The global composites market value is USD80.1 billion by 2019 Composites market is expected to grow at a CAGR of 6.1% during the forecast period.
Covid19 has disrupted the all the markets across the globe. The pandemic has caused declined in composites market by impacting constructional, wind energy, aerospace & defense and automotive sector. The shutdown of industries has negatively impacted the composites markets.):
The growing demand of automotive sector across the globe has driving the composites market. The demand of composites is higher from automotive industry and growth of automotive sector will lead to increase in demand of composites market.
For more details, visit: Global Composites Market By Fiber Type (Glass, Carbon, Others), By Resin Type (Thermosetting, Thermoplastic, Others), By End-User (Wind Energy, Automotive & Transportation, Others), By Region–Forecast & Opportunities to 2026
Based on fiber type the composites market is segmented into glass fiber composites, carbon fiber composites Natural fiber composites and others. The carbon fiber segment is estimated to register growth at highest CAGR of XX% during the forecast period. The adoption of carbon fiber composites are increasing in marine and wind energy applications
Based on resin type the composites market is segmented into thermoplastic composites, thermosetting composites and others. The thermosetting composites segment has accounted for 72% market share which largest. Increasing demand of thermosetting composite in transportation, aerospace and defense industry is driving the market toward growth during forecast period
Based on end-user type the composites market is segmented into automotive & transportation, aerospace & defense, wind energy, marine, construction & infrastructure and pipes & tanks. The automotive and transportation industry accounted for maximum market share of XX% in 2019.
Asia-Pacific region is accounted for largest market share of XX% in 2019. The growth of various industries such as automotive, electrical & electronics, aerospace and construction has attributed the composites market in this region. This region is estimated to register growth a highest CAGR during the forecast period. Various industries are establishing Asia-Pacific region creating huge opportunities for growth in this region.
The key market players in composites region are Teijin Ltd., Toray Inc., Owens Corning, PPG Inc, Huntsman Corp. LLC, SGL Group, Hexcel Corp., DuPoint, Compagine de Saint-Gobain S.A, Weyerhaeuser Company, Momentive performance Materials Inc., Cytec Industries., Jushi Group Co., Mitsubishi chemicals Holding Corp., and Nippon Electric glass Co.
- What are the expected industry trends over the next three to five years?
- Which of the composites fiber type is likely to lead by 2025?
- Which of the end-user segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2025?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?