Composites Market Trends, Size, Growth Insight, Share, Competitive Analysis
The global composites market size is projected to reach USD 112.0 billion by 2027, exhibiting a CAGR of 6.88% during the forecast period. Increasing utilization of composite materials in 3D printing applications will broaden the horizons of this market, observes Fortune Business Insights™ in its report, titled “Composites Market Size, Share and COVID-19 Impact Analysis, By Matrix (Polymer matrix, Ceramic matrix and Metal matrix), by Polymer matrix (Fiber {Glass, Carbon, Aramid} and Resin {Thermoset and Thermoplastics}) and by Application (Automotive & Transportation, Building & Construction, Electrical & Electronics goods, Pipes & tank manufacturing, Consumer goods, Wind power, Maritime, Defense & aviation) and Regional Forecast, 2020-2027”. 3D printing technology holds an enormous potential for the manufacturing sector, allowing producers to efficiently create parts, machineries, and equipment at relatively low costs. Most of the 3D printers available today use Fused Filament Fabrication (FFF), a polymer-extrusion process for composites. For example, US-based additive manufacturer, Markforged, developed the continuous fiber 3D printing method and currently offers a variety of industrial 3D printers, with main focus on functional prototyping and end-use manufacturing. Another US-based company, Desktop Metals, launched its Fiber 3D Printer in 2019, which combines the traditional Automated Fiber Placement technology with FFF. These advancements are expected to provide a solid push to the growth trajectory of this market in the foreseeable future.
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According to the report, the global market value stood at USD 99.91 billion in 2019. The other highlights of the report include:
Deep insights into the trends, drivers, opportunities, and challenges shaping the market;
Actionable analysis of the market segments;
Tangible research into the regional developments impacting the market; and
Thorough evaluation of the key market players and their strategies.
Market Driver
Rising Demand for Electric Vehicles to Surge the Adoption of Composites
Electric vehicles (EVs) are witnessing skyrocketing demand as consumers are actively looking to reduce their spending on gasoline and lower emissions. According to the International Energy Agency (IEA), 2.1 million EVs were sold in 2019. The key to enhance the energy-efficiency of these vehicles is to bring down their weight. These materials are expected to play an instrumental role in facilitating these requirements and research has been conducted in this area for over a decade now. For example, in 2010, Imperial College London and its European partners engineered a carbon fiber composite to make lightweight and high-strength body panels and structural parts for hybrid EVs. More recently, the Fraunhofer Institute for Structural Durability and Systems Reliability in Germany initiated the Optimized Energy Management and Use (OPTEMUS) project in 2015. Funded by the European Union, the project has developed a composite that functions as a phase change material and effectively manages EV temperature and range. The vast potential of composites in EV manufacturing is, thus, foreseen to drive the global market in the upcoming years.