December 5, 2023

Composites Market Share and Growth Analysis: Current Trends and Future Forecast 2030

The global composites market is experiencing a significant surge in demand, outpacing traditional material choices such as aluminum, steel, and wood. Recent data indicates that over 17 million metric tons of composites were consumed in 2018, and this trend shows no sign of slowing down. The remarkable adaptability of composites, allowing them to cater to a diverse range of applications, remains a driving force behind this growth.

Tailored Excellence: The Heart of Composites

Composites are composed of two primary elements: matrix and fiber. Glass, carbon, aramid, basalt, and natural fibers are extensively used as fibers in composites, while materials like polyester, epoxy, polyurethane, and vinyl ester serve as matrices. What sets composites apart is their suitability for higher temperature ranges and unparalleled design flexibility. These attributes make composites a material of choice across various industries, including transportation, construction, electrical and electronics, and more.

Strength, Lightness, and Durability

Composites are renowned for their superior strength-to-weight ratio. For instance, carbon fiber-reinforced composites are estimated to be 4-5 times stronger than their steel counterparts, while weighing only a fraction. The freedom to design, reduce weight, and maintain functionality positions composites as the ideal material in numerous sectors, particularly in transportation, construction, and electrical and electronics industries.

Driving the Future: Lightweight and Durable Materials

Automotive Original Equipment Manufacturers (OEMs) worldwide are increasingly adopting composites to meet their weight reduction and fuel efficiency goals. Composites have found their way into under-the-hood, exterior, and interior applications, particularly in the electric mobility segment. As electric vehicles strive for greater range, composites play a pivotal role in achieving this goal by reducing weight and reliance on heavy metals.

The wind energy sector has experienced exponential growth, with wind capacity installations quadrupling between 2010 and 2020. Composites are poised to play a vital role in producing lightweight and energy-efficient wind turbine blades to meet the soaring demand for renewable energy.

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Challenges on the Horizon

While composites offer numerous advantages, challenges persist, particularly in mass production and affordability. High material costs and cycle times have impacted composites’ penetration in high-volume automotive production. Limited supply of carbon fiber, coupled with high raw material prices, is another concern. Recycling composites remains a complex and expensive process, posing a challenge for sustainability.

Regional Dynamics

The Asia Pacific region leads the global composites market, accounting for over 40% of the market valuation in 2018. China’s commitment to scientific and sustainable development strategies opens new avenues for composites in automotive, marine, and electrical and electronics industries. The wind energy sector in China presents significant opportunities for composites consumption.

In Europe and North America, advancements in lightweight materials drive the growth of composites. Government regulations, such as Corporate Average Fuel Economy (CAFÉ) standards and EU mandates on CO2 emissions, are propelling developments in the composites market.

Strategic Growth Initiatives

Key players in the composites industry are expanding their capacities and pursuing business integration to solidify their positions in the global market. For example, Solvay expanded its thermoplastic composite facility in the US to meet the aerospace industry’s high demand. Teijin’s acquisition of Renegade Materials Corporation further enhanced its presence in the aerospace sector and bolstered its production capabilities.

The global composites market continues to evolve, offering innovative solutions to industries seeking strength, lightness, and durability. As technology advances and sustainability becomes a top priority, composites are poised to play an increasingly pivotal role in shaping the future of various sectors.

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Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 – By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

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This press release first seen on Brilad