Composites Market to Surpass USD 243.3 Billion by 2031 Fuelled by the Rise of Lightweight Materials in Manufacturing

The Composites Market Size was valued at USD 107.9 billion in 2023, and expected to reach USD 243.3  billion by 2031, and grow at a CAGR of 10.7% over the forecast period 2024-2031. The SNS Insider report delves into the market's current landscape, highlighting a valuation of USD 116.75 billion in 2022. This growth trajectory is intricately linked to the automotive and transportation industry's rising preference for lightweight components. Furthermore, the widespread adoption of these advanced materials across diverse manufacturing sectors is expected to continue propelling the market forward in the coming years. The Composites market is experiencing robust growth as industries seek lightweight, durable, and high-performance materials to address diverse engineering challenges. Composites, composed of two or more materials with distinct properties, offer superior strength-to-weight ratios, corrosion resistance, and design flexibility compared to traditional materials such as metals and plastics. This versatility makes composites ideal for applications ranging from aerospace and automotive to construction, renewable energy, and consumer goods. In aerospace, for instance, composite materials like carbon fiber-reinforced polymers are revolutionizing aircraft design, enabling manufacturers to build lighter, more fuel-efficient aircraft with improved performance and reduced environmental impact.

Moreover, the Composites market is propelled by sustainability initiatives and environmental concerns driving the shift towards eco-friendly and renewable materials. As industries seek to reduce carbon footprint and minimize waste, there is a growing demand for bio-based, recycled, and recyclable composites derived from renewable sources such as plant fibers, bio-resins, and recycled plastics. These sustainable composites offer comparable performance to traditional materials while reducing reliance on finite resources and mitigating environmental impact. Additionally, advancements in recycling technologies and circular economy initiatives aim to close the loop on composite material lifecycle, enabling efficient recovery and reuse of end-of-life composite products, further enhancing the sustainability credentials of the composites market.

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Some of the Key Players Included are:
Solvay (Belgium)
Hexion (US)
Toray Industries Inc. (Japan)
Jushi Group Co., Ltd (China)
Hexcel Corporation (US)
Owens Corning (US)
Teijin Limited (Japan)
PPG Industries, Inc. (US)
SGL Carbon (Germany)
Mitsubishi Chemicals Corporation (Japan)
Huntsman International LLC (US)
Composites, particularly, offer a compelling solution for the aerospace & defence sector. Their exceptional strength-to-weight ratio allows for significant reductions in the body weight of military aircraft and helicopters. This translates directly to improved fuel efficiency and overall performance, making weight reduction a critical driver for industry growth.

Market Analysis:

The advantages of carbon fibre composites extend far beyond the realm of aerospace. Their exceptional strength-to-weight ratio makes them ideal for pressure vessels used in storing compressed natural gas (CNG) and hydrogen. These vessels require a delicate balance of reduced weight and heightened safety standards, perfectly addressed by carbon fibre's unique properties. Applications for these pressure vessels encompass hydrogen gas storage tanks, breathing air systems for firefighting, and CNG storage for vehicles. Furthermore, carbon fibre composites are widely used in industries like marine and aerospace transportation, where safe and efficient high-pressure gas storage is critical. Interestingly, these materials offer the lightest CNG volume, leading to increased vehicle range, improved fuel efficiency, and enhanced payload capacity. As a result, the demand for carbon fibre composites is anticipated to experience significant growth in the years to come.

Market Segmentation:

The Composites Market can be segmented by the type of material used in lightweight components. Glass fibre currently leads the market, capturing a dominant revenue share of 60.0% in 2022. Its high tensile strength, rigidity, and lightweight nature make it a highly sought-after raw material for composite production. Additionally, glass fibre boasts excellent impact resistance, further solidifying its position as a mainstay in composite manufacturing.

Carbon fibre-reinforced polymer (CFRP) is another major player, formed by combining carbon fibre with plastic resin. Aircraft manufacturers extensively utilize CFRP composites for sandwich structures in both interior and exterior applications. These composites offer a compelling combination of lightweight construction and high tensile strength, leading to improved fuel efficiency, reduced maintenance requirements, and compliance with stringent environmental regulations in key markets like Europe and North America.

By Fiber Type
Glass Fiber Composites
Carbon Fiber Composites
Natural Fiber Composites
Other Fiber Composites

By Resin Type
Thermoset Composites
Thermoplastic Composites

By end-use industry
Aerospace & defense
Wind Energy
Automotive & Transportation
Construction & Infrastructure
Marine
Pipe & Tank
Electrical & Electronics
Others

By Manufacturing Process
Lay-up
Filament Winding
Injection Molding
Pultrusion
Compression Molding
RTM
Others
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The Russia-Ukraine War:

The ongoing conflict between Russia and Ukraine has cast a shadow over the global economy, with the Industrial PC market not immune to its effects. Disruptions in supply chains, particularly those reliant on raw materials sourced from the region, are a major concern. Furthermore, rising energy prices and potential shortages have the potential to disrupt manufacturing processes and inflate production costs. The war's impact will likely be felt most acutely in Europe, where the reliance on Russian energy supplies is more pronounced. However, the long-term consequences for the global market remain to be seen, with the situation evolving rapidly.

Economic Slowdown:

While the Industrial PC market is poised for growth, a potential economic slowdown could hinder its trajectory. Reduced consumer spending and business investment can dampen demand for lightweight materials across various industries, impacting the market's overall growth. One key example could be a slowdown in the automotive sector, a significant consumer of lightweight components. Such a scenario would have a ripple effect through the supply chain, impacting manufacturers of both Industrial PCs and the lightweight materials themselves.

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Regional Analysis:

The Asia Pacific region stands out as a dominant force in the Industrial PC market, accounting for a substantial revenue share of 45.4% in global composites demand in 2022. This dominance can be attributed to the presence of key manufacturers in major economies like China, India, and Japan. These countries represent attractive destinations for automotive, construction, aerospace, and electronics manufacturers, further fuelling the demand for Industrial PCs in the region. Western Europe also boasts a significant presence in the Industrial PC market, largely due to its established manufacturing base.

Regional Analysis:

Gurit announced the signing of a four-year Original Material Supply Agreement with two major manufacturers of wind turbines OEMs for core material kits on October 23, 2023, as well as three years original materials supply agreement.

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