The global composites market size is projected to reach USD 112.0 billion by 2027, exhibiting a CAGR of 6.88% during the forecast period. Increasing utilization of composite materials in 3D printing applications will broaden the horizons of this market, observes Fortune Business Insights™
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According to the report, the global market value stood at USD 99.91 billion in 2019. The other highlights of the report include:
- Deep insights into the trends, drivers, opportunities, and challenges shaping the market;
- Actionable analysis of the market segments;
- Tangible research into the regional developments impacting the market; and
- Thorough evaluation of the key market players and their strategies.
Regional Insights
Prominent Presence of Industry Players to Favor Growth in the Asia Pacific Market
Asia Pacific dominated the composites market share with a size of USD 43.76 billion in 2019 on account of the strong presence and robust operations of some of the biggest players in the industry such as Toray and Mitsubishi. These companies have been injecting large amount of funds into research and development to create new composite solutions and meet the rapidly rising demand for these materials from diverse industries in the region.
The market in North America is benefiting from the extensive utilization of these materials by the region’s well-established aerospace & defense industry. In Europe, the market dynamics will be primarily shaped by the region’s massive automotive industry, increasing uptake of EVs, and favorable governmental policies promoting the adoption of lightweight materials in vehicle manufacturing.
Competitive Landscape
Expansion & Acquisitions to be the Mainstay Strategies of Key Players
Chief among the strategies adopted by the key players in this market are the calculated territorial expansion and tactical acquisition activities. These strategies are aiding large companies in the market to widen their offerings, strengthen global market foothold, and penetrate emerging markets.
List of Key Companies Profiled in this Market Report:
- Toray Industries, Inc. (Tokyo, Japan)
- Teijin Limited (Tokyo, Japan)
- Mitsubishi Chemical Holdings Corporation (Tokyo, Japan)
- Hexcel Corporation (Stamford, United States)
- SGL Carbon (Wiesbaden, Germany)
- Huntsman International LLC. (Texas, United States)
- Solvay (Brussels, Belgium)
- Exel Group (Paris, France)
- Veplas d.d. (VELENJE, Slovenia)
- Composite Solutions (Sumner, United States)
- Owens Corning (Ohio, United States)
