Growing demand for high performance materials to drive the composites market post 2021 with companies operating in full capacities and smooth flow in supply chain
The global composites market size was USD 88.0billion in 2021 and is expected to reach USD 126.3 billion by 2026, projecting a CAGR of 7.5% between 2021 and 2026. Composites are increasingly used in the aerospace & defense end-use industry as they decrease weight and increase fuel efficiency. In addition, the capability of aerospace composites to maintain a greater strength-to-weight ratio allows for more efficient structural and aerodynamic designs. This has led to a high demand for composites in the aerospace & defense end-use industry. Howerver, the outbreak of covid-19 created ripples in the aerospace industry leading to reduced demand for composites in 2020.
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Composites are used mainly in end-use industries such as aerospace & defense, wind energy, transportation, marine, pipe & tanks, electrical & electronics, construction & infrastructure, among others. The aerospace & defense end-use industry represents the largest consumption group for composites in terms of value. The composites are corrosion-resistant and are not subject to fatigue damage. The benefits of using composites in aerospace & defense include cost-effectiveness, part consolidation, dimensional stability, and corrosion resistance. More fatigue capability is achieved over traditional jetliners with advanced carbon fiber composite design, enabling bigger passenger windows and lower cabin altitude.
Various types of fibers, such as glass fiber, carbon fiber, natural fibers, among others, are used in as composites. The glass fiber composite has the highest dmand from various end-use industries such as transportation, wind energy, construction & infrastructure, and other industries. China is the major market for glass fiber composites with assembly, fabrication, and R&D center for many international wind energy OEMs, such as Seimens Gamesa and LM wind Power. With China being one of the most affected countries, the entire supply chain in the wind energy industry was disrupted globally. The lockdown of international borders resulted into reduced the demand for glass fiber composites in Europe and North America in 2020.
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Carbon fiber composites account for the second-largest share in terms of value in the global composites market. The carbon fiber and carbon fiber composites manufacturers are in a position to take advantage of the plummeting oil and raw materials prices. However, lockdown conditions in various regions due to COVID-19, the manufacturers were unable to supply their orders to aircraft and vehicle manufacturers. Composites are segmented based on resins used in two types, namely, thermoset composites and thermoplastic composites. The thermoset composites accounted for a larger share in the composites market. Thermoset composites do not expand under high-heat and moist conditions, making them suitable for highly corrosive and high-temperature applications. The demand for both thermoset and thermoplastic composites showed a decline through 2020due to the pandemic.
