Composites Market Size, Development Data, Growth Analysis & Forecast 2022 to 2030 - SGL Group, Nippon Electric Glass Co. Ltd., Huntsman International LLC, Solvay, PPG Industries Inc., Owens Corning, Toray IndustriesInc., Teijin Limited, Mitsubishi Chemica

According to a new report published by xResearch, titled, "Composites Market 2022- Industry Insights, Trends, Opportunity & Forecast, 2021-2030," the global composites market size is anticipated to witness moderate growth during the forecast period i.e. 2022-2030.

The escalating number of government initiatives on environment-related issues; the rising usage of lightweight and high-strength materials in the manufacturing of structural components of aircrafts; the burgeoning application and demand of composites in various end-user industries due to its excellent properties; the high awareness regarding the benefits of composites; and the increasing usage of high-performance composites like shape memory polymer composites in kinetic buildings are among the major factors contributing to the growth of the global composites market.

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According to end-use industry, the automotive & transportation segment led the global composites market in 2021. The segment is expected to maintain its lead further in the market during the forecast period of 2022-2030. According to fiber type, the glass fiber composites segment acquired the largest share of the global composites market in 2021. The segment is predicted to retain its dominance throughout the forecast period.

According to resin type, the the rmoset composites segment commanded the global composites market in 2021. The segment is expected to continue with the trend during the forecast period. According to manufacturing process, the lay-up segment dominated the global composites market in 2021. The segment is estimated to maintain its position in the market throughout the forecast period of 2022-2030.

Geographically, the Asia Pacific region held the largest share of the global composites market in 2021, followed by North America and Europe. The region is projected to further remain dominant during forecast period of 2022-2030.

The rising popularity of autonomous vehicles; the presence of various end-user industries of composites; the growing usage and demand of composites; the soaring advancements in technology, and the presence of a robust construction industry in the region are predominantly driving the market in the Asia Pacific. India, China, and Japan are among the key contributors to the growth of the market in the region.

Some of the major composites companies profiled in the report include SGL Group, Nippon Electric Glass Co. Ltd., Huntsman International LLC, Solvay, PPG Industries Inc., Owens Corning, Toray Industries Inc., Teijin Limited, Mitsubishi Chemical Holdings Corporation, and Hexcel Corporation.

The global composites market is segmented into fiber type, resin type, end-use industry, manufacturing process, and region. Based on fiber type, the market is bifurcated into glass fiber composites, carbon fiber composites, natural fiber composites, and other fiber composites.

Based on resin type, it is classified into thermoset composites and thermoplastic composites. Based on end-use industry, it is classified into aerospace & defense, wind energy, automotive & transportation, construction & infrastructure, marine, pipe & tank, electrical & electronics, and others. Based on manufacturing process, it is classified into lay-up, filament winding, injection molding, pultrusion, compression molding, RTM, and others.

The global composites market is analyzed across North America (U.S. & Canada), Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Rest of Europe), Asia Pacific (China, India, Japan, South Korea, Indonesia, Thailand, Australia, New Zealand, and Rest of Asia Pacific), Latin America (Brazil, Mexico, and the Rest of Latin America) and Middle East & Africa (GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, and Rest of Middle East & Africa).

Key Insights of Composites Market

• On the basis of end-use industry, the automotive & transportation segment led the global composites market in 2021. The segment is expected to maintain its lead further in the market during the forecast period of 2022-2030.

• On the basis of fiber type, the glass fiber composites segment acquired the largest share of the global composites market in 2021. The segment is predicted to retain its dominance throughout the forecast period.

• On the basis of resin type, the thermoset composites segment commanded the global composites market in 2021. The segment is expected to continue with the trend during the forecast period.

• On the basis of manufacturing process, the lay-up segment dominated the global composites market in 2021. The segment is estimated to maintain its position in the market throughout the forecast period of 2022-2030.

• On the basis of region, the Asia Pacific held the largest share of the global composites market in 2021, followed by North America and Europe. The region is projected to further remain dominant during forecast period of 2022-2030.

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xResearch is a market research and consulting organization that uses unique data, expert analysis, and new technologies to create trusted intelligence on industries. Our research is focused on delivering an informed and impartial view on essential market data of industry, and it is primarily driven by an in-depth study covering the following parameters: Market Sizing and Forecasting, Market Segmentation, Competitive Analysis, Strategic Assessment and Business Modelling.

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