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Composites Market research report delivers key data about the product portfolios, product values, company profiles, shares, and contact data for the company. This promotional market document on the worldwide market also represents all the regions as well as countries across the globe, which showcase a regional manufacturing status, such as volume, market size, value and price details. It also represents a brief summary of sales, revenue share, demand/supply data, and market growth analysis during the predicted period. Composites business report showcases an overall mapping of the industry vendors and the analysis of the competitive landscape.
Global Composites Market was valued at USD 88.00 billion in 2021 and is expected to reach USD 162.88 billion by 2029, registering a CAGR of 8.0% during the forecast period of 2022-2029. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and climate chain scenario.
Market Overview:
The composites market has witnessed increased usage of composites in the manufacturing of motorbikes, cycles, and cars. Additionally, with aerospace, automotive and transportation, construction, wind energy, marine, and electrical and electronics applications, the composites market is estimated to have accelerated expansion over the forecasted period. Composite material is basically made up of at least two constituent materials. These constituent materials have markedly different chemical or physical properties, and when combined, they form a material having features that are not found in the individual constituents.
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Some of the major players operating in the composites market are
- DOW (U.S.)
- Halocarbon, LLC (U.S.)
- Freudenberg SE (Germany)
- The Chemours Company (U.S.)
- Metalubgroup (Israel)
- Huntsman International LLC (U.S.)
- Bostik (France)
- H.B. Fuller Company (U.S.)
- Sika AG (Switzerland)
- Cardolite Corporation (U.S.)
- DAIKIN (Japan)
- Kukdo Chemical Co., Ltd., (South Korea)
- BASF SE (Germany)
- Covestro AG (Germany)
- LANXESS (Germany)
- Dupont (U.S.)
- SOLVAY (Belgium)
- Wanhua (China)
- Arkema (France)
- Hexion (U.S.)
- Woodbridge (Canada)
Composites Market Dynamics
Drivers
- Increased Utilisation as well as Demand for Composites
The need for composites is increasing in the wind energy, aerospace, defense, automotive and transportation industries. The composites are largely used in the production of motorcycles, bicycles, and automobiles. Lightweight and long-lasting composite materials such as carbon fiballowows sports vehicles to travel at high speeds. As a result, the market for sports cars is expected to see a significant increase in production and sales. Over the foreseeable period, these factors will pave the way for market expansion.
Opportunities
- Awareness and Replacement
Furthermore, the rising awareness due to strict government regulations will further extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Additionally, the growing electrification of vehicles to replace traditional fuels will further expand the future growth of the composites market.
Restraints/Challenges
- High Costs
The high manufacturing and processing costs are estimated to create hindrances for the growth of the composites market.
- Recycling and Standardization Issues
Also, the factors such as the recycling issue and lack of standardization will prove to be a demerit for the composites market. Therefore, this will challenge the composites market growth rate.
Global Composites Market Scope
The composites market is segmented on the basis of fiber type, product, resin type, manufacturing process and end-use 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.
Fiber Type
- Glass Fiber Composites
- Carbon Fiber Composites
- Natural Fiber Composites
- Others
Product
- Carbon
- Glass
Resin Type
- Thermoset Composites
- Thermoplastic Composites
Manufacturing Process
- Lay-Up Process
- Filament Winding Process
- Injection Molding Process
- Pultrusion Process
- Compression Molding Process
- Resin Transfer Molding (RTM) Process
- Others
End-Use Industry
- Transportation
- Aerospace and Defense
- Wind Energy
- Construction and Infrastructure
- Pipe and Tank
- Marine
- Electrical and Electronics
- Others
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Composites Market Regional Analysis/Insights
The composites market is analyzed and market size insights and trends are provided by country, fiber type, product, resin type, manufacturing process and end-use industry as referenced above.
The countries covered in the composites 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, Israel, Egypt, South Africa, 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.
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