June 20, 2020, 10:39 a.m. EDT

Worldwide Composites Market Growth, Trends, Analysis And Forecast to 2026

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Jun 20, 2020 (Market Insight Reports) -- The Global Composites Market is expected to grow at a significant rate during the forecast period. The Global Composites Market is projected to reach the valuation of USD 143.6 million by the year 2026 by growing at a CAGR of 8.1 % during the forecast period 2019- 2026. The market is growing owing to various factors.

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The surge in demand from the end-user industries propels the composites market. The increased demand for the composites is due to the enhanced properties such as high strength and modulus, lower weight, high fatigue life, acoustic insulation, and resistance to corrosion. The main drivers for the growth of the composites market are the surging demand for lightweight materials in the aerospace & defense and automotive industries. The other factors influencing the composites market are the rise in demand for corrosion and chemical resistance materials from the construction and pipe & tank industry, and the demand of electrical resistivity and flammable materials in the electrical and electronics industry.

The supply of primary raw materials and carbon fiber processing and its use remotely allows the manufacturers to reduce the cost of logistics. It permits manufacturers to augment productivity for the different end-use products straight. The carbon fibers find numerous applications due to their properties such as weight, high stiffness, low thermal expansion, temperature tolerance, and chemical resistance. Irregularity in the prices of raw materials and non-recyclable composites presents a significant threat to the market growth of composites.

The glass fiber segment in Fiber Type is expected to grow at the highest rate during Forecast horizon

Based on Fiber Type, the glass fiber composites segment is account for a significant market share of composites during the forecast years since they are less costly and possess superior physical and mechanical properties such as strength, flexibility, durability, stability, and lightweight. Glass fiber composites are mainly used in the segments of wind power, pipes & tanks, electrical & electronics, and construction & infrastructure.

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Asia Pacific is projected to account for the largest market share in the Composites during the forecast period.

By geography, the global Composites Market segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. The Asia Pacific dominated the global composite application market and is expected to continue to dominate over the forecast period, owing to China and India’s growing economies, the participation of leading players, and the expansion of transportation, wind, and construction & infrastructure industries. The nation’s economic growth is the main factor in high composite consumption. In the region, the transport and construction and infrastructure industries are expanding rapidly, driving demand for composites.

Composites Market: Competitive Landscape

The major market players in the Global Composites are Owens Corning, Toray Industries, Inc., Teijin Limited, Mitsubishi Chemical Holdings Corporation, Hexcel Corporation, SGL Group, Nippon Electrical Glass Co. Ltd., Koninklijke Ten Cate bv, Huntsman International LLC., Solvay, MRC, PPG Industries, Inc., E. I. DuPont Nemours & Co., Weyerhaeuser Company, Chongqing Polycomp International Corporation, Jushi Group Co., Ltd., Honeywell International Inc., Renegade Materials Corporation, Kineco Kaman Composites - India Private Limited, Henkel AG & Co. KGaA, UPM Biocomposites, Trex Company, Inc., Gaffco Ballistics, Binani Industries Ltd., and other Prominent Players are expanding their presence in the market by implementing various innovations and technologies.

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