Global composites market size is projected to grow at a CAGR of 7.7% between 2019 and 2024.
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 is estimated by Markets and Markets Research.
The global composites market forecast for the period to 2024 is based on the obtained data.
The global composites market size is expected to grow from $ 90.6 billion in 2019 to $131.6 billion by 2024.
Compound Annnual Growth Rate is projected to reach 7,7%.The composites industry is increasing due to the rise in the demand for high performance materials by almost all industries globally.
The key findings published in the report on the global composite market and its prospects:
- The glass fiber composites to account for a significant of the composites market share, in terms of value and volume, during the forecast period.
Low cost and superior physical & mechanical properties (strength, durability, flexibility, stability, and lightweight) are factors that make glass fiber the leader in the global composites market. The glass fiber composites are used mostly in wind energy, electrical & electronics, construction & infrastructure, and pipes & tanks, segments.
- Thermoset composites are expected to account for a major share of the composites market in terms of value and volume during the forecast period.
High demand in thermoset composites is due to their durability and low cost against high performance. Thermoset composites are used widely in the transportation, aerospace & defense, marine, wind energy, electricals & electronics, and end-use industries. It is the growth of these segments will fuel the market growth.
- The lay-up manufacturing process is expected to account for a major share of the composites market in terms of value and volume during the forecast period.
The lay-up process dominated the overall composites market in 2018. Its advantages comprise low manufacturing cost and high-volume manufacturing. The lay-out process is expected to hold the position in the market due to the increased demand from wind energy, marine, and aerospace & defense sectors.
- The transportation end-use industry is expected to have the largest share in the composites market. The strength-to-weight ratio of most composites is higher than that of steel and aluminum, making the use of composites vital in the transportation industry.
Environmental regulations regarding emission standards, specifically in North America, Europe, and China are the major driving factors behind the introduction of more lightweight and fuel-efficient composites in transportation.
- Asia-Pacific Countries (APAC) held the largest market share in the composites market.
It is due to the growing economies of China and India, the presence of prominent players, and expanding transportation, wind energy, and construction & infrastructure industries. China is projected to grow at the fastest rate during the forecast period. It is the largest market for composites in APAC.
The China Composites Expo 2019 demonstrated the Chinese composite industry status, by bringing together composite industry delegates from around the world.
Translated by Olga Yurchenko