The global composites market size is estimated to be USD 90.6 billion in 2019 to USD 131.6 billion by 2024, at a CAGR of 7.7% during the forecast period. Composites are increasingly used in the aerospace & defense end-use industry as they decrease weight and increase fuel efficiency. In addition, the capability of aerospace composites to maintain a greater strength-to-weight ratio allows for more efficient structural and aerodynamic designs. This has led to a high demand for composites in the aerospace & defense end-use industry. The 737 and 787 airplanes, together, constitute more than 80% of all Boeing commercial airplane deliveries, which is expected to drive the composites industry in the next five years significantly. Also, Boeing’s new aircraft 797 has used composites in its production to reduce its weight and achieve cost efficiency. All these factors are expected to drive the composites market during the forecast period.
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Composites are used mainly in end-use industries such as aerospace & defense, wind energy, transportation, marine, pipe & tanks, electrical & electronics, construction & infrastructure, among others. The aerospace & defense end-use industry represents the largest consumption group for composites. The composites are corrosion-resistant and are not subject to fatigue damage. The benefits of using composites in aerospace & defense include cost-effectiveness, part consolidation, dimensional stability, and corrosion resistance. More fatigue capability is achieved over traditional jetliners with advanced carbon fiber composite design, enabling bigger passenger windows and lower cabin altitude.
The composites market is dominated by the lay-up manufacturing process. The global composites industry is categorized into several segments based on the manufacturing process, namely, lay-up, filament winding, injection molding, compression molding, RTM, pultrusion, and others. The layup process, due to its low cost, is used widely for manufacturing composite parts for wind energy, construction & infrastructure, transportation, consumer goods, and marine end-use industries.
Various types of fibers, such as glass fiber, carbon fiber, natural fibers, among others, are used in as composites. The glass fiber composite is used commonly in different end-use industries. This is attributed to the high demand from transportation, wind energy, construction & infrastructure, and other applications, especially from emerging economies such as China, India, Brazil, and others.
Composites are segmented based on resins used in two types, namely, thermoset composites and thermoplastic composites. The thermoset composites accounted for a larger share in the composites market. Thermoset composites do not expand under high-heat and moist conditions, making them suitable for highly corrosive and high-temperature applications.
The top players in the composites market have implemented various strategies in the market. For instance, Hexcel Corporation (US) opened its new advanced composites plant at the Les Roches-Roussillon Chemicals Industry Platform in France. This plant will help in responding to the needs of aerospace customers for carbon composite materials. This will help the company to cater to the growing demand for composites.
