[186 Pages Report] The Composites Market size was estimated at USD 89.83 billion in 2023 and expected to reach USD 95.68 billion in 2024, at a CAGR 7.49% to reach USD 148.96 billion by 2030.
Composites are a combination of two or more distinct materials that retain their individual properties while also exhibiting new and improved characteristics as a result of their interaction with each other. Composites are engineered with the aim of optimizing the performance and functionality of products by capitalizing on the unique advantages offered by each constituent material. The increasing demand for lightweight materials in industries such as aerospace, automotive, and transportation and the growing focus on fuel efficiency increases the adoption of composites. However, high manufacturing costs of composite materials and limited material recyclability may hinder market growth. Nevertheless, innovations in advanced recycling techniques enable effective recovery and reuse of valuable composite components, thus creating lucrative opportunities for the development of the market.
The Americas, particularly the United States, has a strong presence in the composites industry, with a significant focus on aerospace, automotive, and infrastructure applications. The region consists of several composite manufacturers, research institutions, and industry associations developing R&D activities for the advanced engineered materials and manufacturing process associated with the composite. The increasing adoption of composites in several sectors is influenced by economic growth, infrastructure development, and the pursuit of lightweight and sustainable solutions, especially in the Asia-Pacific and EMEA region. China and Japan have witnessed significant investments in the aerospace industry, driving the demand for composites in aircraft manufacturing. The automotive industry in Japan, South Korea, China, Germany, France, and the United Kingdom actively embraces composites to achieve lightweight and improve fuel efficiency. The construction, energy, and marine sectors in countries such as China, India, and Japan also utilize composites for various applications, including building facades, renewable energy projects, and boat and ship construction. Further, the United Kingdom, France, and the United Arab Emirates highly employ composites for building facades, bridges, and reinforcement materials. The renewable energy sector in countries of Germany, Spain, and Denmark has adopted composites for wind turbine blades and solar panel structures for lightweight and high-strength properties, contributing to the growth of clean energy generation. Moreover, marine industries in Norway, Italy, and the Netherlands utilize composites in boat and ship construction for weight reduction, corrosion resistance, and improved fuel efficiency.
The market dynamics represent an ever-changing landscape of the Composites Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.
- Market Drivers
- Increasing utilization of the composites for multiple applications
- Favorable government support for development of construction & infrastructure projects
- Market Restraints
- Associated high cost of raw materials and recycling issues
- Market Opportunities
- Emergence of natural composites
- Emerging advancement in composite manufacturing technology
- Market Challenges
- Limited standardization in composite manufacturing process
Type: Increasing adoption of polymer matrix composites due to their cost-effectiveness
Carbon matrix composites (CMC) consists of a carbon fiber reinforcement embedded in a carbon matrix. These composites are characterized by their high strength-to-weight ratio, enhanced thermal stability, and low coefficient of thermal expansion. Ceramic matrix composites (CMCs) comprise ceramic fibers embedded within a ceramic matrix. Their main advantages include high-temperature resistance, low density compared to metals, and excellent wear resistance. Metal matrix composites (MMCs) are metal-based matrices reinforced with ceramic or metallic fibers or particles. MMCs offer enhanced mechanical properties such as a high strength-to-weight ratio, increased fatigue resistance, and improved stiffness compared to conventional metals. Polymer matrix composites (PMCs) comprise a polymer matrix reinforced with various fibers such as glass, carbon, and aramid. PMCs offer benefits, including lightweight strength, corrosion resistance, and design flexibility.
Manufacturing Process: Proliferating use of injection molding process owing to its ability to produce high volumes of identical parts quickly
Compression molding is a closed molding process that involves the application of heat and pressure to cure composite materials. This process is well-suited for manufacturing large, complex parts with high strength and stiffness requirements. Filament winding involves winding continuous fibers impregnated with resin around a rotating mandrel to create hollow structures. The technique offers precise control over fiber placement and can produce lightweight structures with high strength-to-weight ratios. Injection molding is a process in which heated composite material is injected into a closed mold under high pressure. It is suitable for producing high volumes of identical parts quickly while maintaining tight tolerances and dimensional accuracy. Lay-up processes include hand lay-up and automated tape laying, which involve placing pre-impregnated or wetted fibers onto a mold surface and consolidating them through curing. This method is suitable for fabricating large-scale composite structures with complex geometries, such as wind turbine blades, boat hulls, and aircraft components. Pultrusion is a continuous manufacturing process that involves pulling resin-impregnated fibers through a heated die to cure the material into constant cross-sectional profiles. Resin transfer molding is an enclosed molding process in which dry reinforcement fibers are placed into a closed mold, and liquid resin is introduced under pressure.
The market disruption analysis delves into the core elements associated with market-influencing changes, including breakthrough technological advancements that introduce novel features, integration capabilities, regulatory shifts that could drive or restrain market growth, and the emergence of innovative market players challenging traditional paradigms. This analysis facilitates a competitive advantage by preparing players in the Composites Market to pre-emptively adapt to these market-influencing changes, enhances risk management by early identification of threats, informs calculated investment decisions, and drives innovation toward areas with the highest demand in the Composites Market.
The porter's five forces analysis offers a simple and powerful tool for understanding, identifying, and analyzing the position, situation, and power of the businesses in the Composites Market. This model is helpful for companies to understand the strength of their current competitive position and the position they are considering repositioning into. With a clear understanding of where power lies, businesses can take advantage of a situation of strength, improve weaknesses, and avoid taking wrong steps. The tool identifies whether new products, services, or companies have the potential to be profitable. In addition, it can be very informative when used to understand the balance of power in exceptional use cases.
The value chain of the Composites Market encompasses all intermediate value addition activities, including raw materials used, product inception, and final delivery, aiding in identifying competitive advantages and improvement areas. Critical path analysis of the <> market identifies task sequences crucial for timely project completion, aiding resource allocation and bottleneck identification. Value chain and critical path analysis methods optimize efficiency, improve quality, enhance competitiveness, and increase profitability. Value chain analysis targets production inefficiencies, and critical path analysis ensures project timeliness. These analyses facilitate businesses in making informed decisions, responding to market demands swiftly, and achieving sustainable growth by optimizing operations and maximizing resource utilization.
The pricing analysis comprehensively evaluates how a product or service is priced within the Composites Market. This evaluation encompasses various factors that impact the price of a product, including production costs, competition, demand, customer value perception, and changing margins. An essential aspect of this analysis is understanding price elasticity, which measures how sensitive the market for a product is to its price change. It provides insight into competitive pricing strategies, enabling businesses to position their products advantageously in the Composites Market.
The technology analysis involves evaluating the current and emerging technologies relevant to a specific industry or market. This analysis includes breakthrough trends across the value chain that directly define the future course of long-term profitability and overall advancement in the Composites Market.
The patent analysis involves evaluating patent filing trends, assessing patent ownership, analyzing the legal status and compliance, and collecting competitive intelligence from patents within the Composites Market and its parent industry. Analyzing the ownership of patents, assessing their legal status, and interpreting the patents to gather insights into competitors' technology strategies assist businesses in strategizing and optimizing product positioning and investment decisions.
The trade analysis of the Composites Market explores the complex interplay of import and export activities, emphasizing the critical role played by key trading nations. This analysis identifies geographical discrepancies in trade flows, offering a deep insight into regional disparities to identify geographic areas suitable for market expansion. A detailed analysis of the regulatory landscape focuses on tariffs, taxes, and customs procedures that significantly determine international trade flows. This analysis is crucial for understanding the overarching legal framework that businesses must navigate.
The regulatory framework analysis for the Composites Market is essential for ensuring legal compliance, managing risks, shaping business strategies, fostering innovation, protecting consumers, accessing markets, maintaining reputation, and managing stakeholder relations. Regulatory frameworks shape business strategies and expansion initiatives, guiding informed decision-making processes. Furthermore, this analysis uncovers avenues for innovation within existing regulations or by advocating for regulatory changes to foster innovation.
The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Composites Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Composites Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Michelin completes the acquisition of Flex Composite Group
Michelin Group has acquired Flex Composite Group to enhance its offerings in high-tech materials and further solidify its market position. This acquisition combined its innovation and research and development expertise with Flex Composite Group's advanced customer intimacy and industrial process expertise to unlock deep-innovation synergies in a broad range of products and applications. [Published On: 2023-09-23]
Partnership approach sees Lucideon and the National Composites Centre deliver next generation ceramic composites solutions
Lucideon Limited and the National Composites Centre (NCC) have joined into a Memorandum of Understanding (MoU) to offer a complete range of services related to using oxide and non-oxide ceramic composite materials for various applications. This collaboration aims to foster the development of innovative materials and manufacturing processes, ultimately leading to a significant improvement in technology performance and survivability. [Published On: 2023-08-16]
Talpasolutions closes Euro 15 million Series B to boost industrial intelligence in heavy industry
TalpaSolutions, an industrial intelligence company, recently closed their Series B funding round at USD 16.24 million. This funding allows them to expand their technology solutions across the heavy industry sector and provide more intelligent construction machinery telematics solutions to help reduce unplanned downtime and cost overruns. Through artificial intelligence of sensors and other data points, they can create smarter insights in faster time-frames to better predict performance failures and optimize operational cycles. This technology promises more successful outcomes for companies in the heavy industry sector. [Published On: 2023-03-29]
The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Composites Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
The report delves into recent significant developments in the Composites Market, highlighting leading vendors and their innovative profiles. These include ARRIS Composites, Inc., BASF SE, Celanese Corporation, China Jushi Co., Ltd., Compagnie Chomarat, Compagnie de Saint-Gobain S.A., Covestro AG, Creative Composites Group, DuPont de Nemours, Inc., Evonik Industries AG, Flex Composite Group, General Electric Company, Gurit Services AG, Heico Corporation, Hexcel Corporation, Hexion Inc., Honeywell International Inc., Huntsman Corporation, Kineco Limited, LAMILUX Heinrich Strunz Holding GmbH & Co. KG, LyondellBasell Industries Holdings B.V., Mitsubishi Chemical Corporation, Nippon Electric Glass Co., Ltd., Owens Corning, Performance Composites Inc., Safran Group, Schütz GmbH & Co. KGaA, SGL CARBON SE, Sigmatex (UK) Limited, Sika AG, Solvay S.A., Strongwell Corporation, Teijin Limited, Toray Industries, Inc., and TPI Composites Inc..
This research report categorizes the Composites Market to forecast the revenues and analyze trends in each of the following sub-markets:
- Type
- Carbon Matrix Composites
- Ceramic Matrix Composites
- Metal Matrix Composites
- Polymer Matrix Composites
- Manufacturing Process
- Compression Molding
- Filament Winding
- Injection Molding
- Lay-up
- Pultrusion
- Resin Transfer Molding
- End-Use
- Aerospace & Defense
- Automotive
- Construction
- Consumer Goods
- Energy & Wind
- Marine
- Sports & Leisure
- Region
- Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- California
- Florida
- Illinois
- New York
- Ohio
- Pennsylvania
- Texas
- Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
- Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
- Americas
- Market Penetration: This section thoroughly overviews the current market landscape, incorporating detailed data from key industry players.
- Market Development: The report examines potential growth prospects in emerging markets and assesses expansion opportunities in mature segments.
- Market Diversification: This includes detailed information on recent product launches, untapped geographic regions, recent industry developments, and strategic investments.
- Competitive Assessment & Intelligence: An in-depth analysis of the competitive landscape is conducted, covering market share, strategic approaches, product range, certifications, regulatory approvals, patent analysis, technology developments, and advancements in the manufacturing capabilities of leading market players.
- Product Development & Innovation: This section offers insights into upcoming technologies, research and development efforts, and notable advancements in product innovation.
- What is the current market size and projected growth?
- Which products, segments, applications, and regions offer promising investment opportunities?
- What are the prevailing technology trends and regulatory frameworks?
- What is the market share and positioning of the leading vendors?
- What revenue sources and strategic opportunities do vendors in the market consider when deciding to enter or exit?
- Preface
- Research Methodology
- Executive Summary
- Market Overview
- Market Insights
- Composites Market, by Type
- Composites Market, by Manufacturing Process
- Composites Market, by End-Use
- Americas Composites Market
- Asia-Pacific Composites Market
- Europe, Middle East & Africa Composites Market
- Competitive Landscape
- Competitive Portfolio
- List of Figures [Total: 22]
- List of Tables [Total: 302]
- List of Companies Mentioned [Total: 35]
Ever wished for stuff to magically mend itself when it is damaged? Well, guess what? Self-healing composites are turning that dream into reality. These materials are the superheroes of the material world, and they are changing the game in industries from aerospace to construction.
Self-healing composites are all about fixing themselves when things go south. They have got a few tricks up their sleeves such as they hide tiny capsules filled with special healing substances, and when the materials cracks or gets damaged, these capsules burst and release the substance. Inside these composites, there is a liquid that flows through and when there is damage, this liquid oozes out and fixes things up. It is like having their own repair crew on standby.
In December 2022, CompPair, EPFL spin-off, successfully closed a seed round of USD 1052266.55 for its new self-healing composites. These self-healing composites are popping up in all sorts of places, such as aerospace, cars, construction, and gadgets. In the automotive world, self-healing composites are guarding car bodies and parts. Fewer visits to the repair shop mean happier wallets and cars that last longer. Ever dropped a smartphone and prayed it survived the fall? Self-healing composites protect the gadgets, making them tougher than ever.
Self-healing composites are like the hidden heroes of the material world. While they are not able to eliminate the need for repairs entirely, they are extending the lifespan of products, cutting down on waste, and making things sturdier.
Lightweight and Durability:
One of the major advantages of composites is their high strength-to-weight ratio. Unlike metals or ceramics, composites can be lightweight yet highly durable, making them ideal for applications requiring high performance and efficiency. For example, in aerospace and defense, composites are used for aircraft structures, missiles, and marine vessels, where weight reduction and damage resistance are critical. Similarly, in sports equipment, such as skis, bikes, and tennis rackets, composites help athletes achieve better performance and speed.
Versatile and Customizable:
Composites offer a wide range of options for customization, including fiber type, matrix material, and manufacturing method. This versatility allows manufacturers to tailor the properties of composites to meet specific requirements for strength, stiffness, heat resistance, and corrosion resistance. As a result, composites have found their way into many diverse fields, such as medical devices, wind turbines, and bridge decks, where standard materials may not be adequate. Moreover, composites can be molded into complex shapes and sizes, allowing for greater design flexibility and innovation.
Sustainable and Eco-friendly:
Composites have a lower carbon footprint than traditional materials, such as metal alloys or concrete. Manufacturing composites requires less energy and emits fewer greenhouse gases than other manufacturing processes. Additionally, composites can be recycled or reused at the end of their lifecycle, reducing waste and conserving resources. As the world becomes more aware of environmental issues and seeks sustainable solutions, composites will likely become even more popular.
Advancements in Manufacturing Techniques:
New technological advances, such as additive manufacturing, automation, and robotics, make composites more accessible and cost-effective. For example, 3D printing of composites allows for faster and more precise manufacturing with less material waste. Furthermore, automation and robotics help reduce human error and improve productivity in composite manufacturing, making it more efficient and reliable. As these technologies advance, we may see more widespread use of composites in everyday products and systems.
Opportunities and Challenges:
While composites offer many benefits and opportunities for innovation, some challenges need to be addressed. These include the high cost of manufacturing compared to traditional materials, the need for skilled labor and specialized equipment, and the lack of standards and regulations for composite design and manufacturing. To fully realize the potential of composites, it is necessary to overcome these challenges and develop a sustainable and competitive composite industry that can meet the demands of different markets.
The growing importance of composites in today's industries is driven by their unique characteristics, such as lightweight, durability, versatility, and sustainability, as well as the advancements in manufacturing techniques that make them more accessible and cost-effective. As the world faces new challenges and demands, composites will likely play a key role in shaping the future of manufacturing and innovation. However, it is also important to address the challenges and limitations of composites and work towards a more sustainable and competitive composite industry that can meet the needs of different markets.
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