Driven by a rise in demand from end-user industries like automotive and transportation along with improved qualities such as high strength and modulus, long fatigue life, acoustic insulation, reduced weight, and corrosion resistance, the Global Composites Market is Forecasted to Cross US$ 120 Bn by 2028 says Ken Research Study.
A composite is a substance created from two or more constituent substances. These ingredient substances, which differ significantly from one another chemically or physically, are combined to produce a substance having characteristics that are distinct from those of the constituent substances.
Ken Research shares 3 key insights on this high-opportunity market from its latest research study.
1. Increased Adoption of Composites in Various End-User Industries Have Increased the Market’s Growth Rate
According to Research estimates, the Global Composites Market – which was valued from around US$ 50 Bn in 2017 to nearly US$ 70 Bn by 2022 – is expected to grow further to more than US$ 120 Bn opportunity by 2028.
Some of the factors that propel the growth of the composites market over the forecast period include rising demand for lightweight materials and fuel-efficient vehicles in the transportation sector, rising carbon fiber usage in wind blades, soaring applications from construction and infrastructure appliances, and rising demand for glass fiber-reinforced composite pipes in sewage and water management.
2. High Growth Rate of Thermoplastic Composites is Benefiting the Market Growth
Thermoplastic composites are highly demanded by the end-user industries including automotive, aerospace, construction, oil and gas, and materials handling. The product’s capacity to use quick cycle time thermoforming part manufacturing procedures, minimal moisture uptake requirements, and strong, damage-resistant material are the driving factors for its rise in the aforementioned industries.
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In many sectors, the substance has varied functions. In the aerospace and defense industries, thermoplastic composites, for instance, are used to minimize corrosion and the total weight of aircraft construction. In addition, compared to conventional materials, maintenance costs for aircraft made of composite materials have dropped significantly. Numerous qualities of thermoplastic composites include their excellent strength, small weight, resilience to the elements, and variety of surface textures.
3. Improper Composite Waste Disposal to Stagnate the Market Growth
A few of the challenges that are limiting the market include higher expenses, strict environmental regulations, and restrictions on waste disposal. Additionally, composite end-of-life waste management is coming under scrutiny due to the growing use of life cycle assessment as a component of the material selection process in several sectors.
For instance, the industry must address substantial societal and industrial difficulties because it is estimated that a significant percentage of waste in the UK ends up in landfills. Additionally, the rise in plastic garbage has forced governments all over the world to enact strict environmental regulations. The government’s efforts to address the issues raised by plastic trash have been emphasized by the ban on single-use plastic in many nations which is posing pressure on the Global Composites Market.
Key Topics Covered in the Report
- Snapshot of the Global Composites Market
- Industry Value Chain and Ecosystem Analysis
- Market size and Segmentation of the Global Composites Market
- Historic Growth of the Overall Global Composites Market and Segments
- Competition Scenario of the Market and Key Developments of Competitors
- Porter’s 5 Forces Analysis of the Global Composites Market
- Overview, Product Offerings, and SWOT Analysis of Key Competitors
- COVID-19 Impact on the Overall Global Composites Market
- Future Market Forecast and Growth Rates of the Total Global Composites Market and by Segments
- Market Size of Fiber Type / End User Segments with Historical CAGR and Future Forecasts
- Analysis of the Composites Market in Major Regions
- Major Production / Consumption Hubs in the Major Regions
- Major Country-wise Historic and Future Market Growth Rates of the Total Market and Segments
- Overview of Notable Emerging Competitor Companies within Each Major Country
Major Players Mentioned in the report
- Huntsman Corporation LLC
- SGL Group
- Teijin Ltd
- Owens Corning
- Toray Industries, Inc.
- Mitsubishi Chemical Holdings Corporation
- Exel Group
Notable Emerging Companies Mentioned in the Report
- Capricorn Composite GmbH
- Aircraft Composites Sachsen GmbH
- Fibrolux GmbH
- Hexcel Corporation
- INEOS Enterprises
- Bally Ribbon Mills
For more information on the research report, refer to below link: