Global High Performance Composites Market Size, Share, and COVID-19 Impact Analysis, By Fiber Type (Carbon Fiber Composites, S-glass Composites, Aramid Fiber Composites & Others), By Resin Type (Thermoset & Thermoplastic), By Application (Aerospace & Defense, Automotive, Consumer Products, Industrial, Healthcare & Others) and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa) Analysis and Forecast 2022-2028
KEY MARKET INSIGHTS
The high performance composites market was valued at USD 22.3 Bn in 2021. The market is projected to grow USD 40.5 Bn in 2028, at a CAGR of 6%. Fiber and resin are the two separate components that make up composites. The novel substance, which differs from fibre and resin in terms of qualities, is distinguished by great strength and stiffness as well as low weight. These characteristics have boosted demand for the material in a range of industries, including aerospace, military, and automobiles. The market for high performance composites is predicted to grow in response to rising demand for lightweight materials. Automobiles with lower kerb weights are more efficient, resulting in lower fossil fuel use. As a result, environmental agencies such as the Environmental Protection Agency (EPA) have supported the usage of such materials in order to maintain ecological balance. A polymer resin with fibre reinforcements is used to make high-performance composites. Due to their lightweight and features, such as high strength, increased corrosion resistance, high impact strength, excellent design flexibility, enhanced dimensional stability, low thermal conductivity, and high durability, these composites are increasingly being used in automotive, aerospace & defence, pressure vessels, wind turbines, medical, and construction resin types. High-performance composites are also nonconductive, nonmagnetic, and radar transparent.
COVID-19 ANALYSIS
The global high performance composites market is negatively impacted with the outbreak of COVID-19. The outbreak's consequences and impact are expected to intensify in the coming months as the virus spreads. Several governments of few countries are considering national-level lockdowns as a viable means of controlling viral transmission. The outbreak of Covid-19 has forced governments around the world to deploy severe rules such as lockdown, temporary shutdown, social distancing, caused disruption in production of raw materials and in turn increased costing of raw materials. Shipments of raw materials, as well as revenue produced have fallen. Furthermore, insufficient raw material supply will limit the rate of high performance composites, influencing the management of the high performance composites supply chain. The Airports Council International (ACI) has cautioned that the COVID-19 outbreak's protracted length will have a substantial impact on the region's airport connectivity and economic sustainability, limiting the region's ability to achieve previously estimated growth possibilities. This chain of occurrences is expected to have a negative influence on the growth of the high performance composites market in the future years
LATEST TREND
Growing Demand for Lightweight Materials
The market for high performance composites is predicted to grow in response to rising demand for lightweight materials. Automobiles with lower kerb weights are more efficient, resulting in lower fossil fuel use. As a result, environmental agencies such as the Environmental Protection Agency (EPA) have supported the usage of such materials in order to maintain ecological balance.
DRIVING FACTORS
Increasing Demand for Glass and Carbon Fiber-Reinforced Polymers
The expanding usage of high-performance composites in wind turbine blades will help boost the sector. The rapidly expanding demand from a variety of end-use applications is driving the market for high-performance composites. The enormous growth of the commercial aircraft manufacturing business has fueled the demand for high-performance composites. Another potential market driver is the use of these composites in the manufacture of wind turbines.
RESTRAINTS
Fluctuating Prices of Raw Materials in Generating High Performance Composites
Plastics, metal sheets, and plating material are among the basic materials required to manufacture high performance composites. The plating materials used are mainly noble metals, whose value changes in the market, causing variations in the price of the composites manufactured and limiting their market expansion. Aforementioned factors are likely to hamper the growth of the global high performance composites market.
SEGMENTATION
The global High Performance Composites Market is segmented by Fiber Type (Carbon Fiber Composites, S-glass Composites, Aramid Fiber Composites & Others), By Resin Type (Thermoset & Thermoplastic), By Application (Aerospace & Defense, Automotive, Industrial, Consumer Products, Healthcare & Others) and Region. Based on the fiber type, the market is categorized into carbon fiber composites, s-glass composites, aramid fiber composites & others. Based on resin type, the market is categorized into thermoset & thermoplastic. Based on Application, the market is categorized into aerospace & defense, automotive, consumer products, industrial, healthcare & others. Based on the region, the market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.
By Fiber Type
Based on fiber type, it is categorized into carbon fiber composites, s-glass composites, aramid fiber composites & others. The s-glass composites segment dominated the global high performance composites market share owing because of its capacity to endure the impact of force, military aircraft are increasingly using S-glass high-performance composites for fuselage skins, floor panels, and fire walls. Furthermore, these composites have a low flammability and a strong corrosion resistance. S-glass high-performance composites are lightweight and have a high strength-to-weight ratio, as well as improved fatigue resistance. They are utilized in the production of helicopter blades. S-glass high-performance composites are increasingly being employed as robotic arms on space shuttles due to their high strength, higher flexibility, and improved dimensional stability.
By Resin Type
Based on resin type, it is categorized into thermoset & thermoplastic. The thermoplastic segment dominated the global high performance composites market share owing to the rising use of high-performance thermoplastic composites in many sectors can be attributed to their flexibility in re-melting and reforming due to the absence of crosslinking in thermoplastic resins. These composites have a clean surface finish and strong impact strength. When they're reheated, they're easy to mold. Because they have a longer shelf life, a shorter manufacturing cycle, and are easier to recycle, high performance thermoplastic composites are chosen over high performance thermosetting composites.
By Application
Based on Application, it is categorized into aerospace & defense, automotive, consumer products, industrial, healthcare & others. The automotive segment dominated the global high performance composites market share owing to the huge development in automotive in turn increasing demand for high performance composites. The demand for high-performance composites in various applications is being driven by the growing demand for lightweight and high-strength materials.
REGIONAL INSIGHTS
The global high performance composites market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa. North America region is expected to dominate the market share of global High Performance Composites Market owing to the heavy investments on high performance composites developments and presence of major automotive manufacturers which are focusing on shifting the concept of IC engines along with healthcare lightweight and fuel-efficient engines. Furthermore, the region is implementing more renewable energy policies. For instance, BMW and Audi are building hydrogen fuel-cell passenger vehicle prototypes alongside their fleets of battery cars. However, Asia Pacific is expected to account highest CAGR across the forecast period due to the growing capabilities for the development in infrastructures for storing high performance composites. For instance, according to the survey in 2020, Korea and Japan are leading the way among Asian countries is investing on high performance composites projects. Both countries, particularly its industrial behemoths such as Toyota and Hyundai, are pioneering hydrogen fuel cell fiber type as one of several potential clean automotive options.
INDUSTRY PLAYERS
- Solvay
- Arkema
- DuPont
- SABIC
- Toray Advanced Composites
- Hexcel Corporation
- SGL Group-The Carbon Company
- TPI Composites
- Owens Corning Corporation
- Teijin Limited
- BASF SE
- Others
KEY INDUSTRY DEVELOPMENTS:
February 2022- Arkema has announced to sign a Memorandum of Understanding (MOU) with Adani for the commercialization of fuel cells in various mobility and industrial resin types in India.
SEGMENTATION
By Fiber Type
- Carbon Fiber Composites
- S-glass Composites
- Aramid Fiber Composites
- Others
By Resin Type
- Thermoset
- Thermoplastic
By Application
- Aerospace & Defense
- Automotive
- Consumer Products
- Industrial
- Healthcare
- Others
By Region
- North America- U.S., Mexico, Canada
- Europe- UK, France, Germany, Italy
- Asia-Pacific- China, Japan, India
- Latin America- Brazil, Argentina, Colombia
- The Middle East and Africa- United Arab Emirates, Saudi Arabia
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Global High Performance Composites Market Size
- May-2022
- 1 4 0
- Global
- Chemicals-and-Advanced-Materials
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