Composites Market

Expansions, partnership, agreement, new product/technology launch, joint venture, contract, and merger & acquisition are the key development strategies adopted by the leading players for the growth of the Composites Market

Composites are used in a variety of end-use industries, including aerospace & defense, transportation, wind energy, marine, pipe & tanks, construction & infrastructure, and electrical & electronics, among others. Led by strong end-user demand, the composites industry is growing at a rapid pace. The global composites market size is expected to grow from USD 90.6 billion in 2019 to USD 131.6 billion by 2024, at a CAGR of 7.7% during the forecast period.

Over the past years, companies have strengthened their position in the global composites market by adopting strategies such as expansions, partnership, agreement, new product/technology launch, joint venture, contract, and merger & acquisition. From 2014 to 2019, expansion and merger & acquisition were the key strategies adopted by the market players to maintain growth in the global composites market. For instance, in February 2019, Teijin Limited (Japan) acquired Renegade Materials Corporation, a supplier of highly heat-resistant thermoset prepreg for the aerospace industry in North America. This helped the company to solidify its position as a leading provider of solutions for aerospace applications.

The major manufacturers profiled in this report include Owens Corning (US), Toray Industries, Inc. (Japan), Teijin Limited (Japan), Mitsubishi Chemical Holdings Corporation (Japan), Hexcel Corporation (US), SGL Group (Germany), Nippon Electrical Glass Co. Ltd. (Japan), Koninklijke Ten Cate bv.  (Netherlands), Huntsman International LLC. (US), and Solvay (Belgium), among others. These companies have adopted various organic and inorganic growth strategies. For instance, in July 2019, Owens Corning (US) announced the signing of a definitive agreement where it will acquire Saint-Gobain’s Reinforcement and Composites business for USD 640 million. This would build Owen’s Corning’s position as market leader in glass reinforcements and composites market.

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Owens Corning (US), Toray Industries, Inc. (Japan), Teijin Limited (Japan), Mitsubishi Chemical Holdings Corporation (Japan), Hexcel Corporation (US), SGL Group (Germany) are the major players in the composites market. These companies are the largest contributor to the growth of the global composites industry. These companies are specialized in manufacturing composites and composite materials having sustainable properties. For instance, Owens Corning (US) specializes in manufacturing composite materials namely glass fibers for composites industry globally.

Similarly, Toray Industries, Inc. (Japan) specializes in manufacturing composites including prepregs for composites industry globally. These companies have vast global presence. These companies are among the key players present in the global composites market.

Related Reports:

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 2024

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Report Code
CH 3185
RI Published ON
12/2/2019
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