Long-Fiber Thermoset Composites Market Strengthens Materials Landscape, Expected to Reach $5.6 Billion by 2030, Unveils MarkWide Research
According to a new report published by MarkWide Research, titled “Long-Fiber Thermoset Composites Market,” the global market for long-fiber thermoset composites is poised for substantial growth over the forecast period from 2023 to 2030. The increasing demand for lightweight and high-performance materials across various industries is a key factor driving the market’s expansion.
Long-fiber thermoset composites are composite materials composed of long fibers embedded in a thermosetting resin matrix. These materials offer remarkable mechanical properties, including high strength-to-weight ratio, excellent durability, and resistance to corrosion and chemicals. These characteristics make them suitable for a wide range of applications in industries such as automotive, aerospace, construction, and consumer goods.
The report reveals that the global long-fiber thermoset composites market is projected to grow at a robust Compound Annual Growth Rate (CAGR) of 7.2% from 2023 to 2030. This growth is attributed to several factors, including the increasing adoption of these composites in lightweight automotive components, the rising need for energy-efficient solutions in construction, and the ongoing advancements in manufacturing technologies.
One of the primary drivers fueling the market expansion is the automotive industry’s shift towards lightweight materials to enhance fuel efficiency and reduce emissions. Long-fiber thermoset composites offer an effective solution by replacing traditional materials in various automotive components, such as bumpers, door panels, and underbody shields. This not only reduces the overall vehicle weight but also contributes to improved crash performance and reduced noise, vibration, and harshness (NVH).
The aerospace sector is also expected to significantly contribute to the demand for long-fiber thermoset composites. These materials find application in aircraft interiors, structural components, and engine parts due to their exceptional strength and resistance to extreme conditions. Moreover, the construction industry is recognizing the benefits of these composites in terms of durability, corrosion resistance, and design flexibility for architectural elements and infrastructure.
Geographically, North America and Europe are anticipated to maintain their dominance in the long-fiber thermoset composites market. The presence of established aerospace and automotive industries, along with continuous research and development activities, drives the demand for these materials in these regions. However, the Asia-Pacific region is expected to exhibit the highest growth rate during the forecast period. Rapid industrialization, urbanization, and investments in infrastructure development are creating a favorable environment for the adoption of advanced materials like long-fiber thermoset composites.
The report also highlights the competitive landscape of the long-fiber thermoset composites market. Key players are focusing on research and development to introduce innovative products and manufacturing processes. Collaborations and partnerships between material suppliers, manufacturers, and end-users are expected to drive advancements in technology and expand the application areas of these composites.
In conclusion, the global long-fiber thermoset composites market is set to experience remarkable growth from 2023 to 2030, driven by the increasing demand for lightweight and high-performance materials across various industries. The market’s projected CAGR of 7.2% underscores its potential as a lucrative investment opportunity for stakeholders and businesses in the coming years.