According to a CAGR of 6.6% from 2021 to 2028, the worldwide Composite Materials Market is predicted to rise from USD 86.4 billion in 2020 to USD 86.4 billion by 2028. Market growth will be fueled by a rise in demand for performance materials in industries such as automotive, wind energy, aerospace, and military. Supply networks have been severely disrupted by the ongoing COVID-19 outbreak across the globe, as major economies have halted commerce. Aside from these two factors, the demand for composites in many end-use sectors has decreased. In 2021, however, the situation is likely to revive due to the easing of trade barriers, restoring the market’s development trajectory.
Component manufacturers’ procurement efforts would be hampered by the high cost of composite raw materials. It is projected that higher disposable income and a more willing willingness to pay more for excellent items will have a favourable impact on market growth over this time period.
An increasing need for lightweight materials in the automobile industry in the United States is driving the growth of composites. Increasing electrical and electronic capacity, as well as consistent growth in the automotive and aerospace industries, are likely to boost market growth in the coming years.
In the end-use sectors, composite materials have grown in popularity because of their low weight-to-strength ratio. Composites’ superior design flexibility, corrosion resistance, and high-temperature performance lessen the threat of alternatives in the marketplace.
One or two big businesses control the majority of the market, although there are many smaller players as well. New entrants find it difficult to earn a profit in the market because of their lack of R & D experience. However, it is projected that the potential market opportunity will increase with the introduction of goods in specific applications to improve the output of composites. As a result, the competition in business is projected to continue to rise.
Top Manufacturers: Teijin Ltd, Owens Corning, Weyerhaeuser Company, PPG Industries Inc., Huntsman Corporation LLC, SGL Group, Hexcel Corporation, DuPont, Toray Industries Inc., Compagnie de Saint-Gobain S.A, Momentive Performance Materials Inc., Cytec Industries (Solvay. S.A.), China Jushi Co. Ltd;Veplas Group, Kineco Limited
Research On Production Process
Almost three-quarters of the revenue in 2020 will come from the layup process for making composites, which is the most common method. The layup process segment of the global composites market is predicted to develop as a result of increased manufacturing of boats, wind turbine blades, and architectural mouldings.
New applications for filament winding include everything from golf club shafts to vehicle drive shafts to small aircraft fuselage constructions to spacecraft structures to pressure containers like firefighter oxygen bottles and a slew of other products. Over the next few years, the filament winding process is likely to benefit from an increase in vehicle and maritime production.
Injection moulding is predicted to see an uptick in demand due to an increase in the need for lightweight components in the automotive industry. It is also expected that demand for high-strength components in the aerospace and marine industries will keep the industry going for a while longer.
Fiber-reinforced composite items can be manufactured using the pultrusion technique. For polymer matrices like polyethylene terephthalate (PET) and polybutylene terephthalate (PBT), the method can be applied through the use of sheet material or by impregnating the glass fibre with thermoplastic matrix powder.
An open and heated mould cavity is used for compression moulding, where the material is preheated and then placed within. The automotive, aerospace, and marine industries employ the method to make huge flat or curved composite parts. Additionally, compression moulding is expected to benefit from wind energy industry applications.