Composite Material Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The market is segmented by Resin (Thermoset Resin and Thermoplastic Resin), Fiber Type (Glass Fiber, Carbon Fiber, Aramid Fiber, and Others), Coatings (Gel Coat and Surface Veil), Adhesives (Epoxies, Bismaleimide, Cyanate Ester, Modified Acrylics, Polyurethanes, and Silicones), End-user Industry (Construction, Transportation, Electronics & Electrical, Healthcare, Power Generation, Industrial, Aerospace & Defense, Marine, and Others), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The report offers market size and forecasts for Composite Materials market in terms of revenue (USD million) for all the above segments.

Market Snapshot

Composite Material Market Overview
Study Period: 2016 - 2026
Base Year: 2020
Fastest Growing Market: Asia Pacific
Largest Market: North America
CAGR: >5 %
Composite Material Market Key Players

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Market Overview

The Composite Material Market is projected to register a CAGR of over 5% during the forecast period (2021-2026).

The market was negatively affected due to COVID-19 in 2020. Owing to pandemic scenario, several countries around the world went into lockdown to curb the spreading of virus. Manufacturing activities and construction work were halted due to supply chain disruptions and labour shortages or as a protective measure to stop the spread of virus, thereby negatively affecting the market. However, the conditions are expected to recover in 2021, which will restore the growth trajectory of the market studied, further benefitting the market over the forecast period.

  • Over the short term, technological advancements in the field of material science and increasing use of composites in aerospace and defense industry are driving the market growth.
  • On the flipside, negative impact of COVID-19 pandemic and high cost of composite materials are hindering the growth of the market studied.
  • North America accounts for the largest market share and Asia-Pacific is expected to register highest growth rate during the forecast period.
  • Among the applications, aerospace & defense application dominated the market studied and is expected to dominate the market studied during the forecast period.

Scope of the Report

Composite materials are made by combining two or more materials with different properties, without blending or dissolving them into each other. The global composite material market is segmented by resin, fiber type, coatings, adhesives, end-user industry, and geography. By resin, the market is segmented into Thermoset Resin and Thermoplastic Resin. By fiber type, market is segmented into Glass Fiber, Carbon Fiber, Aramid Fiber, and Others. By coatings, market is segmented into Gel Coat and Surface Veil. By Adhesives, the market is classified into Epoxies, Bismaleimide, Cyanate Ester, Modified Acrylics, Polyurethanes, and Silicones. By end-user industry, the market is segmented into Construction, Transportation, Electronics & Electrical, Healthcare, Power Generation, Industrial, Aerospace & Defense, Marine, and Others. The report also offers market size and forecasts for 15 countries across major regions. For each segment, market sizing and forecasts have been done on the basis of revenue (USD million).

Resin
Thermoset Resin
Polyester
Epoxy
Vinyl Ester
Pheonolics
Cyanate Esters
Polyimides
Other Thermoset Resins (Bismaleimides, Benzoxazines)
Thermoplastic Resins
Polyetherimide (PEI)
Polyetheretherketone (PEEK)
Polyetherketone (PEK)
Polyamide-imide (PAI)
Polyarylsulfone (PAS)
Liquid crystal polymer (LCP)
Other Thermoplastic Resins ( PES, PPS)
Fiber Type
Glass fiber
Carbon fiber
Aramid Fiber
Others
Coating
Gel Coat
Surface Veil
Adhesives
Epoxies
Bismaleimide (BMI)
Cyanate Ester
Modified Acrylics
Polyurethanes
Silicones
End-user Industry
Construction
Transportation
Electronics & Electrical
Healthcare
Power
Industrial
Aerospace & Defense
Marine
Others
Geography
Asia-Pacific
China
India
Japan
South Korea
ASEAN Countries
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa

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Key Market Trends

Carbon Fiber Type to Witness the Highest Growth

  • Over the past years there have been a number of changes in the application areas for carbon fiber. Aerospace & defense applications have grown significantly and are now the largest consumers of carbon fiber.
  • At present, the aerospace and defense industry are in a “supercycle”, mainly due to huge order backlogs, which may drive production in the industry over the next decade, thus increasing the demand for carbon fiber over the forecast period.
  • According to Boeing Commercial Market Outlook 2020–2039, 43,110 aircrafts are expected to be delivered during 2020-2039. Of this regional flight deliveries are 2,430 units, single aisle are 32,270 units, widebody aircrafts at 7,480 units, and 930 freighter deliveries.
  • The automotive segment is becoming increasingly obsessive with consumption of carbon fiber and has increased significantly over the past years. This is mainly because of the factors relating to the reduction of CO2 emissions, lightweight construction and e-mobility.
  • Despite an encouraging term of growth in the automotive sector during the past decade, the momentum slowed down in recent years. The sales and production of new vehicles are going down in various parts of the world, including Europe, Asia-Pacific, and the United States. This affected the previously growing automotive production in most nations. Business models, the markets, and the competitive landscape are undergoing changes.​​ This may affect the demand for carbon fiber in the sector.
  • According to the OICA data, the global automotive production declined by around 5% and reached 91.78 million in 2019. ​The production further declined and reached to 77.62 million in 2020. The huge downfall in 2020 was due to the impact of COVID-19.
  • However, with growing concerns related to environmental pollution from petrol and diesel-based vehicles, the production of electric vehicles is expected to pick up pace over the next five years. This is likely to drive the demand for carbon fiber type and consequently drive the composite material market over the forecast period.
  • According to IEA, in 2030, global electric vehicle sales are expected to reach 125 million as per the New Policies Scenario (excluding two/three-wheelers). In the [email protected] Scenario, in 2030, around 70% of the vehicle sales in China are expected to be EVs. Also, half of the vehicles sold in Europe are EVs, 37% in Japan, 30% in Canada and the United States, and 29% in India.
  • Hence, owing to the above-mentioned factors, carbon fiber is expected to witness the highest growth rate during the forecast period.
Composite Material Market Latest Trends

Asia-Pacific to Witness the Highest Growth Rate

  • Asia-Pacific region accounts for the highest share of composite material market owing to high demand from end-user industries like construction, automotive, electrical & electronics, aerospace & defense, Industrial, etc.
  • The demand for composite material in the Asia-Pacific region is growing at a staggering rate as a result of rapid industrialisation in countries such as China, India, and Japan.
  • With growing investments and the construction activities in the China, the demand for composite materials is projected to grow during the forecast period. According to the National Bureau of Statistics of China, the revenue generated by the Chinese construction industry has increased from CNY 17.67 trillion in 2014 to CNY 24.84 trillion in 2019.​
  • Rising household income levels, combined with population migrating from rural to urban areas, are expected to continue to drive demand for the residential construction sector in the country. ​Increased focus on affordable housing by both the public and private sectors is also driving the growth in the residential construction sector.
  • China is investing USD 1.43 trillion in the next five year till 2025, in major construction projects. According to National Development and Reform Commission (NDRC), Shanghai plan includes the investment of USD 38.7 billion in next three years, whereas Guangzhou has signed 16 new infrastructure projects with and investment of USD 8.09 billion.
  • The Chinese automotive manufacturing industry is the largest in the world, with a production share of just over 32% in 2020. The industry witnessed a slowdown in 2018, wherein the production and sales declined. A similar trend continued in 2019, with the production declined to 25.7 million vehicles by dropped by about 7.5% year-on-year. Due to COVID-19, the production further reduced to 25.2 million vehicles in 2020. The uncertainties in the automobile industry are expected to impact the market studied.
  • The Chinese aerospace policy represents one of the most comprehensive attempts to enter the top levels of aerospace development and production. China is expected to be the world’s largest single‐country market for civil aircraft sales, over the next 20 years.
  • According to Boeing, China is estimated to require around 7,600 new commercial aircraft, valued at USD 1.2 trillion, over the next two decades.
  • Under the plan ‘Made in China 2025’, it is expected that China is likely to supply over 10% home-made commercial aircraft to the domestic market by 2025. This is expected to provide opportunities for composite materials market in aerospace sector during the forecast period.
  • China has the world’s largest electronics production base. Electronic products, such as smartphones, TVs, wires, cables, portable computing devices, gaming systems and other personal electronic devices recorded the highest growth in the electronics segment. The country serves not only domestic demand for electronics, but also exports electronic output to other countries. In China, with the increase in the disposable income of the middle-class population and the rising demand for electronic products countries importing electronic products from China, the production of electronics is projected to grow, thereby benefitting the market studied.
  • Beside this, other countries such as India, Vietnam, Singapore, and Japan are also contributing positively to the growth of the studied market.
  • Hence, owing to such factors, the Asia-Pacific region is likely to witness the highest growth rate.
Composite Material Market Growth Rate By Region

Competitive Landscape

The  composite material market is moderately fragmented as the market share is divided between many players. Key players in the market include TORAY INDUSTRIES, INC., 3M, Cabot Corporation, Dupont, and Owens Corning, among others.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Technological Advancement in the Field of Material Science

      2. 4.1.2 Increasing Use of Composites in the Aerospace and Defense Industry

      3. 4.1.3 Other Drivers

    2. 4.2 Restraints

      1. 4.2.1 High Cost of Composite Materials

      2. 4.2.2 Negative Impact of COVID-19 Pandemic

    3. 4.3 Industry Value-chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

  5. 5. MARKET SEGMENTATION

    1. 5.1 Resin

      1. 5.1.1 Thermoset Resin

        1. 5.1.1.1 Polyester

        2. 5.1.1.2 Epoxy

        3. 5.1.1.3 Vinyl Ester

        4. 5.1.1.4 Pheonolics

        5. 5.1.1.5 Cyanate Esters

        6. 5.1.1.6 Polyimides

        7. 5.1.1.7 Other Thermoset Resins (Bismaleimides, Benzoxazines)

      2. 5.1.2 Thermoplastic Resins

        1. 5.1.2.1 Polyetherimide (PEI)

        2. 5.1.2.2 Polyetheretherketone (PEEK)

        3. 5.1.2.3 Polyetherketone (PEK)

        4. 5.1.2.4 Polyamide-imide (PAI)

        5. 5.1.2.5 Polyarylsulfone (PAS)

        6. 5.1.2.6 Liquid crystal polymer (LCP)

        7. 5.1.2.7 Other Thermoplastic Resins ( PES, PPS)

    2. 5.2 Fiber Type

      1. 5.2.1 Glass fiber

      2. 5.2.2 Carbon fiber

      3. 5.2.3 Aramid Fiber

      4. 5.2.4 Others

    3. 5.3 Coating

      1. 5.3.1 Gel Coat

      2. 5.3.2 Surface Veil

    4. 5.4 Adhesives

      1. 5.4.1 Epoxies

      2. 5.4.2 Bismaleimide (BMI)

      3. 5.4.3 Cyanate Ester

      4. 5.4.4 Modified Acrylics

      5. 5.4.5 Polyurethanes

      6. 5.4.6 Silicones

    5. 5.5 End-user Industry

      1. 5.5.1 Construction

      2. 5.5.2 Transportation

      3. 5.5.3 Electronics & Electrical

      4. 5.5.4 Healthcare

      5. 5.5.5 Power

      6. 5.5.6 Industrial

      7. 5.5.7 Aerospace & Defense

      8. 5.5.8 Marine

      9. 5.5.9 Others

    6. 5.6 Geography

      1. 5.6.1 Asia-Pacific

        1. 5.6.1.1 China

        2. 5.6.1.2 India

        3. 5.6.1.3 Japan

        4. 5.6.1.4 South Korea

        5. 5.6.1.5 ASEAN Countries

        6. 5.6.1.6 Rest of Asia-Pacific

      2. 5.6.2 North America

        1. 5.6.2.1 United States

        2. 5.6.2.2 Canada

        3. 5.6.2.3 Mexico

      3. 5.6.3 Europe

        1. 5.6.3.1 Germany

        2. 5.6.3.2 United Kingdom

        3. 5.6.3.3 France

        4. 5.6.3.4 Italy

        5. 5.6.3.5 Rest of Europe

      4. 5.6.4 South America

        1. 5.6.4.1 Brazil

        2. 5.6.4.2 Argentina

        3. 5.6.4.3 Rest of South America

      5. 5.6.5 Middle-East and Africa

        1. 5.6.5.1 Saudi Arabia

        2. 5.6.5.2 South Africa

        3. 5.6.5.3 Rest of Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share**/Ranking Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 3M

      2. 6.4.2 DuPont

      3. 6.4.3 DIT B.V.

      4. 6.4.4 COMPOSITES UNIVERSAL GROUP

      5. 6.4.5 Cabot Corporation

      6. 6.4.6 Mitsubishi Chemical Corporation

      7. 6.4.7 Owens Corning

      8. 6.4.8 TEIJIN LIMITED.

      9. 6.4.9 TORAY INDUSTRIES, INC.

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability

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Frequently Asked Questions

The Composite Material Market market is studied from 2016 - 2026.

The Composite Material Market is growing at a CAGR of >5% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

North America holds highest share in 2020.

TORAY INDUSTRIES, INC., 3M, Carbot Corporation, Owens Corning, Dupont are the major companies operating in Composite Material Market.

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