Dive into the intriguing world of composite materials as we unravel market trends, innovating factors, and key players shaping this dynamic industry in our comprehensive analysis.
The composite materials market is a dynamic and rapidly evolving sector, with a myriad of statistics reflecting its growth and future prospects.
Delving into the specifics, we’ll unravel the current market size, projected growth rates, leading players, and geographic trends.
Additionally, we’ll explore the driving factors behind these numbers, including technological advancements, environmental considerations, and market demands.
This comprehensive analysis will provide a clear picture of the composite materials industry, serving as a valuable resource for decision-makers, investors, and enthusiasts alike.
So, let’s embark on this data-driven journey to understand the intricacies of the composite materials market.
What You Will Learn
The composite materials market was valued at USD 71.12 billion in 2021
In 2021, the market capitalization for composite materials reached a monumental USD 71.12 billion.
This figure represents significant growth in previous years and underscores the increasing reliance on these materials across diverse sectors, including construction, aerospace, and automotive industries.
The major contributory factors to such noteworthy market valuation were technological advancements, performance benefits over traditional materials, and a shift towards the production of lightweight vehicles and aircraft.
The market is expected to grow by USD 128.82 billion by 2028, registering a CAGR of 7.5% during the 2023 to 2028 period
Such growth projections indicate a substantial opportunity for industry players. The substantial Compound Annual Growth Rate (CAGR) of 7.5% reflects the growing demand for durable, lightweight materials in various industries, from aerospace to renewable energy.
By 2028, this increase in utilization is predicted to contribute an additional USD 128.82 billion to the market value. Such a trend demonstrates not just a resilient industry, but one that is adaptive and positioned for exciting advancements.
Fiberglass is the number 1 manufactured composite material
With superior strength and flexibility attributes, fiberglass holds the top spot in the production charts of composite materials. It’s dominance in the market is attributed to its perfect blend of advantageous features.
Fiberglass is lightweight, durable, and offers outstanding resistance to the elements, making it a preferred choice for numerous high-demand industries, including construction, automotive, and aerospace.
Moreover, it’s economical manufacturing process facilitates its vast production scale, further solidifying its leading position in the sector.
The global composite market size is projected to reach USD 112.0 billion by 2027.
Current trends indicate a robust increase in the size of the global composite market. Projections suggest that it’s set to rise considerably, hitting the USD 112.0 billion mark by 2027.
Driving this growth are multiple facets, including technological advancements, increased demand across various industries such as aerospace, automotive, and construction, as well as the ongoing shift towards lightweight, high strength, and durable materials.
Such a surge outlines the critical role composites will continue to play on the global front, marking their essential contribution to the overall manufacturing industry. Furthermore, it underscores the need for stakeholders to stay abreast of market trends and strategize in line with the evolving business landscape.
The forecasted carbon composite revenue in the global aerospace and defense market is $4.05 billion
The significant value of carbon composites in aerospace and defense cannot be overstated, both industries consistently lean towards lightweight, high performing materials.
In numbers, the composite revenue from these sectors is poised to touch an impressive figure: $4.05 billion.
The adoption of carbon composites is mostly due to their inherent properties such as strength, heat resistance, and low weight, making them ideal for aircraft structures and military applications.
This surge is predicted to be a significant driver for the overall carbon composites market.
The forecasted global demand for carbon fiber in sports and leisure products in 2025 is 19,000 metric tons
The sports and leisure sector is anticipated to see substantial demand for carbon fiber. The strength-to-weight ratio of carbon fiber makes it a preferred in sporting goods production, ranging from tennis rackets to high-end bicycles and golf clubs. Consequently, a significant surge in demand is expected, which is estimated to round out to around 19,000 metric tons by 2025 globally.
The growth rate CAGR of the composite material market is 7.29% from 2023 to 2031
Accentuated by technological advancements and increasing demand across various sectors, the composite materials market is set to prosper. The projected Compound Annual Growth Rate (CAGR) of this industry from 2023 to 2031 is 7.29%. This shows a healthy and consistent acceleration which highlights the growing importance and adoption of these materials in the global market landscape.
Key factors driving this growth include the continual innovation in manufacturing techniques, enhanced material properties, and diversity in application areas ranging from aerospace to renewable energy sectors.
Carbon fiber will be the key player in terms of composite material in 2031
Forecasts suggest a decisive role for carbon fiber in the composite material industry in the next decade. Its unique combination of high strength, low weight, and superior chemical resistance sets it apart from other composite materials.
Strong demand is anticipated from automotive, aerospace, and sporting industries, where its usage can lead to significant performance enhancements.
Moreover, improvements in the manufacturing process are likely to reduce the cost of carbon fiber production, making it more accessible for usage across a wider range of applications. Innovative recycling methods will also contribute to its sustainable and expanded adoption.
Overall, its advantageous properties and evolving manufacturing technology position carbon fiber as the key player in the composite material market by 2031.
The market value revenue forecast for composite materials in the US is $216.04 billion
Projected growth rates remain optimistic for the domestic industry. Trends indicate a potential average annual increase of 7.29%, culminating in a market value exceeding $216.04 billion. Anticipated growth strengthens positions for both established businesses and new ventures seeking to enter the marketplace.
Stringent environmental regulations alongside increased demand for lightweight, high-strength materials across automotive, construction, and aerospace sectors predominantly fuel this surge. Leveraging these dynamics could potentially yield significant returns for forward-looking investors.
Owens Corning and Hexcel Corporation are the biggest players in the composite market in the US
Powerhouses in the U.S. composite market, Owens Corning and Hexcel Corporation illustrate the sector’s competitive dynamism. Owens Corning, known primarily for fiberglass products, applies its science and engineering prowess to produce a suite of high-performance roofing and insulation materials. With a fiscal year 2020 net sales of $7.1 billion, it verifies the robust market for advanced composite materials.
Hexcel Corporation isn’t far behind. As the mastermind behind various carbon and glass fiber products, Hexcel has maintained its prominent standing in the market through continual innovation and strategic collaborations. It hit $1.5 billion in revenue for 2020 despite the challenges of COVID-19—demonstrating resilience and underlining the sustained value of composite production in the U.S. economy.
References:
- https://www.linkedin.com/
- https://www.marketsandmarkets.com/
- https://www.globenewswire.com/
- https://www.insightaceanalytic.com/
- https://www.statista.com/
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