126.3 billion by 2026, registering a CAGR of 7.5% from 2021 to 2026. The global composites market size is expected to grow from USD 88.0 billion in 2021 to USD 126.3 billion by 2026, at a CAGR of 7.5% during the forecast period. The composites industry is growing due to the increase in the demand for high performance materials with properties such as high strength to weight ratio, good tensile strength, electrical conductivity among others.
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- 236 Market data Tables
- 65 Figures
- 308 Pages and in-depth TOC on “Composites Market – Global Forecast to 2026″
This report also provides a comprehensive analysis of the companies listed below:
Owens Corning (US), Toray Industries, Inc. (Japan), Teijin Limited (Japan), Mitsubishi Chemical Holdings Corporation (Japan), Hexcel Corporation (US), SGL Group (Germany), Nippon Electric Glass Co. Ltd. (Japan), Huntsman International LLC. (US), and Solvay (Belgium), among many others.
Impact of COVID-19 on global composites market
COVID-19 has negatively affected the demand for composites across the globe due to decrease in demand from various end-use industries. Aerospace & defense being one of the major consumer of composites has witnessed the most adverse and immediate consequences of the pandemic. The airline sector has faced the worst consequences due to the lockdown across international and domestic borders. This has impacted badly on the demand of composites.
Glass fiber composites comprise a major share of the composites market in terms of value and volume.
The glass fiber composites have superior attributes, such as strength, flexibility, durability, stability, lightweight, and resistance to heat, temperature, and moisture. Owing to its properties, glass fiber is used in different end-use industry segments, such as construction, wind, pipe & tanks, marine, and transportation. There is a high demand for glass fiber composites from the wind energy and construction & infrastructure industries. And it is expected to decline due to lockdown resulting in reduced wind capacity installations and the temporary suspension of operations in the automotive, aerospace, and construction industries.
APAC is expected to account for the largest market share in the composites market during the forecast period.
APAC is the largest market for composites. The major international players are exploring opportunities in the region owing to cheap labor, raw materials, and high demand from various end-use industries, such as pipes & tanks, wind energy, and construction & infrastructure. However, COVID-19 affected the entire world disastrously, and APAC is one of the most affected regions, globally. The deadly virus has affected varoious major markets in APAC including China and India. It forced the government to lock down the that resulted in slow down across various sectors, including wind energy, aerospace & defense, and transportation in 2020.
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