Composite Materials Market Increasing at a Phenomenal Pace to Reach USD 136.88 Billion by 2028

30-Aug-2021 | Zion Market Research

Some of the key players of composite materials market are 3M, Dupont, Dit B.V., Composites Universal Group, Cabot Corporation, Mitsubishi Chemical Corporation, Owens Corning, Teijin Limited, Toray Industries Incorporation and SGL Group among others. Market players are Indulge in various initiatives like research and development, technology innovations, merger & acquisitions and partnerships to manufacture lightweight and cost-effective composite products.

According to analysts at Zion Market Research, “The global composite materials market is estimated for USD 74.08 Billion in 2020 and is expected to reach USD 136.88 Billion by 2028; growing at a CAGR of composite materials market will be 8.23 % from 2021 to 2028”.

This review is based on a report by Zion Market Research, titled “Composite Materials Market By Fiber Type (Glass Fiber Composites, Carbon Fiber Composites, Natural Fiber Composites and Other Fiber Composites) By Resin Type (Thermoset Composites and Thermoplastic Composites), By Manufacturing Process (Layup Process, Filament Winding Process, Injection Molding Process, Pultrusion Process, Compression Molding Process, Resin Transfer Molding Process and Others), By End-User Industry (Aerospace & Defense, Wind Energy, Automotive & Transportation, Construction & Infrastructure, Marine, Pipes & Tanks, Electrical & Electronics and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2020 – 2028.”

Global Composite Materials Market Size

Global Composite Materials Market: Overview

The composite material is also known as composition material. It consists of one or more constituent materials with different chemical or physical properties. They combine together to produce different materials with varied characteristics from individual components. This new material form is distinct in characteristic and is lighter, cost effective, and stronger than normal materials. Recently, researchers actively incorporated computation, sensing, communication, and actuation in this material, which is known as Robotic Materials.

Global Composite Materials Market: Growth Factors

Government support for fuel efficiency and increasing demand for fuel-efficient vehicles boost the global composite materials market in the near future. Major original equipment manufacturers (OEMs) are getting associated with composite material manufacturers, which is expected to boost the global market growth. Growing automotive industries also fuel the global market owing to automotive interiors such as seat covers, door panel, steering wheel, dashboard, and so on made of composite material. Composite materials are accepted by many automotive industries for safety standards and are anticipated to show significant growth in the market in future. However, carbon fiber is prominently used in the sports and luxury vehicles for automotive interiors and dashboards. It possesses high appearance and strength-to-weight ratio; this is anticipated to fuel market growth in future.

Global Composite Materials Market: Segmentation

The Composite Materials Market is segmented on the basis of Fiber Type, Resin Type , Manufacturing Process and End-User Industry

. On the basis of fiber type the market is segment as glass fiber composites, carbon fiber composites, natural fiber composites and other fiber composites. By resin type the market is segmented into thermoset composites and thermoplastic composites. On the basis of manufacturing process the market is bifurcated into layup process, filament winding process, injection molding process, pultrusion process, compression molding process, resin transfer molding process and others. On the basis of end-user industry the market is segmented into aerospace & defence, wind energy, automotive & transportation, construction & infrastructure, marine, pipes & tanks, electrical & electronics and others.

Global Composite Materials Market: Regional Analysis

North America is the leading player in the global composite materials market. This region is anticipated to grow at a faster rate due to increasing automotive production. The automotive industry is growing mainly for light vehicles in this region which is positively impacting the global composite materials market for automotive. Growing production and profitability in North America for automotive market is anticipated to the witness of high growth in next few years.

Global Composite Materials Market: Competitive Players

Some of the key players of composite materials market are 3M, Dupont, Dit B.V., Composites Universal Group, Cabot Corporation, Mitsubishi Chemical Corporation, Owens Corning, Teijin Limited, Toray Industries Incorporation and SGL Group among others. Market players are Indulge in various initiatives like research and development, technology innovations, merger & acquisitions and partnerships to manufacture lightweight and cost-effective composite products.

Browse the full Composite Materials Market By Fiber Type (Glass Fiber Composites, Carbon Fiber Composites, Natural Fiber Composites and Other Fiber Composites) By Resin Type (Thermoset Composites and Thermoplastic Composites), By Manufacturing Process (Layup Process, Filament Winding Process, Injection Molding Process, Pultrusion Process, Compression Molding Process, Resin Transfer Molding Process and Others), By End-User Industry (Aerospace & Defense, Wind Energy, Automotive & Transportation, Construction & Infrastructure, Marine, Pipes & Tanks, Electrical & Electronics and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2020 – 2028.” Report at https://www.zionmarketresearch.com/report/composite-materials-market

The global composite materials market is segmented as follows:

By Fiber Type

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

By Resin Type

  • Thermoset Composites
  • Thermoplastic Composites

By Manufacturing Process

  • Layup Process
  • Filament Winding Process
  • Injection Molding Process
  • Pultrusion Process
  • Compression Molding Process
  • Resin Transfer Molding Process
  • Others

By End-User Industry

  • Aerospace & Defence
  • Wind Energy
  • Automotive & Transportation
  • Construction & Infrastructure
  • Marine
  • Pipes & Tanks
  • Electrical & Electronics
  • Others

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

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