Composites Market to Surpass USD 172.27 Billion by 2031, Witnessing 7.1% CAGR Growth | SkyQuest Technology
Westford, USA, Aug. 12, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that Global Composites Market will attain a value of USD 172.27 Billion by 2031, with a CAGR of 7.2% over the forecast period (2024-2031). Used in the aerospace and defence industries, since composites lower the weight of military aircraft and helicopters in a manner that is remarkable. Weight loss is thought to be crucial for improving performance in general and fuel efficiency, and it is anticipated to become the primary factor driving the industry's expansion. The global COVID-19 outbreak has had a substantial effect on supply chains since key economies have halted commerce.
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Browse in-depth TOC on the " Composites Market "
- Pages - 165
- Tables - 95
- Figures – 76
Composites Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $99.52 Billion |
| Estimated Value by 2031 | $172.27 Billion |
| Growth Rate | Poised to grow at a CAGR of 7.1% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Fibre Type, Resin Type, End-use Industry, and Manufacturing Process |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Rise of thermoplastic composites |
| Key Market Opportunities | High advancements in material science increase the applications for composites |
| Key Market Drivers | Versatile applications of composite materials across industries |
Glass Fiber to Dominate Due to Corrosion Resistance and Ease of Manufacturing
The main reason why glass fibre products have taken over the global composites market is their versatility and cost-effectiveness. Their widespread use is attributable to their corrosion resistance, ease of manufacturing and high strength to weight ratio. These features make them ideal for use in various other sectors such as wind energy, aerospace automotive and building therefore leading to maintained dominance of glass fibre composites.
Layup Manufacturing Process to be the Largest Growing Sub-Segment Due to Precise Material Control
The layup manufacturing process leads the global composite market due to its adaptability and ability to form fine structures; this method uses fiber reinforcements that are laid in resin matrices thereby controlling precisely material thickness and orientation. Layup is becoming more and more popular due to its adaptability and suitability for both large-scale manufacturing and customised designs.
Rising Demand in Key Sectors Helped Asia Pacific to Dominate the Market
In the global market, Asia Pacific will have the largest revenue share. The growing demand in important industries like building and construction, automotive and transportation, aerospace and military, and electrical and electronics is expected to be very beneficial to players in this market. Furthermore, the rapidly urbanising cities and the presence of many producers such as Mitsubishi Chemical Holdings Corporation is projected to assist the regional market.
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Composites Market Insight
Drivers:
- Versatile Applications of Composite Materials Across Industries
- Increasing Infrastructure Development Expands the Demand for Composites Globally
- Growing Cost-Effectiveness Due to Enhanced Composite Production
Restraints:
- Growing Complexity of Manufacturing Processes limits the Growth of Composites
- Limited Material Knowledge Hampers the Growth of Composites
- Raw Material Shortage and Shipping Delays
Prominent Players in Composites Market
The following are the Top Composites Companies
- DOW (US)
- Halocarbon, LLC (US)
- Freudenberg SE (Germany)
- The Chemours Company (US)
- Metalubgroup (Israel)
- Huntsman International LLC (US)
- Bostik (France)
- H.B. Fuller Company (US)
- Sika AG (Switzerland)
- Cardolite Corporation (US)
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Key Questions Answered in Global Composites Market Report
- What is SkyQuest predicting will be the size of the global composites market by 2031, and what reasons are fueling this growth?
- Why does glass fibre control the world market for composites?
- Which region is anticipated to lead the global composites market, and what are the main causes behind this dominance?
This report provides the following insights:
- Analysis of key drivers (Wide range of intricately engineered parts, many different ways to use the materials, finishing options are readily available and fabricate almost any part for any application), restraints (Tight environmental policies, management of composite end-of-life waste and issues raised by plastic trash), opportunities (New composite formulations are being engineered, tailored functionalities & improved processing capabilities and being essential components in the renewable energy landscape), and challenges (Intricate procedures such as post-processing and higher production costs compared to conventional materials) influencing the growth of composites market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the composites market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the composites market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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