Composite Materials Market

Composite Materials Market is valued at USD 116.1 Billion in 2021 and expected to reach USD 187.7 Billion by 2028 with the CAGR of 7.1% over the forecast period.  Increasing automotive sectors also power the global market due to automotive interiors such as door panel, seat covers, dashboard, steering wheel, and so on created from composite material.

Scope of The Composite Materials Market Report:

The composite material is also dubbed as composition substance. It has one or more constituent substances with different physical or chemical features. They mix together to create different substances with different characteristics from separate elements. This new substance formed is cost effective, lighter, and stronger and is distinct in characteristic as compared to normal materials. Lately, researchers actively added sensing, computation, actuation, and communication in this material, which is dubbed as Robotic Materials.

The global composite materials market is divided by application as exterior, powertrain, interior, structural, and others. The composite materials market is further divided by composite materials as ceramic matrix composite (CMC), glass fiber reinforced plastic (GFRP), metal matrix composite (MMC), polymer matrix composite (PMC), natural fiber reinforced plastic (NFRP), and carbon fiber reinforced plastic (CFRP). Of these, natural fiber reinforced plastic (NFRP) is the leading composite materials section in the global composite materials market.

Glass fiber composites, in terms of volume and value, ruled the global composites market. The glass fibers are high in requirement as they are affordable and have superior mechanical & physical properties such as durability, strength, stability, flexibility, and lightweight. The glass fiber composites are mostly employed in pipes & tanks, wind energy, construction & infrastructure, and electrical & electronics segments.

Thermoset composites are low on maintenance and durable. Thermoset resins have high performance features and are also low in cost; thereby are in high demand. Thermoset composites are widely used in the aerospace & defense, transportation, electricals & electronics, marine, and wind energy end-use sectors. The development of these sections is predicted to power market growth.

The strength-to-weight ratio of most composites is more as compared to aluminum and steel. The drop in weight for a specific level of strength makes the employment of composites essential in the transportation sector. Environmental laws related to emission standards, particularly in Europe, North America, and China, are the major powering factors behind the launch of more fuel-efficient and lightweight composites in transportation.

Report Analysis	Details
Historical data	2018 - 2021
Forecast Period	2022 - 2028
Market Size in 2021:	USD 116.1 Billion
Base year considered	2021
Forecast Period CAGR %:	7.1%
Market Size Expected in 2028:	USD 187.7 Billion
Tables, Charts & Figures:	175
Pages	196
Composite Materials Companies	Tetra-Dur GmbH, BASF, DSM Composite Resin, DuPont, RTP, Lorenz GmbH
Segments Covered	By Fiber Type, By Resin Type, By Manufacturing Process, By End-User
Regional Analysis	North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa

 

Composite Materials Market Key Segmentation:

By Fiber Type

• Glass Fiber Composites
• Carbon Fiber Composites
• Natural Fiber Composites
• Fiber Composites

By Resin Type

• Thermoset Composites
• Thermoplastic Composites 

By Manufacturing Process

• Lay-up
• Filament Winding
• Injection Molding
• Pultrusion
• Compression Molding
• RTM

By End-User

• Aerospace & Defense
• Wind Energy
• Transportation
• Construction & Infrastructure
• Marine
• Pipe & Tank
• Electrical & Electronics
• Others

Composite Materials Market

The major players included in the global composite materials market forecast are,

• Tetra-Dur GmbH
• BASF
• DSM Composite Resin
• DuPont
• RTP
• Lorenz GmbH

Increasing Requirement For Fuel-Efficient Vehicles Will Boost The Global Composite Materials Market In The Coming Future

Increasing requirement for fuel-efficient vehicles and government support for fuel-efficiency will boost the global composite materials market in the coming future. Major OEMs (original equipment manufacturers) are getting associated with composite material makers. This is predicted to power the global market growth. Increasing automotive sectors also power the global market due to automotive interiors such as door panel, seat covers, dashboard, steering wheel, and so on created from composite material. Composite materials are adopted by many automotive sectors for security standards and are predicted to show significant development in the market in future. Natural fiber-reinforced plastic composite is preferred majorly for automotive interiors owing to different applications such as seat trims, flooring, gear knobs, and others. However, CFRP (carbon fiber-reinforced plastic) is used prominently in the luxury and sports vehicles for automotive dashboards and interiors. It has high strength-to-weight ratio and appearance; this is predicted to power market growth.

North America Is The Top Player In The Global Composite Materials Market

North America is the top player in the global composite materials market. This area is predicted to develop at a quicker rate owing to rising production of automotive. The automotive sector is increasing majorly for light cars in this area.

On Special Requirement Composite Materials Market Report is also available for the below Regions and Country:

North America

• U.S.
• Canada

Europe

• Germany
• France
• U.K.
• Italy
• Spain
• Sweden
• Netherland
• Turkey
• Switzerland
• Belgium
• Rest of Europe

Asia-Pacific

• South Korea
• Japan
• China
• India
• Australia
• Philippines
• Singapore
• Malaysia
• Thailand
• Indonesia
• Rest Of APAC

Latin America

• Mexico
• Colombia
• Brazil
• Argentina
• Peru
• Rest of South America

Middle East and Africa

• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest Of MEA

Key Benefits for Global Composite Materials Market Report–

• Global Composite Materials Market report covers in depth historical and forecast analysis.
• Global Composite Materials Market research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market opportunities, Competitive Analysis, Regional and Country Level.
• Global Composite Materials market report helps to identify opportunities in market place.
• Global Composite Materials market report covers extensive analysis of emerging trends and competitive landscape.