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Composites Market Research Report – Segmented By Region (North America, Europe, Asia-Pacific, Middle-East & Africa, Latin America) – Analysis on Size, Share, Trends, COVID-19 Impact, Competitive Analysis, Growth Opportunities and Key Insights from 2019 to 2030.
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Published date -30th Jan 2024
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Formats -PDF, CSV
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Region -Global
Composites Market Analysis
Composites Market Size & CAGR
The global composites market size was estimated to be USD 82.3 billion in 2023 with a Compound Annual Growth Rate (CAGR) of 5.2% from 2018 to 2023. The forecasted growth rate from 2023 to 2030 is expected to be around 6.8% annually, reaching a market size of USD 124.6 billion by the end of 2030.
COVID-19 Impact on the Composites Market
The COVID-19 pandemic had a significant impact on the composites market, leading to disruptions in the global supply chain, reduced demand from end-user industries, and delays in project timelines. The construction and automotive sectors, which are major consumers of composites, experienced a slowdown due to lockdowns and restrictions. However, the market has shown resilience and is expected to recover gradually as economies reopen and industrial activities resume.
Composites Market Dynamics
The composites market is driven by factors such as increasing demand for lightweight and high-performance materials in various industries, advancements in manufacturing technologies, and growing investments in research and development. However, the market faces challenges related to high raw material costs, limited recyclability of composites, and stringent regulations. Opportunities lie in the development of bio-based composites, application in aerospace and defense, and innovations in composite recycling.
Segments and Related Analysis of the Composites Market
The composites market can be segmented based on resin type, fiber type, manufacturing process, end-use industry, and region. By resin type, the market is divided into thermoset and thermoplastic composites. On the other hand, the fiber type segment includes glass, carbon, aramid, and others. In terms of manufacturing process, composites can be classified as hand lay-up, spray lay-up, filament winding, resin transfer molding, and others. The major end-use industries for composites are automotive, aerospace, construction, marine, and wind energy.
Composites Market Analysis Report by Region
Asia Pacific Composites Market Report
The Asia Pacific region dominates the composites market, driven by the rapid growth in industries such as automotive, construction, and electronics. Countries like China, Japan, and India are major contributors to the market, with increasing investments in infrastructure development and technological advancements.
South America Composites Market Report
South America has a growing composites market, fueled by the expanding construction and transportation sectors. Brazil, Argentina, and Chile are key players in the region, with a focus on renewable energy projects and automotive lightweighting initiatives.
North America Composites Market Report
North America is a mature market for composites, with the United States leading in terms of production and consumption. The aerospace and defense industries drive demand for high-performance composites, while the automotive sector focuses on carbon fiber applications for lightweighting and fuel efficiency.
Europe Composites Market Report
Europe is a significant player in the composites market, with countries like Germany, France, and the UK at the forefront of innovation and technology. The automotive industry in Europe is a major consumer of composites, with a shift towards electric vehicles and sustainability driving the market.
Middle East and Africa Composites Market Report
The Middle East and Africa region show potential for growth in the composites market, driven by investments in infrastructure development, oil and gas projects, and renewable energy initiatives. Countries like the UAE, Saudi Arabia, and South Africa offer opportunities for composites manufacturers.
[...]Related Industries
Composites Market FAQs
1. What is the market size of the Composites?
The global composites market size was valued at USD 90.6 billion in 2020 and is projected to reach USD 131.6 billion by 2025, growing at a CAGR of 7.7% during the forecast period.
2. What are the key market players or companies in the Composites industry?
Some of the key players in the composites industry include Toray Industries Inc., SGL Carbon SE, Hexcel Corporation, Owens Corning, Teijin Limited, and Solvay S.A., among others.
3. What are the primary factors driving the growth in the Composites industry?
The primary factors driving the growth in the composites industry include increased demand from end-use industries such as aerospace, automotive, and construction, the lightweight and high-performance properties of composites, and advancements in manufacturing technologies.
4. Which region is identified as the fastest-growing in the Composites?
Asia-Pacific is identified as the fastest-growing region in the composites market, driven by the increasing industrialization, infrastructural development, and growth in end-use industries in countries like China, India, and Japan.
5. Does ConsaInsights provide customized market report data for the Composites industry?
Yes, ConsaInsights provides customized market report data for the composites industry tailored to the specific needs and requirements of clients, offering in-depth analysis, insights, and forecasts.
6. What deliverables can I expect from this Composites market research report?
The composites market research report includes comprehensive market analysis, industry trends, competitive landscape assessment, market segmentation, growth opportunities, and future outlook, providing valuable insights for decision-making and strategic planning.