Composites Market Worth $131.6 Billion by 2024 : Leading Players Are Owens Corning, Toray, Mitsubishi Chemical, Hexcel Corporation, SGL Group, TenCate, Huntsman, Solvay
The key players in the Composites Market 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), Koninklijke Ten Cate bv. (Netherlands), Huntsman International LLC. (US), and Solvay (Belgium), among many others.
Northrook, IL -- (SBWIRE) -- 06/29/2020 -- The report "Composites Market by Fiber Type (Glass Fiber Composites, Carbon Fiber Composites, Natural Fiber Composites), Resin Type (Thermoset Composites, Thermoplastic Composites), Manufacturing Process, End-use Industry and Region - Global Forecast to 2024", The global composites market size is expected to grow from USD 90.6 billion in 2019 to USD 131.6 billion by 2024, at a CAGR of 7.7% during the forecast period. The composites industry is growing due to the increase in the demand for high performance materials with properties such as high strength to weight ratio, good tensile strength, electrical conductivity among others.
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Glass fiber composites comprise a major share of the composites market in terms of value and volume.
The glass fiber composites have superior attributes, such as strength, flexibility, durability, stability, lightweight, and resistance to heat, temperature, and moisture. Owing to its properties, glass fiber is used in different end-use industry segments, such as construction, wind, pipe & tanks, marine, and transportation. Also, owing to its low cost and easy manufacturing process, glass fiber composites are produced in bulk, and they accounted for the largest share in the global composites industry.
The thermoset composites accounted for the largest market share in the global composites market during the forecast period in terms of value and volume.
In thermoset composites, thermoset resin is used as a matrix with fibers, including glass fiber, carbon fiber, natural fiber, and others. Currently, thermoset resins are widely used for manufacturing composites, as when uncured, they are in liquid state at room temperatures. This unique property of thermoset resin allows for the convenient impregnation of reinforcing fiber. Also, thermoset composites are cost-effective compared to thermoplastic composites. Thus, the thermoset composites are used widely in construction & infrastructure, marine, wind energy, transportation, and other end-use industries.
The lay-up manufacturing process holds a significant revenue share in the global composites market during the forecast period.
The lay-up process offers advantages such as a low-cost method of quickly depositing fiber & resin, tooling, and ease of operation. The lay-up process is used mostly for designing simple enclosures and lightly loaded structural panels. Besides, its demand is huge from the aerospace & defense, construction & infrastructure, wind, and marine end-use industries.
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The aerospace & defense end-use industry accounted for the largest market share in the global composites market during the forecast period in terms of value.
The aerospace industry is a major consumer of composites. Growing environmental concerns and search for high strength light-weighting material to increase fuel efficiency have put composites in the limelight in the aerospace & defense industry. Leading aircraft manufacturers such as Boeing and Airbus are increasing the use of carbon composites in their commercial aircraft. The composites are used in fuselage, wings, tail, tail fin, wing box, trailing edge, engine nacelles, engine, and other structural parts.
APAC is expected to account for the largest market share in the composites market during the forecast period.
APAC is the largest market for composites. The major international players are exploring opportunities in the region owing to cheap labor, raw materials, and high demand from various end-use industries, such as pipes & tanks, wind energy, and construction & infrastructure. Also, the large market share in the region for composites is due to growth is due to the increase in opportunities in the transportation industry that exist in structural applications.
The key players in the market 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), Koninklijke Ten Cate bv. (Netherlands), Huntsman International LLC. (US), and Solvay (Belgium), among many others. These companies are involved in adopting various inorganic and organic strategies to increase their foothold in the composites market. These players have taken different organic and inorganic developmental strategies over the past five years.
Recent Developments :
- In July 2019, Owens Corning announced the signing of a definitive agreement where it will acquire Saint-Gobain's Reinforcement and Composites business for $640 million. This would build Owen's Corning's position as a market leader in glass reinforcements and composites.
- In October 2017, Hexcel entered into a contract with UTC Aerospace Systems to supply advanced composites for various commercial aerospace programs. This helped the company to underscore its position as a leader in carbon fiber reinforcements in the commercial aerospace industry.
In April 2018, Toray expanded the large tow carbon fiber production capacity at its US-based subsidiary, Zoltek Companies, Inc. They are also planning to increase the production capacity of Zoltek's Hungarian and Mexican facilities. This will lead to Zoltek's total annual production capacity of approximately 25,000 tons.
- In March 2017, Solvay launched a new innovative thermoset prepreg resin system SolvaLite 730, for high volume automotive applications.
- In March 2018, Hexcel entered into a partnership with Arkema for manufacturing carbon fiber-based thermoplastic composite solutions for the aerospace sector. This helped the company to become an industry leader in advanced composite thermoplastic technologies.
- In February 2019, Teijin acquired Renegade Materials Corporation, a supplier of highly heat-resistant thermoset prepreg for the aerospace industry in North America. This helped the company to solidify its position as a leading provider of solutions for aerospace applications.
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