When more than two chemically dissimilar materials are combined with each other to improve synthetic or natural properties over the individual materials, it is referred to as composite materials. The material’s major advantages are high toughness and doesn’t corrode like steel. Furthermore, manufacturers can produce properties that fit the requirement for a particular structure for a specific purpose by choosing an appropriate combination of matrix and reinforcement materials. Due to technological developments and scientific advancements in these materials to build resilient systems, the demand for such products rose greatly.
Chief among the strategies adopted by the key players in this market are the calculated territorial expansion and tactical acquisition activities. These strategies are aiding large companies in the market to widen their offerings, strengthen global market foothold, and penetrate emerging markets.
Fortune Business Insights™
estimates that the global composites market size is expected to be valued at USD 112.0 billion by 2027, growing at 6.68% CAGR during 2020 to 2027.
Fortune Business Insights™ highlights the top 8 companies in the market.
Huntsman International LLC (Texas, U.S.)
Huntsman International LLC is a publicly-held firm headquartered in the U.S. and was founded in 1970. The company deals in automotive, aviation, textiles, footwear, construction, technology, agriculture, healthcare, detergent, personal care, furniture, appliances and packaging, coatings and chemicals, and plastics.
Composite Solutions (Sumner, U.S.)
Composite Solutions is a diversified composites manufacturing firm headquartered in the U.S. and was founded in 1983. Its integrated composites solutions provide state-of-the-art materials such as toughened aerospace epoxies and flame-resistant phenolic to ensure lean manufacturing facilities.
Mitsubishi Chemical Holdings Corporation (Tokyo, Japan)
Mitsubishi Chemical Holdings Corporation is a global leader in the chemical manufacturing company headquartered in the U.S. and was founded in 2005. Through its cutting-edge technologies, the firm strongly promotes innovation to forge the future in order to maximize the corporate value and unlock the growth potential of the businesses.
Owens Corning (Ohio, U.S.)
Founded in 1853, Owens Corning is a privately-held corporation dealing in roofing, insulation, and composites segments. The company’s expertise in developing products and systems saves energy and improves comfort in residential and commercial buildings. Furthermore, its glass reinforcement technologies produce more robust, lighter, and durable products.
Hexcel Corporation (Stamford, U.S.)
Hexcel Corporation is a leading producer of resins systems and was founded in 1948 and headquartered in the U.S. The firm deals in various activities such as composites technology, wind energy, industrial applications, prepregs, carbon fibers, honeycomb, adhesives, engineered core, commercial aerospace, space, and defense.
Exel Group (Paris, France)
Exel Group is an American provider of composites solutions headquartered in the U.S and was founded in 1952. Through its innovative development, the firm designed its products to offer user-friendly offerings to improve efficiency and productivity while achieving its corporate social responsibilities objective.
Toray Industries, Inc. (Tokyo, Japan)
Toray Industries, Inc. is a multinational firm that specializes in organic synthetic products and was founded in 1926. The company operates in 29 countries worldwide. The firm deals in carbon fiber composite material, fibers and textiles, and performance chemicals that maintain the optimal weight targets for the vehicle.
Veplas d.d. (Velenje, Slovenia)
Veplas d.d. is one of the leading manufacturers of composite materials in Europe. The company also provides products such as carbon filler and aramid fiber to various industrial sectors. The company strongly emphasizes epoxy, polyester, and vinyl ester resins to meet business objectives to create a humongous opportunity for players in the market.
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Rising Shifting Trend toward Developing Lightweight Vehicles to Facilitate Market Growth
The need for composites is rising due to rising applications of such materials in converting lower weight structures with improved damage tolerance without losing their toughness and stiffness. Also, the increasing demand for 3D printing, epoxy resins, and carbon fiber in the marine, aerospace, and automotive industries has surged the product demand without sacrificing performance. Furthermore, the rising shifting trend toward developing lightweight vehicles to improve the vehicle’s power has fueled the product demand.
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.
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.
Asia Pacific dominated the composites market share with a size of USD 43.76 billion in 2019 on account of the strong presence and robust operations of some of the biggest players in the industry such as Toray and Mitsubishi. These companies have been injecting large amount of funds into research and development to create new composite solutions and meet the rapidly rising demand for these materials from diverse industries in the region.
The market in North America is benefiting from the extensive utilization of these materials by the region’s well-established aerospace & defense industry.
About the author
Amit Kapoor is a graduate of Mechanical Engineering. He loves writing and watching films. He is passionate about learning new technologies and showcasing his expertise in research papers. Besides writing, he loves photography, storytelling, and music-making.