Global Composites Market (2020 to 2025) - Reduction of Carbon Fibers Cost Presents Opportunities - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Composites Market by Fiber Type (Glass Fiber Composites, Carbon Fiber Composites, Natural Fiber Composites), Resin Type (Thermoset Composites, Thermoplastic Composites), Manufacturing Process, End-use Industry and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.

The global composites market size is projected to grow from USD 70.4 billion in 2020 to USD 112.8 billion by 2025, at a CAGR of 8.8% between 2020 and 2025.

Composites offer exceptional properties, such as stiffness, strength, tenacity, density, thermal & electrical conductivity, fatigue, and corrosion resistance. Owing to these outstanding properties offered by the composites, they are preferred over conventional materials such as aluminum steel in high performance applications in several end-use industries. However, global pandemic disease COVID-19 has forced the automotive, wind blade, and aircraft manufacturers to shut down their operations, which is expected to decrease the demand for composites in 2020.

Carbon fiber composites are the fastest-growing fiber type of composites market in terms of value.

Carbon fiber composites are projected to register the highest CAGR in terms of value between 2020 and 2025. Carbon fiber is twice as strong, and 30% lighter compared to glass and natural fiber and has been used in several end-use industries for some time. However, due to COVID-19, carbon fiber composites production and demand have reduced. It is expected that advancement in carbon fiber manufacturing and a decrease in crude oil prices would result in a reduction of carbon fiber composites prices. This, in turn, would bolster the growth and penetration of carbon fiber composites in various end-use industries.

Thermoplastic composites is the fastest-growing resin type of composites, in terms of value.

Thermoplastic composites are the fastest-growing resin type. The thermoplastic composites are easy to remold, and reform and hence can be reused. Due to COVID-19, lockdown conditions and halt in the production of automobiles and aircraft have reduced the demand for thermoplastic composites. However. R&D investments for the mass production of thermoplastic composites would reduce its cost, thereby driving the thermoplastic composites market during the forecast period.

Resin transfer molding is expected to witness widespread adoption in the composites market in terms of value.

The resin transfer molding manufacturing process is projected to register the highest CAGR in terms of value between 2020 and 2025. This process yields increased laminate compression, high glass-to-resin ratio, and outstanding strength-to-weight characteristics. Thus, the process is expected to grow during the forecast period. Due to COVID-19, there is a decreased demand for composites in the resin transfer molding process in construction & infrastructure, automotive & transportation, and aerospace & defense industries. The recovery in these industries post COVID-19 pandemic would restore the demand for composites in the resin transfer molding process.

Automotive & transportation is the fastest-growing end-use industry of composites, in terms of value.

The automotive & transportation industry is expected to grow at the highest CAGR during the forecast period in terms of value. The use of composites in luxury cars, sports cars, electric vehicles, and passenger cars is increasing due to lightweight, high strength, and increased fuel-efficiency. However, due to COVID-19, travel restrictions, and lockdown scenario, the automobile sales have dropped. It is expected that the stringent environmental regulations, recovery in the electric vehicles, and sentiments of people to travel in private cars would drive the composites market at the highest pace than any other industry during the forecast period.

Market Dynamics

Drivers

• Increasing Demand from End-Use Industries
• Government Stimulus Packages to Drive the Composites Market Post Covid-19
• Tax Incentives to Drive the Composites Demand in Wind Energy
• Low Crude Oil Prices to Partially Offset the Impact of Covid-19

Restraints

• High Processing and Manufacturing Cost
• Lack of Standardization in Manufacturing Technologies
• Disruption in Supply Chain and Logistics Due to Covid-19
• Lower Capacity Utilization and Liquidity Crunch Due to Covid-19

Opportunities

• Increasing Demand in Emerging Economies
• High Demand for Environment-Friendly Electric Vehicles
• Growing Adoption of Natural Composites
• Penetration of Carbon Fiber Composites in New Applications
• Reduction of Carbon Fibers Cost
• Increasing Awareness of Oems Regarding Strict Government Regulations

Challenges

• Developing Low-Cost Technologies
• Issues Related to Recycling

Companies Profiled

• Owens Corning
• Toray Industries, Inc.
• Teijin Limited
• Mitsubishi Chemical Holdings Corporation
• Hexcel Corporation
• SGL Group
• Nippon Electric Glass Co. Ltd.
• Huntsman International LLC.
• Solvay
• Hexion
• Gurit
• Weyerhaeuser Company
• Chongqing Polycomp International Corporation
• Jushi Group Co. Ltd.
• Taishan Fiberglass Inc.
• Basf Se
• Dowaksa
• Honeywell International Inc.
• Renegade Materials Corporation
• Kineco Kaman Composites - India Private Limited
• Henkel AG & Co. Kgaa
• UPM Biocomposites
• Trex Company, Inc.
• Gaffco Ballistics
• Binani Industries Ltd.

For more information about this report visit https://www.researchandmarkets.com/r/44qadx