Market Overview:
The Composite Materials Market size is estimated to reach $158 billion by 2030, growing at a CAGR of 7.9% during the forecast period 2024-2030, according to a recent report published by IndustryARC, titled, “Composite Materials Market – By Type (FRP Composites (Fiber Reinforcement Polymers), [Glass Fiber Reinforced Polymers (GFRP), Carbon Fiber Reinforced Polymers (CFRP), Aramid Fiber Reinforced Polymers (AFRP), and Others], Matrices [Polymer Matrix Composite (PMC), Metal Matrix Composite (MMC), Ceramic Matrix Composites (CMC)], Resins [Thermoset resins {Epoxy, Vinyl Ester, Polyester, and Others}, Thermoplastic resins], and Others), By Form (Fiber Tow, Unidirectional Tape, Cloth), By Method (Open molding [Hand Lay-Up, Spray-Up, Filament Winding], Closed molding [Compression molding, Pultrusion, Reinforced Reaction Injection molding (RRIM), Resin Transfer molding (RTM), Vacuum Bag Molding, and Others]), By Application (Aerospace, Wind Energy, Automotive, Construction, Electrical, Sporting Goods, Pipes & Tanks, and Others), By Geography - Global Opportunity Analysis & Industry Forecast, 2024-2030”
Expansion in the aerospace & defense sectors and Growth in wind energy applications are expected to create growth opportunities in the market during forecast period.
APAC Dominated the Market in 2023:
APAC accounted for the largest share of 35% of the Composite Materials Market in 2023 followed by North America and Europe. With a growing emphasis on technological advancements and innovation, coupled with favorable government policies and investments in research and development, Asia Pacific continues to present significant opportunities for market expansion and diversification, solidifying its position as a powerhouse in the global composite materials market.
Composite Materials Market: Key Takeaways
Increased Adoption of Recycled and Sustainable Composites:
As environmental concerns gain prominence, manufacturers are focusing on developing and utilizing composites made from recycled fibers and resins. This shift is driven by the need to reduce waste, lower carbon footprints, and adhere to stricter environmental regulations. For instance, recycled carbon fibers are being incorporated into automotive and aerospace components, offering a way to mitigate the environmental impact of composite production while maintaining performance standards. Additionally, bio-based composites made from natural fibers like bamboo or hemp are gaining traction in various industries, including construction and consumer goods, due to their reduced environmental impact and renewability.
Advancements in Nano-Composites and Smart Materials:
Nano-composites, which integrate nanoparticles into the composite matrix, are enhancing the mechanical, thermal, and electrical properties of traditional composites. This advancement is particularly relevant in high-tech industries such as aerospace, electronics, and automotive, where performance requirements are stringent. Smart materials, which can respond dynamically to environmental changes (such as temperature or stress), are being increasingly used in applications like self-healing structures, adaptive aerospace components, and advanced sporting equipment. These innovations are driving the evolution of composite materials, offering new possibilities for enhanced functionality and efficiency across various applications.
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Scope of the Report:
Recent Developments:
- In September 2024, Hexcel Corporation, launched its new HexForce® 1K woven reinforcement fabric. This lightweight fabric leverages the Hexcel proprietary HexTow® AS4C 1K carbon fiber, enabling the production of high-strength, low-weight composite materials.
- In March 2024, Owens Corning initiates review of strategic alternatives for glass fiber business. This review could lead to increased investment in glass fiber technologies or a shift in focus that influences the development and availability of composite materials.
- In December 2023, Solvay (Brussels, Belgium) has announced the official demerging of Syensqo SA/NV, the company's new composite materials segment, from Solvay.
Composite Materials Market: Competitive Landscape
Key companies profiled in the Composite Materials Market are Hexcel Corporation, Toray Industries, Inc., Owens Corning, Solvay S.A., Teijin Limited, SGL Carbon SE, Mitsubishi Chemical Corporation, Huntsman Corporation, Gurit Holding AG, Zoltek Companies, Inc., and Others.
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