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Composites Market to Surpass USD 172.27 Billion by 2031, Witnessing 7.1% CAGR Growth | SkyQuest Technology

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Westford, USA, Aug. 12, 2024 (GLOBE NEWSWIRE) — SkyQuest projects that Global Composites Market will attain a value of USD 172.27 Billion by 2031, with a CAGR of 7.2% over the forecast period (2024-2031). Used in the aerospace and defence industries, since composites lower the weight of military aircraft and helicopters in a manner that is remarkable. Weight loss is thought to be crucial for improving performance in general and fuel efficiency, and it is anticipated to become the primary factor driving the industry’s expansion. The global COVID-19 outbreak has had a substantial effect on supply chains since key economies have halted commerce.

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Browse in-depth TOC on the ” Composites Market “

  • Pages – 165
  • Tables – 95
  • Figures – 76

Composites Market Overview:

Report CoverageDetails
Market Revenue in 2023$99.52 Billion
Estimated Value by 2031$172.27 Billion
Growth RatePoised to grow at a CAGR of 7.1%
Forecast Period2024–2031
Forecast UnitsValue (USD Billion)
Report CoverageRevenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments CoveredFibre Type, Resin Type, End-use Industry, and Manufacturing Process
Geographies CoveredNorth America, Europe, Asia Pacific, Middle East & Africa, Latin America
Report HighlightsRise of thermoplastic composites
Key Market OpportunitiesHigh advancements in material science increase the applications for composites
Key Market DriversVersatile applications of composite materials across industries


Glass Fiber to Dominate Due to Corrosion Resistance and Ease of Manufacturing

The main reason why glass fibre products have taken over the global composites market is their versatility and cost-effectiveness. Their widespread use is attributable to their corrosion resistance, ease of manufacturing and high strength to weight ratio. These features make them ideal for use in various other sectors such as wind energy, aerospace automotive and building therefore leading to maintained dominance of glass fibre composites.

Layup Manufacturing Process to be the Largest Growing Sub-Segment Due to Precise Material Control

The layup manufacturing process leads the global composite market due to its adaptability and ability to form fine structures; this method uses fiber reinforcements that are laid in resin matrices thereby controlling precisely material thickness and orientation. Layup is becoming more and more popular due to its adaptability and suitability for both large-scale manufacturing and customised designs.

Rising Demand in Key Sectors Helped Asia Pacific to Dominate the Market

In the global market, Asia Pacific will have the largest revenue share. The growing demand in important industries like building and construction, automotive and transportation, aerospace and military, and electrical and electronics is expected to be very beneficial to players in this market. Furthermore, the rapidly urbanising cities and the presence of many producers such as Mitsubishi Chemical Holdings Corporation is projected to assist the regional market.

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Composites Market Insight

Drivers:

  1. Versatile Applications of Composite Materials Across Industries
  2. Increasing Infrastructure Development Expands the Demand for Composites Globally
  3. Growing Cost-Effectiveness Due to Enhanced Composite Production

Restraints:

  1. Growing Complexity of Manufacturing Processes limits the Growth of Composites
  2. Limited Material Knowledge Hampers the Growth of Composites
  3. Raw Material Shortage and Shipping Delays

Prominent Players in Composites Market
The following are the Top Composites Companies

  • DOW (US)
  • Halocarbon, LLC (US)
  • Freudenberg SE (Germany)
  • The Chemours Company (US)
  • Metalubgroup (Israel)
  • Huntsman International LLC (US)
  • Bostik (France)
  • H.B. Fuller Company (US)
  • Sika AG (Switzerland)
  • Cardolite Corporation (US)

View Report Summary and Table of Contents (TOC):
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Key Questions Answered in Global Composites Market Report

  • What is SkyQuest predicting will be the size of the global composites market by 2031, and what reasons are fueling this growth?
  • Why does glass fibre control the world market for composites?
  • Which region is anticipated to lead the global composites market, and what are the main causes behind this dominance?

This report provides the following insights:

  • Analysis of key drivers (Wide range of intricately engineered parts, many different ways to use the materials, finishing options are readily available and fabricate almost any part for any application), restraints (Tight environmental policies, management of composite end-of-life waste and issues raised by plastic trash), opportunities (New composite formulations are being engineered, tailored functionalities & improved processing capabilities and being essential components in the renewable energy landscape), and challenges (Intricate procedures such as post-processing and higher production costs compared to conventional materials) influencing the growth of composites market
  • Market Penetration: Comprehensive information on the product portfolios offered by the top players in the composites market
  • Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the composites market
  • Market Development: Comprehensive information on lucrative emerging regions
  • Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
  • Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.

Related Reports: 

Biocomposites Market

Aerospace Composites Market

Advanced Composites Market

Carbon Fiber Market

Structural Composites Market

About Us:

SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology. 

We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.

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Skyquest Technology

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