An Industry Overview for Composite Technologies
The composites market will reach USD $130.83 Billion in 2024.
It’s the backbone of most of the world’s most formative industries.
As a consumer and corporate interest in fuel and energy-efficient solutions grow, more industries are looking to composite materials. Affordability, durability, and strength are also key factors pushing many industries to composites.
So what’s the state of the industry?
Below you’ll find a brief industry overview of all the key composite markets. For example, infrastructure, construction, industrial, transportation, and sports and recreation.
An Industry Overview of Where Composites Are Used
Composites are two different materials that are combined together. To create something completely new, stronger and better.
Here are the five industries composite material is used in:
- Infrastructure. Bridges, roads, tunnels, sewer systems, railways, etc.
- Construction. Commercial buildings.
- Industrial. Machinery, kilns, safety devices, mining equipment, semiconductor equipment, robots.
- Transportation. Tractors, airplanes, automobiles, cranes, railroad locomotives etc.
- Sports and Recreation. Boats, basketball hoops, jet skis, ATVs.
These industries use composite materials for a handful of reasons. Safety is paramount to the products listed above. So these industries are always seeking more effective materials to build them out of.
Composite materials are also more lightweight. They are last longer. They are better for the environment, and more cost-effective for companies to use in the long run.
The glass fiber marketed is expected to be valued at $9.3 billion globally by 2022.
Experts say that this is because of consumer demand. For products that promise a better value for money and products that last longer.
Currently, the primary drivers for growth in the glass fiber market are construction and automotive. Water infrastructure and sewage systems.
As the world becomes concerned about sustainability. For instance, glass fiber production will increase across the globe.
The number of glass fiber manufacturing facilities will increase over the next three years. Across America, Europe, Asia and the rest of the world.
Many companies are also creating new, cutting-edge glass fiber technologies. That will improve the longevity, strength, and performance of the product.
The automotive composites market will reach a 9.13 percent growth rate from 2017 to 2022. According to a report by Mordor Intelligence.
Growth is expected to continue, but the industry will face challenges.
Emission regulations in America and Europe, are causing manufacturers to rethink vehicle production. Especially when it comes to exhaust.
Thermoplastics and reinforced glass have long since pushed growth for automotive composites. But that will change over the next five years.
The accelerated growth of carbon fiber composites might hold the key. Many believe that carbon fiber is the future of automotive composites. That it will enable manufacturers to meet these new standards.
Experts see body applications as an area for major opportunities. Mainly because of the call for lighter materials with modern aesthetics and improved safety and fuel economy.
A new report by MarketsandMarkets says that the worldwide carbon fiber market will be worth $8 Billion by 2026.
Carbon fiber is strong and lightweight. It’s an alternative to steel. It’s also seen as being more environmentally friendly long-term.
Every composite market will get a boost in growth from the increased use of carbon fibers. As mentioned above, the automotive industry will. As the demand for lighter and fuel-efficient vehicles increases.
The demand for cleaner energy solutions will also lead to a growth of carbon fiber used in wind energy.
Carbon fiber offers a stronger and more steady option for aircraft. Also in aerospace. Commercial defense, regional jets, and helicopters are also utilizing carbon fibers more too.
In the sports an recreation market. Sporting goods like golf clubs, fishing poles, tennis racquets, and skis are fueling demand for carbon fibers too.
Europe is the leading consumer of carbon fibers.
The aerospace industry is one of the most exciting industries right now. It’s opened its arms wide to new materials and change.
Aerospace has some of the most radical goals for cutting emissions.
While the integration of composites into the industry has taken time. Due to regulations and high costs. It’s still one of the most optimistic towards new technology.
According to Zion Market Research, by 2024, the aerospace composites market will be worth $53.87 billion.
In addition, air travel popularity continues to grow. In response, the industry needs to create faster, more durable and efficient aircraft.
America is the world’s biggest consumer of aerospace composites. The world’s leading aerospace corporations are in the United States.
Europe, Asia, and Latin America’s markets for aerospace are all expected to grow steadily over the next few years.
The leading resin composites in the aerospace industry are epoxy, phenolic, and polyester.
The leading commercial aircraft are single-engine pistons, military planes, and helicopters.
Carbon, ceramic and glass fiber composites are the most used in the industry.
The Composite Industry: Change and the Future
The tides of change are present in the composites industry. But in a good way. This industry overview shows that demand, market growth, and increased revenue are all coming soon.
But let’s not forget that a win for the composites industry is a win for the world. So many of the vessels and machinery composite material support. Carry out some of the most dangerous responsibilities in the world.
Composite materials create safer, more durable, energy-efficient products. That also causes less harm to the environment.
We specialize in creating the world’s best composite materials. We have advanced knowledge in a range of materials like fiberglass, carbon fiber, and Kevlar. For more information, contact SMI.