The global structural composites market is expected to grow significantly in the coming years, driven by increasing demand from various end-use industries such as aerospace, automotive, wind energy, and construction. Structural composites are materials that are formed by combining two or more materials with different physical and chemical properties to create a new material that exhibits superior performance characteristics.
The market is expected to witness a CAGR of around 6% during the forecast period of 2021-2026. Increasing demand for lightweight and high-strength materials, coupled with the growth of end-use industries, is expected to drive the market’s growth.
Structural composites are materials that are formed by combining two or more materials with different physical and chemical properties to create a new material that exhibits superior performance characteristics. These materials are designed to offer superior strength, stiffness, durability, and other properties that make them ideal for use in various applications, including aerospace, automotive, wind energy, and construction.
Structural composites are typically made up of two main components: a reinforcement material and a matrix material. The reinforcement material is typically a high-strength material such as carbon fiber, fiberglass, or aramid fiber, while the matrix material is a polymer resin or a metal alloy.
Executive Summary
The global structural composites market is expected to witness significant growth in the coming years, driven by increasing demand from various end-use industries such as aerospace, automotive, wind energy, and construction. The market is expected to witness a CAGR of around 6% during the forecast period of 2021-2026.
The market is characterized by intense competition among key players, who are investing heavily in research and development to develop new and innovative products that meet the evolving needs of end-users. The market is also witnessing an increasing trend of mergers and acquisitions, as key players are looking to expand their market share and enhance their product offerings.
Important Note:ย The companies listed in the image above are for reference only. The final study will cover 18โ20 key players in this market, and the list can be adjusted based on our clientโs requirements.
Key Market Insights
The key market insights for the structural composites market include:
- The global structural composites market is expected to grow significantly in the coming years, driven by increasing demand from various end-use industries such as aerospace, automotive, wind energy, and construction.
- The market is expected to witness a CAGR of around 6% during the forecast period of 2021-2026.
- Increasing demand for lightweight and high-strength materials, coupled with the growth of end-use industries, is expected to drive the market’s growth.
- The market is characterized by intense competition among key players, who are investing heavily in research and development to develop new and innovative products that meet the evolving needs of end-users.
- The market is also witnessing an increasing trend of mergers and acquisitions, as key players are looking to expand their market share and enhance their product offerings.
Market Drivers
The key drivers of the structural composites market include:
- Increasing demand for lightweight and high-strength materials in various end-use industries such as aerospace, automotive, wind energy, and construction.
- The growing trend of replacing conventional materials with advanced composites in various applications, owing to their superior performance characteristics.
- The increasing demand for composites in the aerospace industry, driven by the growing demand for fuel-efficient and lightweight aircraft.
- The growth of the automotive industry, which is driving the demand for composites in various applications such as body panels, interior parts, and structural components.
Market Restraints
The key restraints of the structural composites market include:
- The high cost of raw materials and the complex manufacturing process, which make composites more expensive than traditional materials.
- The limited availability of skilled labor and the high capital investment required for setting up composite manufacturing facilities.
- The regulatory challenges associated with the use of composites in various applications, owing to concerns related to fire safety and environmental impact.
The key opportunities in the structural composites market include:
- The increasing demand for composites in the wind energy sector, driven by the growing demand for renewable energy sources and the need for high-performance materials in wind turbine blades.
- The growing demand for composites in the construction industry, owing to their superior performance characteristics such as high strength and durability.
- The increasing use of composites in the sports and leisure industry, driven by the demand for lightweight and high-performance equipment such as golf clubs, tennis rackets, and bicycles.
- The growing trend of using composites in the medical industry, owing to their biocompatibility, high strength, and low weight.
Market Dynamics
The structural composites market is highly dynamic and is characterized by intense competition among key players. The market is also witnessing an increasing trend of mergers and acquisitions, as key players are looking to expand their market share and enhance their product offerings.
The market is also influenced by various macroeconomic factors such as GDP growth, industrial production, and consumer confidence. The demand for structural composites is closely linked to the growth of end-use industries such as aerospace, automotive, wind energy, and construction.
Regional Analysis
The global structural composites market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is expected to be the largest and fastest-growing regional market for structural composites, owing to the growing demand for composites in various end-use industries such as aerospace, automotive, and wind energy.
The region is also witnessing significant investments in the aerospace and automotive industries, which are driving the demand for advanced materials such as composites. The market in North America is also expected to witness significant growth, owing to the increasing demand for composites in various applications such as aerospace, defense, and automotive.
Competitive Landscape
Leading Companies in the Structural Composites Market:
- Hexcel Corporation
- Owens Corning
- Toray Industries, Inc.
- Mitsubishi Chemical Corporation
- SGL Carbon SE
- Gurit Holding AG
- Teijin Limited
- Solvay SA
- Henkel AG & Co. KGaA
- Huntsman International LLC
Please note: This is a preliminary list; the final study will feature 18โ20 leading companies in this market. The selection of companies in the final report can be customized based on our client’s specific requirements.
Segmentation
The structural composites market is segmented on the basis of type, application, and region.
By type, the market is segmented into fiber reinforced composites, polymer matrix composites, and ceramic matrix composites.
By application, the market is segmented into aerospace, automotive, wind energy, construction, and others.
Category-wise Insights
Fiber Reinforced Composites: The fiber reinforced composites segment is expected to witness significant growth in the coming years, owing to the growing demand for high-strength and lightweight materials in various end-use industries such as aerospace and automotive.
Polymer Matrix Composites: The polymer matrix composites segment is also expected to witness significant growth, owing to the increasing demand for composites in various applications such as wind energy, construction, and sports and leisure.
Ceramic Matrix Composites: The ceramic matrix composites segment is expected to witness moderate growth, owing to their high temperature resistance and superior performance characteristics in various end-use industries such as aerospace and defense.
Key Benefits for Industry Participants and Stakeholders
- The report provides a detailed analysis of the global structural composites market, including market size, growth rate, and key trends.
- The report provides a comprehensive analysis of the key drivers, restraints, and opportunities in the market.
- The report provides detailed information on the competitive landscape and the strategies adopted by key players to enhance their market share and expand their product offerings.
- The report provides insights into the regional markets and the factors driving the growth of the market in different regions.
- The report provides a detailed analysis of the market segmentation based on type, application, and region.
- The report provides valuable insights for industry participants and stakeholders, including manufacturers, suppliers, distributors, and investors.
SWOT Analysis
Strengths:
- The increasing demand for lightweight and high-strength materials in various end-use industries such as aerospace, automotive, wind energy, and construction.
- The growing trend of replacing conventional materials with advanced composites in various applications, owing to their superior performance characteristics.
- The increasing demand for composites in the aerospace industry, driven by the growing demand for fuel-efficient and lightweight aircraft.
Weaknesses:
- The high cost of raw materials and the complex manufacturing process, which make composites more expensive than traditional materials.
- The limited availability of skilled labor and the high capital investment required for setting up composite manufacturing facilities.
Opportunities:
- The increasing demand for composites in the wind energy sector, driven by the growing demand for renewable energy sources and the need for high-performance materials in wind turbine blades.
- The growing demand for composites in the construction industry, owing to their superior performance characteristics such as high strength and durability.
- The increasing use of composites in the sports and leisure industry, driven by the demand for lightweight and high-performance equipment such as golf clubs, tennis rackets, and bicycles.
Threats:
- The regulatory challenges associated with the use of composites in various applications, owing to concerns related to fire safety and environmental impact.
- The increasing competition from substitutes such as aluminum and steel, which are also being developed to offer high strength and lightweight properties.
Covid-19 Impact
The Covid-19 pandemic has had a significant impact on the structural composites market, as it has disrupted global supply chains and affected the demand for composites in various end-use industries. The pandemic has also led to a slowdown in manufacturing activities and a decline in consumer spending, which has further impacted the market.
However, the market is expected to recover gradually in the coming years, driven by the increasing demand for lightweight and high-strength materials in various end-use industries.
Key Industry Developments
- In February 2021, Hexcel Corporation announced the expansion of its carbon fiber production capacity in Spain, in response to the growing demand for composites in various applications.
- In November 2020, SGL Carbon announced the development of a new generation of lightweight composites for use in the automotive industry, which are expected to offer superior performance characteristics and reduce the weight of vehicles.
- In September 2020, Gurit Holding AG announced the acquisition of PH Windsolutions, a leading supplier of composite materials for the wind energy industry, in a bid to expand its market share in the sector.
Analyst Suggestions
- The key players in the market should focus on developing new and innovative products that meet the evolving needs of end-users, such as lightweight and high-strength materials.
- The players should also invest in research and development to improve the manufacturing process and reduce the cost of composites.
- The players should focus on expanding their market share through mergers and acquisitions, partnerships, and collaborations.
Future Outlook
The global structural composites market is expected to witness significant growth in the coming years, driven by increasing demand from various end-use industries such as aerospace, automotive, wind energy, and construction. The market is expected to witness a CAGR of around 6% during the forecast period of 2021-2026.
The market is also expected to witness increasing investments in research and development to develop new and innovative products that meet the evolving needs of end-users. The market is also expected to witness an increasing trend of mergers and acquisitions, as key players are looking to expand their market share and enhance their product offerings.
The market is also expected to witness increasing demand for composites in the wind energy sector, driven by the growing demand for renewable energy sources and the need for high-performance materials in wind turbine blades. The market is also expected to witness increasing demand for composites in the construction industry, owing to their superior performance characteristics such as high strength and durability.
Conclusion
In conclusion, the global structural composites market is expected to witness significant growth in the coming years, driven by increasing demand from various end-use industries such as aerospace, automotive, wind energy, and construction. The market is characterized by intense competition among key players, who are investing heavily in research and development to develop new and innovative products that meet the evolving needs of end-users.
The market is also witnessing an increasing trend of mergers and acquisitions, as key players are looking to expand their market share and enhance their product offerings. The market is expected to witness increasing demand for composites in the wind energy sector, construction industry, sports and leisure industry, and medical industry. Overall, the market presents significant opportunities for industry participants and stakeholders, including manufacturers, suppliers, distributors, and investors.