The Composite Market is estimated to be valued at US$ 100.22 Bn or billions in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market Overview: Composites are materials made by combining two or more materials, often resulting in unique properties. They have properties that are stronger and stiffer compared to their individual components. Composites are used in various applications ranging from electronics to transportation due to their lightweight and high strength properties. Some common applications include use in automotive, aerospace, marine and construction sectors where lightweight and robust materials are required to enhance fuel efficiency and reduce costs. Market Dynamics: Growing demand for lightweight materials from the automotive industry is one of the key drivers fueling growth of the composite market. Vehicles with composites have improved fuel efficiency and performance compared to conventional materials. According to International Energy Agency, automotive sector consumes over 60% of total oil used globally. Therefore, use of lightweight composites helps reduce fuel consumption and emissions. Furthermore, increasing air passenger traffic globally coupled with rising demand for lightweight high-performance aircrafts is surging demand for advanced composite materials in aerospace industry. For instance, composites account for 50% of the materials used in Boeing 787 aircraft. Growing demand from such end use industries is expected to propel growth of the global composite market over the forecast period. Segment Analysis The Global Composite Market is segmented into continuous fiber composites and discontinuous fiber composites. The continuous fiber composites segment currently dominates the market and accounts for over 60% share owing to its high strength and stiffness properties. Continuous fiber composites find widespread application in aerospace, wind energy, transportation and construction industries where lightweight and high strength materials are required. PEST Analysis Political: The government regulations regarding energy efficiency and emissions standards have increased the demand for lightweight composite materials in automotive and construction industries. Economic: The rising disposable incomes and expenditure on industries like automotive and aviation have boosted the demand for composites from original equipment manufacturers. Social: Customers prefer fuel-efficient and lightweight vehicles which is driving the adoption of composites in automotive sector. Growth in infrastructure and real estate sectors also contribute to market growth. Technological: Advancements in resin systems and fiber reinforcement technologies have enabled mass production of composites, reducing costs. Developments in 3D printing and automated fiber placement expands application areas. Key Takeaways The global composite market is expected to witness high growth, exhibiting CAGR of 7.3% over the forecast period, due to increasing demand from automotive and construction industries. By 2030, the composite market size is projected to reach over US$ 175 Bn. North America currently leads the global composite market with over 35% share owing to strong presence of major OEMs in developed economies like the US. Asia Pacific is poised to be the fastest growing regional market with CAGR of 9% driven by growing automotive, infrastructure and manufacturing sectors in China and India. Key players operating in the composite market are Saint-Gobain S.A., Momentive Performance Materials, Inc., Kineco Limited, Veplas Group, China Jushi Group Co., Ltd., Braj Binani Group, Guardian Fibre Glass. These players are focusing on new product development, acquisitions and expansions to strengthen their market position. Read More: https://www.rapidwebwire.com/composite-market-scope/
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