The global composites market is in a healthy state, and the future looks bright and profitable, according to a recent business intelligence report from IndustryARC. The analyst of the report has estimated the global composites market to be worth $82.72 billion as of 2018 and projected the value to swell at a steady CAGR of 5.6 % during the forecast period of 2019 to 2025. The report is titled “Composites Market: By Organic (Blood Meal, Fish Meal, Manure, Granite Meal, Others); By Inorganic (Nitrogen, Potassium, Phosphate, Calcium, Sulfur, Others); By Bio-Composites (PSB, Azotobacter, Others); By Form (Solid, Liquid, Gaseous) By Crops (Wheat, Rice, Maize, Oilseeds & Others); By Geography – Forecast(2019-2025).”
The analyst highlights that the composites market is driven by the incessant demand from the construction and infrastructure industries, and it is forecast to witness a significant growth owing to the increasing applications of composite materials in advanced transportation, aviation industry, and renewable energy.
Browse 89 Market Tables, 179 Figures spread through 136 slides and an in-depth TOC “Composites Market(2018 – 2023)”
Composites Market – Product Introduction:
Composites are formed with a combination of two or more materials which exhibit unique properties like an alloy. Also known as Carbon Fiber Reinforced Polymers (CFRP) composites. These are versatile materials which are more compatible with weight and the developing technology. In the current world, engineers are preferring composites to steel, wood, and aluminum due to their distinctive benefits and excellent design flexibility. Pultrusion, resin transfer molding, large scale filament winding are the most commonly used methods for the manufacturing of composite materials in the composite industry.
Composites Market Competitive Landscape:
- Teijin Limited, Toray Industries, Inc., Owens Corning, PPG Industries, Inc., Huntsman Corporation, Hexcel Corporation, and E. I. DuPont Nemours & Co. are the key companies identified in the composites market outlook gauged by the IndustryARC report. Here are some of the recent market developments noted by the analyst:
- In 2018, Teijin Limited acquired Inapal Plasticos SA, a leading automotive composite supplier in Portugal. This acquisition was targeted to expand its presence in Europe and also at the global level. Teijin estimates its automotive composite business sales to reach $2 billion by 2030 due to the increasing association with automakers and expansion of composite material in transportation.
- To meet the rising demand for high-end sports and leisure goods of carbon fiber, Teijin established two plants in China and Taiwan in 2018 to strengthen its business capabilities. Environmental regulations and infrastructure upgrades are providing significant opportunities for carbon fiber in industrial applications such as wind turbine generators, pressure vessels and in civil engineering.
- Toray Industries Inc., another prominent name in the global composites market, acquired TenCate Advanced Composites Holding B.V. for $1.15billion in the year 2018. Through this acquisition, the organization aimed to increase its product line of significant synergies. Currently, their short-term target is to concentrate on composites expansion in small-sized aircraft. Later on, they will focus on industrial use applications namely automobiles.
- TenCate Advanced Composites Holding B.V. supplies high heat resistance thermoset resin composites to the aerospace industry. Through this acquisition, Toray will expand its presence in high service temperature applications, space, and defense marketplace as well. Toray obtained revenue of €60 million from thermoplastic composites for commercial aviation in 2017 due to the development of next-generation carbon fiber and is estimated to increase its revenue to €100 million by 2021 and to €250 million by 2025. The analyst foresees the company to continue holding a significant position in the overall composites market in the near future.
- In 2018, Owens Corning announced an agreement with Chongqing Polycomp International Corp. (CPIC) for joint investment, to manufacture high-modulus glass fiber products in a new facility at China. It is more focused to produce large scale volumes of high modulus glass with more efficiency, and quality using advanced glass fiber technologies with reduced capital investments to lead in the wind industry.
- Huntsman Corporation, a leading composites market player and manufacturer of differentiated and specialty chemicals, recorded revenue of $8 billion in 2017. It acquired Nanocomp Technologies Inc. in 2018 to expand their presence in the aerospace, automotive, and electrical power industries. Additionally, the acquisition will help to develop composite materials with new formulations that enables effective properties such as corrosion resistance, radiative heating, and electrical conductivity. These are providing commercial growth opportunities for composites to replace heavy materials. These carbon-based advanced materials are gaining demand from many industries as they are lighter and withstand harsh conditions.
- In 2018, a joint venture was formed between advanced composites manufacturer Hexcel Corporation and aerospace parts manufacturer Future Aerospace to establish a composites testing laboratory in China. This laboratory supports customers through material qualification with aerospace standards, and growing demand for composite materials for the commercial aerospace industry in this country.
- Hexcel Corporation and Arkema announced a partnership in 2018 which is aimed to develop carbon fiber-reinforced thermoplastic tapes which are used in the production of lightweight parts of aircraft. These thermoplastic composite solutions offer lower cost and high production speed in space, and defense sectors.
- In 2018, Hexcel Corporation opened a new manufacturing plant for advanced composites with an investment of 200 million Euros to meet the increasing demand for carbon fiber composites in this country. Hexcel Corporation announced to acquire ARC Technologies, Inc., to strengthen the structural composites and thermoplastics product portfolios. This acquisition enhances the next generation of aerospace materials and provides opportunities in military and defense applications.
Composites Market Trends & Drivers:
- Properties of composites such as high strength to weight ratio, long term durability, dimensional stability, low maintenance, rapid installation, radar-transparent, and corrosion resistant are attracting the OEM’s to design lightweight parts.
- The potential use of biodegradable composites in sustainable packaging which is rather reducing the dependency of petro-based materials is driving the composites market growth.
Composites Market Segment Analysis:
- Construction & Infrastructure application is holding a major share in the composites market which is growing at a CAGR of 6.3% during the forecast period that is from 2019 to 2025 according to business analysts of IndustryARC. This is chiefly because the pioneering composites are an important reinforcing material used in bridge fairings, innovative architectures, roads, and buildings.
- On the basis of geographical composites market analysis by IndustryARC, Asia-Pacific holds a major demand share that is more than 37% among other regions in the composites market.
- The plant expansions, product innovations, strategic plans implementations related to composites in countries such as China and Taiwan are influencing the share of APAC in the market size.
Composites are significant materials with unique properties, which are flourishing due to their applications in the construction and infrastructure industry. Rising adoption of composites from OEM’s due to the increasing return on investments and growing demand for these materials from the aviation industry in APAC will further fuel the growth of the composites market in the near future.
Talk to one of our sales representative about the full report by providing your details in the link below:
Functional Composites Market: By Type (Metal Matrix Composites, Polymer Matrix Composites, Ceramic Matrix Composites, Epoxy Resin Matrix Composites, Hybrid Matrix Composites), By Function (Thermally Conductive, Electrically Conductive), By Application (Sensors, Body Panels, Valve Covers, Truck Beds, Storage Tanks, Electrical Components, Others), By End-User Industry (Aerospace, Defense, Wind Energy, Transportation, Building & Construction, Storage & Piping, Consumer Goods, Electrical & Electronics, Others), By Geography (North America, Europe, Asia Pacific, South America, Middle East & Africa) – Forecast (2018-2023)
Construction Composites Market: By Type( Natural Composites, Fiber Reinforced Composites, Particulate Reinforced Composites ); By Resin type (Polyester, Vinyl Ester, Phenolic); By End Users(Commercial Properties, Civil Housing, and Industrial Construction Structure )By Geography – Forecast(2018-2022)
IndustryARC is a research and consulting firm that publishes more than 500 reports annually in various industries, such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food & Beverages, Information Technology, Life sciences & Healthcare.
IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications of the Market. Our Custom Research Services are designed to provide insights into the constant flux in the global demand-supply gap of markets. Our strong analyst team enables us to meet the client research needs at a very quick speed with a variety of options for your business.
We look forward to supporting the client to be able to better address customer needs; stay ahead in the market; become the top competitor and get real-time recommendations on business strategies and deals. Contact us to find out how we can help you today.
Mr. Venkateshwar Reddy
Business Development Manager
Contact Sales: 1-614-588-8538 (Ext-101)
Connect with us on LinkedIn – https://www.linkedin.com/company/industryarc