Global Composite Materials Market – Industry Trends and Forecast to 2029

Global Composite Materials Market, By Resin (Thermoset Resin and Thermoplastic Resin), Fiber Type (Glass Fiber, Carbon FiberAramid Fiber, and Others), Coatings (Gel Coat and Surface Veil), Adhesives (Epoxies, Bismaleimide, Cyanate Ester, Modified Acrylics, Polyurethanes, and Silicones), End-user Industry (Construction, Transportation, Electronics & Electrical, Healthcare, Power Generation, Industrial, Aerospace & Defense, Marine, and Others) – Industry Trends and Forecast to 2029.

Composite Materials Market Analysis and Size

Composite materials is available in several forms and can be used in numerous end-user industries such as healthcare, power generation, construction, transportation, electronics and electrical, industrial, aerospace and defence, marine, and others. Furthermore, composite materials consumption and sales depend on numerous factors, such as ongoing trends. The "glass fiber" composite materials is the highest-growing fiber type segment because of its excellent properties such as moisture, durability, flexibility, strength, and many others during the forecast period.

Data Bridge Market Research analyses that the composite materials market was valued at USD 75,200.00 million in 2021 and is expected to reach USD 120,764.95 million by 2029, registering a CAGR of 6.10% during the forecast period of 2022 to 2029. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand. 

Composite Materials Market Scope and Segmentation

Market Definition

Composite materials combines two materials with different chemical and physical properties. When combined, they form a material which is specialised to do a specific job, for instance, to become lighter, stronger, or resistant to electricity. They can also increase stiffness and strength. The primary reason for using composite materialss over traditional materials is that they are applicable in many situations and improve the properties of their base materials.

Global Composite Materials Market Dynamics

Drivers

• Increasing demand for composite materials in the defense and aerospace sector

Composite materials is widely used in the aerospace and defense sector, and thus, it created exceptional demand for composite materials. Recently, the defense and aerospace sector required ultra-edge composites to sustain the product, which upsurges composite materials use. This is the primary factor that is expected to boost the growth of the composite materials market. 

• Increasing demand for composite materials in the automotive sector

The vehicle manufacturers such as Volkswagen, BMW, Audi and Merced' have already used these composites material for manufacturing the vehicle's exterior and interior parts. The evolution of the numerous types of composite materials in automotive sector for instance, composite materials for automotive pistons, anti-roll bar brake friction, and so on, are some essential applications expected to increase the growth of the composite materials market.

Opportunities

• Growing demand for lightweight and cost-effective composite materials

The rising demand for lightweight composite materials in several end-user industries, such as transportation, automotive, wind energy, aerospace, and defense, will create immense opportunities for the growth of the composite materials market. Fiber and glass-based composite materialss have lightweight and high-strength properties, increasing the demand for these composite materialss in the market. Moreover, composite materials provide high performance and cost-effectiveness, which attract more end-users and create lucrative opportunities for the development of the composite materials market in the coming years. 

Restraints/ Challenges

• Issues associated with the composite materials

The high cost of technology and manufacturing of composite materialss will hinder the growth of the composite materials market. The moisture absorption properties of this composite materials are very high, leading to decreased bond strength between matrix fibres. This is also one of the also .major factor which is projected to hamper the growth of the market.

This composite materials market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the composite materials market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.

Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

COVID-19 Impact on Composite Materials Market

The outbreak of the COVID pandemic had an adverse impact on the composite materials market. As a result of this condition, the government has imposed several stringent rules all over the globe, which has affected the growth of the composite materials market. The major end users of composite materialss, such as aerospace, construction, and automotive, have also closed their manufacturing facilities, resulting in a decrease in demand for composite materialss globally. Due to regional and acquisition activity, many organizations have shown variability of tendencies. Moreover, most raw materials suppliers in composite materials market had to close their operations and the major suppliers prioritized providing epidemic relief.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Global Composite Materials Market Scope

The composite materials market is segmented based on resin, fiber type, coatings, adhesives, and end-user industry. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Resin

• Thermoset Resin
• EpoxyVinyl
• Ester Pheonolics Cyanate
• Esters Polyimides
• Other
• Bismaleimides
•  Benzoxazines
• Thermoplastic Resin
• Polyetherimide (PEI)
• Polyetheretherketone (PEEK)
• Polyetherketone (PEK)
• Polyamide-imide (PAI)
• Polyarylsulfone (PAS)
• Liquid crystal polymer (LCP)

Fiber Type

• Glass Fiber
• Carbon Fiber
• Aramid Fiber
• Others

 Coatings

• Gel Coat
• Surface Veil

 Adhesives

• Epoxies
• Bismaleimide
• Cyanate Ester
• Modified Acrylics
• Polyurethanes
• Silicones

End-user Industry

• Construction
• Transportation
• Electronics & Electrical
• Healthcare
• Power Generation
• Industrial
• Aerospace & Defense
• Marine
• Others

Composite Materials Market Regional Analysis/Insights

The composite materials market is analysed and market size insights and trends are provided by country, resin, fiber type, coatings, adhesives and end-user industry as referenced above.

The countries covered in the composite materials market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

Asia-Pacific dominates the composite materials market in terms of revenue and market share. This is due to the growing economies of China and India, the presence of leading manufacturers, and the widening wind energy, transportation, construction, and infrastructure industries in this region

Europe is anticipated to be the fastest developing region during the forecast period of 2022-2029 due to the expansion of the manufacturing industries and growth in the automotive production in this region.

 The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Composite Materials Market Share Analysis

The composite materials market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to composite materials market.

Some of the major players operating in the composite materials market are:

• Teijin Aramid B.V (Japan)
• TORAY INDUSTRIES, INC. (Japan)
• Magna International Inc. (Canada)
• Quantum Composites (U.S.)
• Composites Evolution (U.K.)
• CIT Composite materialss Italy (Italy)
• Exel Composites (Finland)
• Mitsubishi Chemical Corporation (Japan)
• COMPOSITES UNIVERSAL GROUP (U.S.)
• Dow (U.S.)
• DuPont (U.S.)
• Solvay (Belgium)
• Owens Corning (U.S.)
• Rock West Composites, Inc (U.S.)
• H.B. Fuller (U.S.)
• Henkel AG and Co. KgaA (Germany)
• Ashland (U.S.)
• 3M (U.S.)
• PPG Industries, Inc. (U.S.)
• Cabot Corporation (U.S.)
• NEI Corporation (U.S.)
• Engineered Bonding Solutions, LLC (U.S.)