The Composites by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2024-2033).
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As per The Business Research Company's analysis of the composites sector, the market has experienced a remarkable surge, witnessing a robust expansion from $97.06 billion in 2024 to an estimated $107.19 billion in 2024, marking a noteworthy compound annual growth rate (CAGR) of 10.4%. This growth trajectory in the historical period can be attributed to an escalating awareness of the environmental advantages associated with composites, a heightened demand for fuel-efficient vehicles, increased utilization of composites in the construction sector, burgeoning wind energy initiatives, and the corrosion resistance exhibited in the chemical industry.
Projections for the composites market size indicate a formidable upward trend in the coming years, anticipated to reach $154.82 billion by 2028, propelled by a substantial CAGR of 9.6%. This anticipated growth in the forecast period is driven by factors such as the expanding electric vehicle landscape, a surge in infrastructure renewal projects, heightened adoption within the marine industry, space exploration initiatives, and an augmented demand for composites within the defense sector. Noteworthy trends set to shape this period encompass the emergence of bio-based composites, the integration of smart composites, a heightened emphasis on recycling and circular economy principles, the integration of digital twin technology, and the utilization of hybrid composites.
Growth in the automotive and aerospace sectors is expected to propel the growth of the composites market. In the automotive and aerospace industries, composites are used to provide improved performance, corrosion resistance, and fuel savings. For instance, in November 2022, according to the Aerospace Industries Association (AIA), a US-based trade association for makers and distributors of civil, military, and business aircraft, helicopters, unmanned aerial vehicles (UAVs), space systems, and aircraft, exports from the A&D business increased by 11.2 % to an overall value of $100.4 billion in 2022. Also, according to IBEF, Indian automobile exports stood at 1,419,430 units from April 2021 to June 2021 as compared to 436,500 units from previous year same period. Therefore, the growth in the automotive and aerospace sectors is driving the growth of the composites market.
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The composites market covered in this report is segmented –
1) By Product: Carbon Fiber, Glass Fiber
2) By Manufacturing Process: Layup Process, Filament Winding Process, Injection Molding Process, Pultrusion Process, Compression Molding Process, Resin Transfer Molding Process, Other Processes
3) By Resin Type: Thermoset Composites, Thermoplastic Composites
4) By End-Use Industry: Aerospace and defense, Wind Energy, Automotive and Transportation, Construction & Infrastructure, Marine, Pipe and Tank, Electrical and Electronics, Other End-Users
Within the composites market, technological advancements are assuming a pivotal role and are gaining widespread recognition. Notably, innovations aimed at reducing the structural mass of composites represent a crucial facet of technological progress. A case in point is the landmark achievement by Hexcel Corporation in June 2021. This US-based manufacturer of reinforcement products, composite materials, and engineered products successfully orchestrated the inaugural flight of a lightweight camera drone. Crafted with Hexcel HexPly carbon fiber prepregs, the composite drone was a collaborative effort by students from the University of Applied Sciences Upper Austria in Wels. The utilization of Hexcel's composite materials enabled the team to achieve a remarkable 42% reduction in structural mass compared to analogous drones. This exemplifies a pioneering stride in advancing composite technology and underscores the transformative impact of such innovations on the industry landscape.
The composites market report table of contents includes:
1. Executive Summary
2. Composites Market Characteristics
3. Composites Market Trends And Strategies
4. Composites Market - Macro Economic Scenario
5. Global Composites Market Size and Growth
.....
31. Global Composites Market Competitive Benchmarking
32. Global Composites Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Composites Market
34. Composites Market Future Outlook and Potential Analysis
35. Appendix
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