Worldwide composites market has generated a revenue of approx. $69.50 Billion in 2015 and is projected to generate the revenue of more than $106 Billion in 2022 at a CAGR of approx. 7.11%. Increasing demand for lightweight materials in various industries and increasing demand of wind energy becomes the major driver which helps to increase the market of the composites globally. Due to its increasing demand from the aerospace & defense and transportation applications. Composites provide heat resistance, high strength-to-weight ratio, and are lightweight, which increases its fuel efficiency in various vehicles and provides structural stability to aircrafts. The high demand of composite from automotive industry has become the major key opportunity for the market. Automotive composites material are used in the manufacturing of vehicles providing them resistance and strength from adverse conditions. The main advantage of using them is it reduces the overall vehicle weight as they are around 60% lighter than steel or iron and also have comparable stiffness and strength. This increasing demand of composite in automotive industry helps to increase the market globally. The high manufacturing and processing cost and issues related to recycling becomes the major restraints for the market. The various number of composites use thermosetting resin material which cannot be easily recycled because they are cross linked and cannot be remolded. This recycling issue becomes the major hinder for the composite market growth.
The composite market is segmented on the basis of Fiber type, Resin Type, Manufacturing Process and Application. On the basis of fiber type the market is further sub segmented into carbon fiber and glass fiber. On the basis of resin type the market is further sub segmented into thermosetting and thermoplastic. On the basis of manufacturing process the market is further sub segmented into layup process, injection molding process, filament winding process, pultrusion process, compression molding process and resin transfer molding process. On the basis of application the market is further sub segmented into Marine, Pipes & Tanks, Construction & Infrastructure, Wind Energy, Electrical & Electronics, Aerospace & Defense, and Transportation.
Geographically the market is basically segmented into North America, Europe, Asia pacific and ROW. The Asia pacific has the largest market followed by North America. Due to its increasing electrical & electronics, construction & infrastructure, and improved transportation facilities in the region has increased the demand for composites. India and China are the major countries which helps to drive the composites market in Asia pacific region. North America is anticipated to be the second largest market share in 2022.
Some of the major players of the market are Chongqing Polycomp International Corporation, Compagnie De Saint-Gobain, Huntsman Corporation , Cytec Industries (Solvay S.A.), E. I. Du Pont Nemours & Co. .Some of the major strategies adopted by the key players are acquisitions and expansions. High cost and large interoperability problemacts as an entry barrier for the new players in the market.