Description
The global composites market witnessed significant growth and is estimated to reach USD 134.93 billion by 2023 at a CAGR of 8.59% during the review period 2017-2023. Rising expenditure on the construction projects such smart city and architectural buildings along with escalating defense budgets are anticipated to drive the market growth. Moreover, the subsequent shift of automotive industry towards lightweight components to increase fuel efficiency is propelling the global composites market growth. Aforementioned factors are likely to exhibit an exponential CAGR of 8.59% during the assessment period.
Aerospace and defense sectors are likely to exhibit a considerable growth over the years due to growing use of composites to reduce the weight along with low maintenance costs compared to traditional materials. For instance, consumption of composites for Airbus aircraft is more than 50% as compared to 2%-3% usage of composites previously. However, increasing demand for glass fiber composites in the aerospace industry is likely to provide a positive impact on this market. Over the years, the market is expected to witness a high development in downstream derivative and innovation to meet regulations and broaden application spectrum in different regions.
Composites are extensively used in roofs, infill panels, tank liners, and load-bearing structures. Increasing penetration of fiber reinforced polymer composites (FRP) in rail and road building projects owing to durability, aesthetic appeal, and low maintenance are anticipated to influence market demand positively. Carbon and fiberglass composites are used in wind turbine blades for material strength and stiffness, which, in turn, raised the level of energy. Thus, growing awareness to reduce fossil fuel dependence and increasing renewable energy production are likely to provide a lucrative opportunity to market players.
Global Composites Market Share, by Application 2016, (%)
Source: MRFR Report
Regional Analysis
The global composites market is segregated into five different regions namely, North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Among the regions, North America emerges as leading region with 35% of market share in 2016. North American region witnessed the high growth in the aviation industry due to increasing use of commercial aircraft to link small cities, and regional capacity expansion of key market players in the aerospace industry are some of the factors leading the growth of the composites market in this region. Asia Pacific region is projected to experience a substantial growth owing to growing production of the automobile industry, especially in China and India and rising government initiatives such as 100% FDI in the automobile industry are likely to boost the market growth. Moreover, Thailand, Malaysia, and Indonesia have emerged as manufacturing hubs for different industry players, which, in turn, is anticipated to drive the market growth. Moreover, the presence of market players such as Toray Industries and Owen Corning are likely to foster the market growth. Major players are entering a strategic alliance with small regional players to capture the market share. For instance, Owens Corning signed an agreement with China-based composite player namely, Taishan Fiberglass and Xingtai Jinniu to meet the regional demand for composite material across end-user industries.
Segmentation
The global composite market is classified based on types, resin, technology, application, and region. Based on the type, the composites market is segmented as polymer matrix composites, metal matrix composites, ceramic matrix composites. On the basis of the resin type, thermoset composites & thermoplastic composites are major resin available on the market. On the basis of the technology, the composite is produced by layup process, an extrusion process, filament winding, injection molding, automated fiber replacement, compression molding, automated tape lying, and resin transfer molding. Lastly, based on application, the market is segmented as automotive & transportation, aerospace & defense, electrical & electronics, wind energy, construction & infrastructure, marine & oil & gas, and others. According to the region, the market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Key Players
Some of the key players operating in the global specialty amine market are BASF SE, Owens Corning, Toray Industries Inc., TEIJIN Limited, SGL Carbon Company, Solvay, Mitsubishi Chemical Holding, Koninklijke Ten Cate bv, Hexcel Corporation, DuPont, Honeywell International Inc., Nippon Electric Glass Co. Ltd., Dowaska, Chongqing Polycomp, and Huntsman International LLC among others.
Geographic Analysis
The report covers brief analysis of geographical region such as:
• North America
o The U.S.
o Canada
• Europe
o Germany
o France
o Italy
o Spain
o U.K.
o Russia
o Poland
o Rest of Europe
• Asia Pacific
o China
o India
o Japan
o South Korea
o Rest of Asia Pacific
• Latin America
o Brazil
o Argentina
o Rest of Latin America
• Middle East & Africa
o Turkey
o Iran
Key Findings
As per MRFR analysis, the global composites market has witnessed an exponential volume of 8.5% CAGR over the years. Increasing usage of composites in the oil & gas industry along with rising wind power installation in countries such as China, the U.S., Germany, and India are expected to provide a lucrative opportunity to the composite market players. The global composite market is expected to reach USD 134.93 billion by 2023. Based on the technology, layup process segment accounted for over 30% of the overall market revenue in 2016 followed by filament winding. Subsequent shift in the demand for renewable materials across numerous end-use industry such as automotive, aerospace and wind energy industry is expected to drive the market demand.
Intended Audience
• Composites manufacturers
• Automotive manufacturers
• Potential investors
• Composite suppliers
• Nationalized laboratory
• Composite Research Associations
DC –Description
• Filter Media
• Nonwoven material
• Nonwoven filter
• Woven filter
• Nonwoven filter technique
• Nonwoven Surface Filter
• Nonwoven Depth Filter
• Synthetic Nonwoven Filter
• Natural Nonwoven Filter
• Nonwoven Filter in Automotive
• Woven
• Nonwoven Fabrics
• Cotton Filter Media
• Needle punch Filter Media
Table of Contents:
1 Report Prologue
2 Scope of the Report
2.1 Market Definition
2.2 Scope of The Study
2.2.1 Research Objectives
2.2.2 Assumptions
2.2.3 Limitations
2.3 Markets Structure
3 Research Methodology
3.1 Research Process
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
4 Market Dynamics
4.1 Introduction
4.2 Drivers
4.2.1 Rising consumption of lightweight materials in transportation industry
4.2.2 Growing construction industry
4.2.3 Increasing wind energy penetration
4.3 Restraints
4.3.1 Relatively slow penetration in end-use industries
4.4 Trends
4.4.1 Increasing plastics usage in automotive manufacturing
4.5 Opportunity
4.5.1 Middle East & Africa and Asia Pacific construction industry offers lucrative opportunity for Composites
4.6 Regulatory Trends
5 Market Factor Analysis
5.1 Supply Chain Analysis
5.1.1 Raw Material Producers
5.1.2 Composites Manufacturers
5.1.3 Distributors
5.1.4 End Use Industries
5.2 Porter’s 5 Analysis
5.2.1 Threat of New Entrants
5.2.2 Threat of Rivalry
5.2.3 Threat of Substitute
5.2.4 Bargaining Power of Supplier
5.2.5 Bargaining Power of Buyer
6 Global Composites Market, By Type
6.1 Introduction
6.2 Polymer Matrix Composites
6.3 Metal Matrix Composites
6.4 Ceramic Matrix Composites
6.5 Others
7 Global Composites Market, By Technology
7.1 Introduction
7.2 Layup Process
7.3 Pultrusion Process
7.4 Filament Winding
7.5 Injection Molding
7.6 Automated Fiber Replacement
7.7 Compression Molding
7.8 Automated Tape Lying
7.9 Resin Transfer Molding
7.1 Others
8 Global Composites Market, By Resin Type
8.1 Introduction
8.2 Thermoset Composites
8.3 Thermoplastic Composites
9 Global Composites Market, By Application
9.1 Introduction
9.2 Automotive & Transportation
9.3 Aerospace & Defense
9.4 Electrical & Electronics
9.5 Wind Energy
9.6 Construction & Infrastructure
9.7 Marine & Oil & Gas
9.8 Others
10 Global Composites Market, By Region
10.1 Introduction
10.2 North America
10.2.1 US
10.2.2 Canada
10.3 Europe
10.3.1 Germany
10.3.2 UK
10.3.3 France
10.3.4 Russia
10.3.5 Italy
10.3.6 Spain
10.3.7 Poland
10.3.8 Rest of Europe
10.4 Asia Pacific
10.4.1 China
10.4.2 Japan
10.4.3 India
10.4.4 South Korea
10.4.5 Rest of Asia Pacific
10.5 Latin America
10.5.1 Brazil
10.5.2 Argentina
10.5.3 161
10.5.4 Rest of Latin America
10.6 Middle East & Africa
10.6.1 Turkey
10.6.2 Iran
11 Global Composites Market, By Application, By Product
11.1 Automotive & Transportation
11.2 Aerospace & Defense
11.3 Electrical & Electronics
11.4 Wind Energy
11.5 Construction
11.6 Marine & Oil & Gas
12 Global Composites Market, By Resin Type
12.1 Thermoset Composites
12.1.1 North America Thermoset Composites, By Resin
12.1.1.1 U.S. Thermoset Composites, By Resin
12.1.1.2 Canada Thermoset Composites, By Resin
12.1.2 Europe Thermoset Composites, By Resin
12.1.2.1 GERMANY Thermoset Composites, By Resin
12.1.2.2 UK Thermoset Composites, By Resin
12.1.2.3 RUSSIA Thermoset Composites, By Resin
12.1.2.4 FRANCE Thermoset Composites, By Resin
12.1.2.5 SPAIN Thermoset Composites, By Resin
12.1.2.6 ITALY Thermoset Composites, By Resin
12.1.2.7 POLAND Thermoset Composites, By Resin
12.1.2.8 REST OF EUROPE Thermoset Composites, By Resin
12.1.3 Asia Pacific Thermoset Composites, By Resin
12.1.3.1 CHINA Thermoset Composites, By Resin
12.1.3.2 JAPAN Thermoset Composites, By Resin
12.1.3.3 INDIA Thermoset Composites, By Resin
12.1.3.4 SOUTH KOREA Thermoset Composites, By Resin
12.1.3.5 REST OF ASIA PACIFIC Thermoset Composites, By Resin
12.1.4 Latin America Thermoset Composites, By Resin
12.1.4.1 BRAZIL Thermoset Composites, By Resin
12.1.4.2 ARGENTINA Thermoset Composites, By Resin
12.1.4.3 REST OF LATIN AMERICA Thermoset Composites, By Resin
12.1.5 Middle East & Africa Thermoset Composites, By Resin
12.1.5.1 TURKEY Thermoset Composites, By Resin
12.1.5.2 NORTH AFRICA Thermoset Composites, By Resin
12.1.5.3 G.C.C Thermoset Composites, By Resin
12.1.5.4 REST OF MIDDLE EAST & AFRICA Thermoset Composites, By Resin
12.2 Thermoplastic Composites
12.2.1 North America Thermoplastic Composites, By Resin
12.2.1.1 U.S. Thermoplastic Composites, By Resin
12.2.1.2 Canada Thermoplastic Composites, By Resin
12.2.2 Europe Thermoplastic Composites, By Resin
12.2.2.1 GERMANY Thermoplastic Composites, By Resin
12.2.2.2 UK Thermoplastic Composites, By Resin
12.2.2.3 RUSSIA Thermoplastic Composites, By Resin
12.2.2.4 FRANCE Thermoplastic Composites, By Resin
12.2.2.5 SPAIN Thermoplastic Composites, By Resin
12.2.2.6 ITALY Thermoplastic Composites, By Resin
12.2.2.7 POLAND Thermoplastic Composites, By Resin
12.2.2.8 REST OF EUROPE Thermoplastic Composites, By Resin
12.2.3 Asia Pacific Thermoplastic Composites, By Resin
12.2.3.1 CHINA Thermoplastic Composites, By Resin
12.2.3.2 JAPAN Thermoplastic Composites, By Resin
12.2.3.3 INDIA Thermoplastic Composites, By Resin
12.2.3.4 SOUTH KOREA Thermoplastic Composites, By Resin
12.2.3.5 REST OF ASIA PACIFIC Thermoplastic Composites, By Resin
12.2.4 Latin America Thermoplastic Composites, By Resin
12.2.4.1 BRAZIL Thermoplastic Composites, By Resin
12.2.4.2 ARGENTINA Thermoplastic Composites, By Resin
12.2.4.3 REST OF LATIN AMERICA Thermoplastic Composites, By Resin
12.2.5 Middle East & Africa Thermoplastic Composites, By Resin
12.2.5.1 TURKEY Thermoplastic Composites, By Resin
12.2.5.2 NORTH AFRICA Thermoplastic Composites, By Resin
12.2.5.3 G.C.C Thermoplastic Composites, By Resin
12.2.5.4 REST OF MIDDLE EAST & AFRICA Thermoplastic Composites, By Resin
13 Competitive Landscape
13.1 Introduction
13.2 Key Developments of Major Market Players
14 Company Profiles
14.1 BASF SE
14.1.1 Company Overview
14.1.2 Financials
14.1.3 Products
14.1.4 Strategy
14.1.5 Key Developments
14.2 Owens Corning
14.2.1 Company Overview
14.2.2 Financials
14.2.3 Products
14.2.4 Strategy
14.2.5 Key Developments
14.3 Toray Industries, Inc.
14.3.1 Company Overview
14.3.2 Financials
14.3.3 Products
14.3.4 Strategy
14.3.5 Key Developments
14.4 TEIJIN Limited
14.4.1 Company Overview
14.4.2 Financials
14.4.3 Products
14.4.4 Strategy
14.4.5 Key Developments
14.5 SGL Carbon Company
14.5.1 Company Overview
14.5.2 Financials
14.5.3 Products
14.5.4 Strategy
14.5.5 Key Developments
14.6 Solvay
14.6.1 Company Overview
14.6.2 Financials
14.6.3 Products
14.6.4 Strategy
14.6.5 Key Developments
14.7 Mitsubishi Chemical Holding
14.7.1 Company Overview
14.7.2 Financials
14.7.3 Products
14.7.4 Strategy
14.7.5 Key Developments
14.8 Koninklijke Ten Cate bv
14.8.1 Company Overview
14.8.2 Financials
14.8.3 Products
14.8.4 Strategy
14.8.5 Key Developments
14.9 Hexcel Corporation
14.9.1 Company Overview
14.9.2 Financials
14.9.3 Products
14.9.4 Strategy
14.9.5 Key Developments
14.1 Du Pont
14.10.1 Company Overview
14.10.2 Financials
14.10.3 Products
14.10.4 Key Developments
14.11 Honeywell International Inc.
14.11.1 Company Overview
14.11.2 Financials
14.11.3 Products
14.11.4 Strategy
14.11.5 Key Developments
14.12 Nippon Electric Glass Co.,Ltd
14.12.1 Company Overview
14.12.2 Financials
14.12.3 Products
14.12.4 Strategy
14.12.5 Key Developments
14.13 Dowaska
14.13.1 Company Overview
14.13.2 Products
14.13.3 Strategy
14.13.4 Key Developments
14.14 Chongqing Polycomp
14.14.1 Company Overview
14.14.2 Products
14.14.3 Strategy
14.14.4 Key Developments
14.15 Huntsman International LLC.
14.15.1 Company Overview
14.15.2 Financials
14.15.3 Products
14.15.4 Key Developments
