Composites are used in a variety of end-use industries, including aerospace & defense, transportation, wind energy, marine, pipes & tanks, construction & infrastructure, and electrical & electronics. Led by strong end-user demand, the composites market is expected to grow at a rapid pace. However, amidst the global COVID-19 pandemic, the demand for composites from the industries mentioned above is expected to show a sharp decline. The global composites market size is projected to reach USD 126.3 billion by 2026, registering a CAGR of 7.5% from 2021 to 2026. The global composites market size is expected to grow from USD 88.0 billion in 2021 to USD 126.3 billion by 2026, at a CAGR of 7.5% during the forecast period.
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The aerospace & defense end-use industry is the largest consumer of composites in terms of value. Composites are corrosion-resistant and are not subject to fatigue damage. The benefits of using composites in the aerospace & defense industry include cost-effectiveness, part consolidation, dimensional stability, and corrosion resistance. More fatigue capability is achieved over traditional jetliners with advanced carbon fiber composite design, enabling bigger passenger windows and lower cabin altitude.
Various types of fibers, such as glass fiber, carbon fiber, natural fibers, among others, are used as composites. The glass fiber composite has the highest demand for transportation, wind energy, construction & infrastructure, and other industries. China is the major market for glass fiber composites with assembly, fabrication, and R&D centers for many international wind energy OEMs, such as Seimens Gamesa and LM wind Power. With China, Germany, the US, Spain being the most affected countries, the entire supply chain in the wind energy industry is disrupted globally. The lockdown of international borders has reduced the demand for glass fiber composites in Europe and North America.
Over the past years, companies have strengthened their position in the global composites market by adopting expansions, partnerships, agreements, new product/technology launches, joint ventures, contracts, and mergers & acquisitions. However, owing to lockdown announced by several countries in 2020, the demand for composites from wind turbine installations, automotive and aircraft manufacturing, and construction sectors has declined sharply. For instance, the demand for composites from two major commercial aircraft manufacturers, Boeing and Airbus, has decreased drastically due to zero orders for new aircraft in January and February, respectively. In the wind energy sector, international and domestic travel bans are creating problems in the routine maintenance, operations, and procurement of materials and related equipment, thereby reducing composites demand.
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The major manufacturers profiled in this report include Owens Corning (US), Toray Industries, Inc. (Japan), Teijin Limited (Japan), Mitsubishi Chemical Holdings Corporation (Japan), Hexcel Corporation (US), SGL Group (Germany), Nippon Electrical Glass Co. Ltd. (Japan), Huntsman International LLC. (US), and Solvay (Belgium), among others. The composites business of these companies is severely affected due to the outbreak of COVID - 19 pandemic. Reduced demand for composites from several OEMs and disruption in the supply chain have compelled the composites manufacturing companies to operate at partial capacities. However, several composite manufacturers have focused their concentration on new product development. These developments, coupled with end-use industries resuming their operations at full capacities, would create demand for composites during the forecast period. For instance, Toray Industries, Inc. has designed high tensile modulus carbon fiber and thermoplastic pellets that enable efficient production of complex rigid and lightweight parts in various composites end-use industries.
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