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 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.
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)
- Nippon Electric Glass Co. Ltd. (Japan)
- Huntsman International LLC. (US)
- Solvay (Belgium),
Opportunities: Increasing demand in emerging economies
Traditionally, the glass fiber and carbon fiber composites industry was concentrated in Japan, North America, and Europe. However, in recent years, there has been a significant shift toward the emerging economies in APAC and Rest of the World. For instance, the demand for glass fiber and carbon fiber composites in aerospace, wind energy, and transportation sectors has increased in the emerging economies, such as India, Brazil, and China, due to the strong demand for low-cost carriers. Countries, including China, have launched a number of research projects involving glass fiber and carbon fiber composites, and its rapid industrialization is likely to accommodate the increase in demand. Moreover, with the rapid economic growth and industrialization in the emerging nations, cyclic industries such as automotive, pipe and tanks, and construction and infrastructure are expected to grow rapidly, driving the demand for GFRP and CFRP. Further, for the upgradation, maintenance of existing infrastructure and the creation of new cities with water treatment facilities, the demand for composites in the construction & infrastructure industry as well as in pipes & tanks is expected to grow during the forecast period.
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.
