Composites have been increasingly used in the aerospace industry as they decrease weight and increase fuel efficiency. In addition, the capability of aerospace composites to maintain a greater strength-to-weight ratio allows more efficient structural and aerodynamic designs. The governments in developed countries focus on the replacement of old aircraft with advanced and high-performance aircraft. Manufacturers are considering the use of composites to achieve fuel efficiency and performance in accordance with the norms given by regulatory authorities. The automotive industry is highly focusing on stringent regulations such as the Corporate Average Fuel Efficiency (CAFE) standards and the European Emission Standards (EES) by the US and European governments, respectively, for the vehicle manufacturers. In wind turbines, the amount of energy produced by a turbine depends on the area swept by the blades of the turbines. The larger the blade of turbines, the larger is the area covered by them, and higher is the energy production. The turbines with high energy production capacity require lightweight wind blades as heavier blades affect the production capacity due to its weight constraints. Hence, the manufacturers are focusing on the use of lightweight materials in wind turbine designing.
The global composites market size is expected to grow from USD 88.0 billion in 2021 to USD 126.3 billion by 2026, projecting a CAGR of 7.5% during the forecast period between 2021 and 2026.
Companies operating in the composites market have strengthened their position in the global composites market by adopting expansions, partnerships, agreements, new product/technology launches, joint ventures, contracts, and mergers & acquisitions from 2016-2021. However, the novel coronavirus pandemic has created ripples across the global aerospace & defense, automotive & transportation, wind energy, and many other sectors, affecting the global supply chains. These factors have affected the demand for composites. The demand is expected to recover bounce and picking up momentum by 2021.
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The major composite manufacturers are Owens Corning (US), Toray Industries, Inc. (Japan), Teijin Limited (Japan), Mitsubishi Chemical Holdings Corporation (Japan), Hexcel Corporation (US), SGL Group (Germany), Nippon Electric Glass Co. Ltd. (Japan), Huntsman International LLC. (US), and Solvay (Belgium), among others. These companies have adopted various organic and inorganic growth strategies.
Owens Corning is an American multinational corporation headquartered in Toledo, Ohio, US. It manufactures a broad range of roofing, insulation, and fiberglass composite materials. The products of Owens Corning are used in various applications such as sporting goods, consumer electronics, boats, aircraft, defense, wind energy, construction, roofing, and pipes. It offers composites as a product of its fiberglass composite business. The company primarily offers residential and commercial building materials, glass-fiber reinforcements, and engineered materials for composite systems.
Toray Industries, Inc. is a multinational corporation specializing in industrial products involving core technologies in organic synthetic chemistry, polymer chemistry, and biochemistry. The company, currently, is the largest producer of carbon fiber in the world and synthetic fiber in Japan. It operates through six business segments: fibers and textiles, performance chemicals, carbon fiber composite materials, environment and engineering, life science, and other businesses. The company conducts its composite business through the composite materials business segment, wherein it offers a broad range of carbon fibers, carbon fiber composite materials, and related molded products.
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