According to the recent study the composites market is projected to reach an estimated $72.0 billion by 2028 from $42.6 billion in 2022, at a CAGR of 5.1% from 2022 to 2028. Growth in this market is primarily driven by increasing demand for lightweight materials in the aerospace & defense, and automotive industries; corrosion- and- chemical-resistant materials’ demand in the construction, and pipe & tank industries; electrical resistivity and high flame retardant materials’ demand in the electrical and electronics industry.
Browse 240 figures / charts and 55 tables in this 402 -page report to understand trends, opportunities and forecast in composites market by end use (transportation, marine, wind energy, aerospace, pipe & tank, construction, electrical & electronics, consumer goods, and others), manufacturing process (hand lay-up, spray up, resin infusion, filament winding, pultrusion, injection molding, compression molding, prepreg lay up, and others), molding compound (SMC, BMC, and thermoplastic compounds), resin type (polyester, epoxy, vinyl ester, phenolic, and thermoplastic), fiber type (glass fiber composites, carbon fiber composites, and aramid fiber composites), fiberglass type (single end roving, multi end roving, chopped strand, woven roving, fabrics, chopped strand mat, continuous filament mat, and others), carbon fiber type (PAN based carbon fiber and pitched based carbon fiber), and region (North America, Europe, APAC, and ROW).
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“Injection molding market is expected to remain the largest segment during the forecast period.”
Based on manufacturing process, the composites market is segmented into hand lay-up, spray up, resin infusion, filament winding, pultrusion, injection molding, compression molding, prepreg lay up, and others. Lucintel forecasts that the injection molding market is expected to remain the largest segment due to composite manufacturing because of high-output production rate, low labor cost, and design flexibility.
“Within the composites market, the transportation segment is expected to remain the largest end use”
Based on end use the transportation segment is expected to witness the highest growth over the forecast period due to the increasing production and use of lightweight materials in transportation market.
“Asia pacific will dominate the composites market in near future”
Asia Pacific is expected to remain the largest region by value and volume, and it is also expected to experience the highest growth over the forecast period because of growth in construction, transportation, and the electrical and electronics segments. The major drivers for growth are increasing automotive production, high growth in construction, and infrastructure development.
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Major players of composites market are adopting various growth strategies like new product launches, expansions, merger and acquisitions, partnerships, agreements, and collaborations to expand their presence in this market. Owens Corning, Jushi Group, Nippon Electric Glass Co Ltd., CPIC, Toray Industries, Hexcel Composites, Mitsubishi Rayon, Gurit, Polynt Reichhold are among the major composites providers.
This unique research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link https://www.lucintel.com/composites-market.aspx or helpdesk@lucintel.com
