In recent years, composites have gained worldwide traction, emerging as formidable alternatives to traditional materials like aluminum, steel, and wood across diverse applications. In 2018 alone, over 17 million tons (MT) of composites were consumed globally. The ability of composites to be tailored for a wide range of applications remains a key driver in the global composites market. The two primary components within composites are the matrix and the fiber. Commonly used fibers include glass, carbon, aramid, basalt, and natural fibers, while polyester, epoxy, polyurethane, and vinyl ester serve as the primary matrix materials. The suitability of composites for higher temperature ranges and superior design flexibility are expected to ensure sustained healthy adoption rates in the composites market. Know More: https://www.fairfieldmarketresearch.com/report/global-composites-market Composites are not only stronger, lighter, and more durable but also more versatile compared to traditional materials. For instance, carbon fiber-reinforced composite is approximately 4-5 times stronger than its 1020 steel-grade counterpart while being only one-fifth the weight. The design freedom, functionality, and weight reduction attributes of composites continue to position them as ideal material choices across various industries, especially transportation, construction, and electrical and electronics. This is likely to accelerate the performance of the global composites market. Growing Efforts Toward Lightweight and Durable Materials Automotive Original Equipment Manufacturers (OEMs) worldwide are intensifying their efforts to use multi-materials in weight reduction/lightweighting to meet fuel efficiency goals. In recent years, composite materials have become a vital part of automotive lightweighting strategies as they are widely deployed in under-the-hood, exterior, and interior applications. Electric mobility is another factor driving the growth of composites in the automotive industry. One of the most important aspects of electric vehicles (EVs) is their range, with weight playing a major role in this regard. Composites can significantly contribute to achieving longer ranges by reducing the weight and dependency on heavier, denser metals. World wind capacity installations have grown fourfold between 2010 and 2020, with 60.4 gigawatts (GW) of capacity added in 2019 alone. Wind energy is a perfect bet to achieve renewable energy goals in Europe. Wind energy is clean, sustainable, and costeffective compared to fossil fuels. Manufacturers are focused on creating turbines with longer blades to capture more wind, thereby generating more power output. To keep up with the growing demand for wind turbines, composites can play a crucial role in delivering lightweight and energy-efficient blades. High-Cycle Time and Raw Material Costs: Challenges at Hand Mass production and affordability of composite materials present significant challenges in the market. In the automotive industry, high material costs and cycle times have significantly impacted the penetration of composites in high-volume cars. The supply of carbon fiber also adds to the automotive industry's woes, as most of it is consumed in the high-value aerospace sector. Lack of automation, higher raw material prices compared to traditional steel, wood, and thermoplastics, and high production costs limit the market growth of composites across various verticals. The composites industry also needs to address recycling issues. Recycling carbon fiber composites is expensive and challenging, as they cannot be melted down and reformed like other materials. Asia Pacific Leads, Regulatory Support Boosts Composites Market in Western Regions Asia Pacific accounted for over 40% of the total composites market valuation in 2018. Accelerated industrial growth in the region has been the major driving force behind the composites market growth here, with China playing a substantial role in shaping the Asia Pacific composites market. China's scientific and sustainable development strategy heralds a bright future for energy-saving products in automotive, marine, and electrical and electronics sectors. There has been significant development in China's wind energy market, creating ample opportunities for composites consumption, thereby fostering market growth in the region. In Europe and North America, advancements in lightweight materials have largely fueled the growth of composites. Demand for composites is on the rise, especially from the automotive and aerospace industries. Carbon fiber-reinforced composites (CFRC) possess exceptional properties, making them ideal materials for car manufacturers and modern aircraft, focusing on weight reduction and enhanced fuel efficiency. Government regulations such as Corporate Average Fuel Economy (CAFÉ) and the EU mandate on CO2 emissions will drive developments in the composites market space in these regions over the next few years. Capacities Expansion and Synergies Dictate Strategic Growth of Key Companies Manufacturers of composites are engaging in capacity expansions and business integration operations to strengthen their position in the global composites market. In 2019, Solvay announced the expansion of its thermoplastic composite facility in the US to meet strong demand from the aerospace industry. The expansion is expected to help Solvay meet high-quality standards and industrial reliability. Solvay also announced the first horizontal strategic platform to fast-track the development of advanced composites. In 2019, Teijin announced the acquisition of Renegade Materials Corporation, a USbased supplier of heat-resistant thermoset prepreg to the aerospace industry. This acquisition helped Teijin integrate its business operations and strengthen its foothold in the aerospace industry. The company will also upgrade its existing production capacities with technological advancements. Regional Classification of the Global Composites Market: North America • U.S. • Canada Europe • Germany • France • Spain • U.K. • Italy • Russia • Rest of Europe Asia Pacific • China • Japan • India • Southeast Asia • Rest of Asia Pacific Latin America • Brazil • Mexico • Rest of Latin America Middle East and Africa • GCC • South Africa • Rest of Middle East & Africa
