A composite material is a mixture of two different materials with different properties, such as mechanical, micro-cracking, and fatigue resistance, remarkable tensile strength, electrical conductivity, and high strength-to-weight ratio, which, when combined, offers an end-product with superior properties.
Polymer matrix composites are composed of reinforcement fibers bound together by polymer matrix resins. Various fibers (glass, carbon, natural, and others) and polymer matrix (thermoset and thermoplastic) can be used in composites depending on applications and the required specifications. Composites are used in several end-use industries, including aerospace & defense, automotive & transportation, wind energy, marine, pipe & tank, construction & infrastructure, and electronics.
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Aerospace Industry is the major end use sector in the composites market due to decreased weight and increased fuel efficiency. In addition, more efficient structural and aerodynamic design is achieved due to a greater strength-to-weight ratio. The governments in developed countries focus on the replacement of old aircraft with advanced and high-performance aircraft. Manufacturers are considering the use of composites to achieve fuel efficiency and performance in accordance with the norms given by regulatory authorities.
The global composites market size is expected to reach USD 168.6 billion by 2027, projecting a CAGR of 8.2% during the forecast period between 2022 and 2027.
The major companies that manufacture composites are Owens Corning, Toray Industries, Inc., Teijin Limited, Mitsubishi Chemical Holdings Corporation, and SGL Group. These players have extensive product portfolios which cater to the demand for composites from various applications.
Toray Industries, Inc. is a multinational corporation specializing in industrial products involving core technologies in organic synthetic chemistry, polymer chemistry, and biochemistry. The company is currently the largest producer of carbon fiber in the world and synthetic fiber in Japan. It operates through six business segments, namely, Fibers & Textiles, Performance Chemicals, Carbon Fiber Composite Materials, Environment & Engineering, Life Sciences, and Others. The company conducts its composites business through the Composite Materials business segment, wherein it offers a broad range of carbon fibers, carbon fiber composite materials, and related molded products.
Toray Industries, Inc.'s subsidiary, Zoltek Composites, Inc. (US) offers carbon composites for the automotive, maritime, commercial, and mobility industries. The company has manufacturing and research facilities in North America, Latin America, Europe, Africa, Asia, and other regions and operates in 29 countries. It has 283 subsidiaries, with 103 in Japan and 180 overseas.
Teijin Limited is a Japanese chemical, pharmaceutical, and information technology company involved in the manufacture, processing, and selling of chemical products. Its main fields of operations are high-performance fibers such as aramid, carbon fibers & composites, healthcare, films, resin & plastic processing, polyester fibers, product converting, and IT products. The company offers advanced solutions having applications in the transportation, electronics, energy, and healthcare sectors. Teijin has a wide geographical presence with manufacturing facilities in North America, Europe, and the Asia Pacific, covering over 20 countries.
Composites Market by Fiber Type (Glass Fiber Composites, Carbon Fiber Composites, Natural Fiber Composites), Resin Type (Thermoset Composites, Thermoplastic Composites), Manufacturing Process, End-use Industry and Region - Global Forecast to 2027
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