The global market size is projected to grow from US$69.50 bln in 2015 to US$105.26 bln by 2021 at a CAGR of 7.04% between 2016 and 2021, as per MarketsandMarkets.
The composites market is mainly dominated by the aerospace & defense, wind energy, and transportation applications due to their excellent properties such as stiffness, strength, tenacity, density, thermal & electrical conductivity, fatigue, and corrosion resistance. Also, because of their low weight, composites have witnessed an enormous demand, especially from aerospace and transportation applications.
Rising use of composites in aerospace & defense industry to drive the composites market
The use of composite materials and related core materials in the aerospace & defense industry has gained momentum in the past few decades. The latest Airbus now boasts a 53% usage of composite materials among its long list of new features. This shows the increase in the use of composites, which was hardly 2%-5% in the past few years. One of the main reasons for the rising use of composites in aircraft is the advantages offered by them such as reduction in weight and corrosion resistance. These properties of composites result in low emissions and maintenance costs in comparison to the traditional materials used for manufacturing aircrafts.
Glass fiber accounts for over 90% of the reinforcements used in composite consumption, globally. Due to their light weight, inherent strength, weather-resistant finish, and variety of surface textures, the glass fiber composites have a huge demand from the aerospace, automotive, wind energy, construction, and other applications. To meet this huge demand, many companies have invested in manufacturing glass fiber composites, especially in China and other emerging countries such as India and Brazil. A major composites manufacturing company, Owens Corning (U.S.), has signed a strategic alliance with two Chinese fiberglass manufacturing companies (Xingtai Jinniu and Taishan Fiberglass) to enhance the supply of customized glass fiber reinforcements in this region. Thus, the growth of fiber glass composites in China is the major driver of glass fiber composites in the global composites market.
Asia-Pacific is the biggest and the fastest-growing Composites Market. The growing aerospace industry, wind energy development, and transportation industry in the region are the major factors driving the composites market in Asia-Pacific. Besides this, the presence of major carbon fiber manufacturers, growing economy, and rapid urbanization in Asia-Pacific are driving the use of composites in construction and pipe & tank industries. Also, the market for PCB (printed circuited board), one of the key users of glass composites, is growing at a good pace in the region.
The major players in the composites market include:
Hexcel Corporation (U.S.)
Huntsman Corporation (U.S.)
Owens Corning (U.S.)
Toray Industries (Japan)
Teijin Limited (Japan)