The Business Research Company’s Composites Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026
LONDON, GREATER LONDON, UK, May 17, 2022 /EINPresswire.com/ — Growth in the automotive and aerospace sectors is expected to propel the growth of the global composites market. In the automotive and aerospace industries, composites are used for providing improved performance, corrosion resistance, and fuel savings. According to the International Trade Administration, in 2020, aircraft manufacturing and repair services in Australia generated revenue in excess of US$2.0 billion. Also, according to IBEF, the Indian automobile exports stood at 1,419,430 units from April 2021 to June 2021 as compared to 436,500 units from April 2020 to June 2020. According to the composites market forecast, the growth in automotive and aerospace sectors is driving the growth of the market.
Technological advancements are a key trend gaining popularity in the composites market. Technological advancements to reduce composite structural mass are a key type of knowledge discovery. For instance, in June 2021, Hexcel Corporation, a US-based manufacturer of reinforcement products, composite materials, and engineered products, successfully launched the first successful maiden flight of a lightweight camera drone, using Hexcel HexPly carbon fiber prepregs. The composite drone was created by a group of students from the University of Applied Sciences Upper Austria in Wels using composite materials provided by Hexcel. The material allowed the team to lower the composite structural mass by 42% when compared to similar drones.
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The global composites market size is expected to grow from $80.21 billion in 2021 to $87.86 billion in 2022 at a compound annual growth rate (CAGR) of 9.53%. The growth in the market is mainly due to the companies’ resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The global composite market share is expected to reach $131.66 billion in 2026 at a CAGR of 10.64%.
Major players covered in the global composites industry are DuPont, Gurit, Henkel Corporation, Hexcel Corporation, Huntsman International LLC., Kineco Limited, Koninklijke Ten Cate BV, Mitsubishi Chemical Holdings Corporation, Nippon Electrical Glass Co. Ltd. (Japan), Owens Corning, SGL Group, Teijin Limited, Toray Industries, Veplas Group, Weyerhaeuser Company, BASF SE, and BGF Industries Inc.
TBRC’s global composites market report is segmented by product into carbon fiber, glass fiber, by manufacturing process into layup process, filament winding process, injection molding process, pultrusion process, compression molding process, resin transfer molding process, others, by resin type into thermoset composites, thermoplastic composites, by end-use industry into aerospace and defense, wind energy, automotive and transportation, construction and infrastructure, marine, pipe and tank, electrical and electronics, others.
Composites Global Market Report 2022 – By Product (Carbon Fiber, Glass Fiber), By Manufacturing Process (Layup Process, Filament Winding Process, Injection Molding Process, Pultrusion Process, Compression Molding Process, Resin Transfer Molding Process, Others), By Resin Type (Thermoset Composites, Thermoplastic Composites), By End-Use Industry (Aerospace and defense, Wind Energy, Automotive and Transportation, Construction & Infrastructure, Marine, Pipe and Tank, Electrical and Electronics, Others) – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provides a composites market overview, forecast composites market size and growth for the whole market, composites market segments, geographies, composites market trends, composites market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
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