The global composites market size is projected to reach USD 112.0 billion by 2027, exhibiting a CAGR of 6.88% during the forecast period. Increasing utilization of composite materials in 3D printing applications will broaden the horizons of this market, observes Fortune Business Insights™ in its report, titled “
According to the report, the global market value stood at USD 99.91 billion in 2019. The other highlights of the report include:
- Deep insights into the trends, drivers, opportunities, and challenges shaping the market;
- Actionable analysis of the market segments;
- Tangible research into the regional developments impacting the market; and
- Thorough evaluation of the key market players and their strategies.
Market Driver
Electric vehicles (EVs) are witnessing skyrocketing demand as consumers are actively looking to reduce their spending on gasoline and lower emissions. According to the International Energy Agency (IEA), 2.1 million EVs were sold in 2019. The key to enhance the energy-efficiency of these vehicles is to bring down their weight. These materials are expected to play an instrumental role in facilitating these requirements and research has been conducted in this area for over a decade now. For example, in 2010, Imperial College London and its European partners engineered a carbon fiber composite to make lightweight and high-strength body panels and structural parts for hybrid EVs. More recently, the Fraunhofer Institute for Structural Durability and Systems Reliability in Germany initiated the Optimized Energy Management and Use (OPTEMUS) project in 2015. Funded by the European Union, the project has developed a composite that functions as a phase change material and effectively manages EV temperature and range. The vast potential of composites in EV manufacturing is, thus, foreseen to drive the global market in the upcoming years.
Regional Insights
Asia Pacific dominated the composites market share with a size of USD 43.76 billion in 2019 on account of the strong presence and robust operations of some of the biggest players in the industry such as Toray and Mitsubishi. These companies have been injecting large amount of funds into research and development to create new composite solutions and meet the rapidly rising demand for these materials from diverse industries in the region.
The market in North America is benefiting from the extensive utilization of these materials by the region’s well-established aerospace & defense industry. In Europe, the market dynamics will be primarily shaped by the region’s massive automotive industry, increasing uptake of EVs, and favorable governmental policies promoting the adoption of lightweight materials in vehicle manufacturing.
Industry Developments:
- January 2020: Teijin Limited announced the establishment of the Teijin Automotive Center Europe GmbH in Germany, which will serve as a new base for technical operations for the company’s automotive composites business.
- September 2019: INEOS Enterprises completed the acquisition of the entire composites division of Ashland Global Holdings, including a BDO facility in Germany. Ashland’s businesses in this domain boast combined annual sales revenue of USD 1.1 billion, with sites in the Middle East, Europe, the Americas, and Asia.
List of Key Companies Profiled in this Market Report:
- Toray Industries, Inc. (Tokyo, Japan)
- Teijin Limited (Tokyo, Japan)
- Mitsubishi Chemical Holdings Corporation (Tokyo, Japan)
- Hexcel Corporation (Stamford, United States)
- SGL Carbon (Wiesbaden, Germany)
- Huntsman International LLC. (Texas, United States)
- Solvay (Brussels, Belgium)
- Exel Group (Paris, France)
- Veplas d.d. (VELENJE, Slovenia)
- Composite Solutions (Sumner, United States)
- Owens Corning (Ohio, United States)
Please visit: https://www.fortunebusinessinsights.com/composites-market-102295
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