Composites is a material made from two or more constituent materials with significantly different physical or chemical properties that, when combined, produce a material with characteristics different from the individual components. Composite materials are widely used for buildings, bridges, and structures such as boat hulls, swimming pool panels, racing car bodies, shower stalls, bathtubs, storage tanks, imitation granite and cultured marble sinks and countertops. Concrete is the most common artificial composite material of all and typically consists of loose stones (aggregate) held with a matrix of cement.
Global Composites Market: Key Players
The research study includes profiles of leading companies operating in the global Composites market. Key players profiled in the report include: Owens Corning, Toray Industries, Inc., Teijin Limited, Hexcel Corporation, Mitsubishi Chemical Holdings Corporation, SGL Group, Nippon Electrical Glass Co. Ltd., Huntsman International LLC., Gurit, and Solvay.
Drivers for the Global Composites Market:
Rapid industrialization in the emerging economies of Asia Pacific and ascending demand for wind energy are factors expected to boost the market growth. Increase in the demand from automotive sector also drives composites market growth. Additionally, there is an increase in the demand of light weight vehicles across th globe which attributes positive impact on the growth of composites market.
Opportunities for the Global Composites Market:
Ascending demand for customized components in automotive, aircraft, and sports industries can create huge opportunities for composites market in near future. Moreover, cost of raw materials used for the production has been reduced which will also create more demand for this market in coming years.
Restrains for the Global Composites Market:
The complex material compositions and the cross-linked nature of composites, especially thermoset composites, make the recyclability of composites difficult. Hence, its recycling is a biggest challenge which can hamper the growth of market.
Region Wise, Global Composites Market Analysis:
Asia Pacific held maximum share in Composites market owing to heap labor, raw materials, and high demand from various end-use industries, such as pipes & tanks, wind energy, and construction & infrastructure. Increasing economies of Asia Pacific such as China, Japan, and India creates huge market for composites in recent years. In addition, North America and Europe shows significant market share owing to developed economy and high purchasing power along with robust growth of aerospace and defense, electrical and electronics, and automotive industries.
Covid-19: Impact and Recovery Analysis for Global Composites Market:
The world is greatly affected by the uncertain raise of the covid-19 Pandemic among the population. The Corona virus outbreak has disrupted & disturbed every sector of business as well as human activity. In most parts of the world there has been a complete restriction set by governments regarding various activities and in turn this is greatly affecting the financial stability of industries. With Covid-19 infections raising globally, the apprehension regarding a shortage of essential life-saving devices and other essential medical supplies in order to prevent the spread of this pandemic and provide optimum care to the infected also widen. COVID-19 has negatively affected the demand for composites across various end-use industries such as aerospace & defense, automotive & transportation, wind energy, construction & infrastructure, and pipes & tanks. The disruption in the supply chain resulting in delays or non-arrival of raw materials, disrupted financial flows, and growing absenteeism among production line workers have compelled aircraft and automobile manufacturers to operate at zero or partial capacities. This is leading to reduced demand for composites.
Global Composites Market: Product analysis
- Carbon Fiber
- Glass Fiber
Global Composites Market: Applications analysis
- Layup Process
- Filament Winding Process
- Injection Molding Process
- Pultrusion Process
- Compression Molding Process
- Resin Transfer Molding Process
Global Composites Market: Region analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of L.A.
- Middle East and Africa
- South Africa
- Rest of Middle East