High Performance Composites Market - Forecast(2024 - 2030)
High Performance Composites Market Overview
The High Performance Composites Market size is estimated to reach US$46.8 billion by 2027, after growing at a CAGR of 5.8% during the forecast period 2022-2027. The High Performance Composites are prepared using metal matrix composites with high performance fibers including carbon fiber, glass fiber, etc and thermoset and thermoplastics resin. The High Performance Composites have flourishing demand in the aerospace industry due to rapid utilization in corrosion protection coatings, composite laminate, aircraft components and advanced features such as lightweight body, shape stability and damage resistance, thereby acting as a driving factor in the High Performance Composites Market. In addition, the growing demand for High Performance Composites in concrete, cultured marble and others for the construction sector is also propelling the growth in high performance composite industry. The covid-19 pandemic created a major disruption in the High Performance Composites Market due to production halt, closure of construction sites, logistics restrictions, demand and supply chain disruption and other lockdown restrictions. However, significant recovery in major end-use sectors such as aerospace, automotive, electronics and others are boosting the demand for High Performance Composites. Thus, the High Performance Composites industry is anticipated to grow rapidly and contribute to the High Performance Composites Market size during the forecast period.
High Performance Composites Market Report Coverage
The “High
Performance Composites Market Report – Forecast (2022-2027)” by IndustryARC,
covers an in-depth analysis of the following segments in the High Performance
Composites Industry.
Key Takeaways
- North America dominates the High Performance Composites Market owing to growth factors such as the growing aerospace sector, rising air traffic, rapid automotive production and urbanization, thereby boosting growth in this region.
- The flourishing aerospace industry across the world is propelling the demand for High Performance Composites for various applications in composite laminate, rotor blades, wings, seats and others, thereby contributing to the growth in the High Performance Composites Market size.
- The demand for fibers, a major component in metal matrix composite is high owing to superior features such as lightweight features, tensile strength and durability, which boosts its applicability across major industries in the High Performance Composites industry.
- However, the high costs of High Performance Composites hamper the growth and act as a challenging factor in the High Performance Composites industry.
Figure: North America High Performance Composites Market Revenue, 2021-2027 (US$ Billion)
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High Performance Composites Market Segment Analysis – by Material Type
The fiber segment held a significant High Performance
Composites Market share in 2021 and is forecasted to grow at a CAGR of 5.9% during
the forecast period 2022-2027. Fiber has a dominant share in the High Performance Composites industry owing to its superior features such as lightweight,
durability, strength and thermal conductivity. The fibers are a crucial
component in metal matrix composites. The fibers such as carbon fiber, glass
fiber and others have high growth prospects over the resins due to advantages such
as fabrication flexibility, resistance and strength. Moreover, the S-glass
fiber composite is growing rapidly and has significant applications in major
end-use industries including aerospace, automotive, construction and
electronics. With superior properties and demand across major industries, the
fiber material type segment is anticipated to grow significantly during the
forecast period.
High Performance Composites Market Segment Analysis – by End-Use Industry
The aerospace segment held a significant High Performance
Composites Market share in 2021 and is forecasted to grow at a CAGR of 6.3% during
the forecast period 2022-2027. The High Performance Composites have major
demand in the aerospace industry for a wide range of applications in aircraft
components including blades, gears, bulkheads, composite laminate and others
owing to superior properties such as corrosion resistance, durability and
weight reduction and others. The aerospace industry is exponentially
flourishing owing to growth factors such as rising air traffic, increasing
production for aircraft and urbanization. For instance, according to the India
Brand Equity Foundation (IBEF), the aerospace & defense sector in India is
estimated to reach US$70 billion by the year 2030. According to Boeing, the airline
sector is estimated to demand more than 44,000 new commercial airplanes, worth
US$6.8 trillion by the year 2038. With the rapid increase in aircraft
deliverables and production, the applications of High Performance Composites in
aircraft are anticipated to rise, which, in turn, is projected to boost the
growth scope for the aerospace industry in the High Performance Composites Market during the forecast period.
High Performance Composites Market Segment Analysis – by Geography
North America held the largest High Performance Composites Market share in 2021 up to 41%. The robust and lucrative growth for High Performance Composites in this region is influenced by the established base for major end-use industries, including aerospace, automotive and others, along with rising income and rapid urbanization. The aerospace industry is significantly growing in North America owing to growth factors such as robust aircraft manufacturing, rising air travel and demand for military aircraft with lightweight features. For instance, according to the Boeing Commercial Market Outlook 2021-2040, North America will demand 9,160 new airplane deliveries by the end of 2040. Moreover, the airline fleet growth is expected to be 1.7% between 2019 and 2040 in North America. According to the International Air Transport Association (IATA), the revenue for commercial airlines in North America is estimated to grow by 1.9% in 2022 over the previous years. With the increasing aerospace production and growing air traffic, the demand for High Performance Composites in aircraft for superior strength, lightweight body, shape stability and corrosion protection coatings is growing, which, in turn, is anticipated to boost the growth scope for High Performance Composites in North America during the forecast period.
High Performance Composites Market Drivers
Bolstering Growth of Automotive Industry:
The high-performance composite has
flourishing applications in the automotive sector for the vehicle body, battery
housing, cooling water pumps and others. The automotive sector is significantly
growing owing to growth factors such as demand for fuel-efficient vehicles,
vehicle electrification, rising production trends and urbanization. For
instance, according to the International Organization of Motor Vehicles
Manufacturers (OICA), the production of passenger cars increased from 55834456
units in 2020 to 57054295 units in 2021. According to the European Automobile
Manufacturer Association, South America car production grew by 11% while US car
production grew by 3.1% in 2021. According to the India Brand Equity Foundation
(IBEF), the automotive industry in India is expected to reach US$ 251.4-282.8
billion by the year 2026. With the increasing automotive vehicle
production and consumption, the applicability of high-performance composites in
vehicle components, exhaust systems and others is growing, which, in turn, is
boosting its demand and driving the High Performance Composites industry.
Flourishing Growth of Building & Construction Sector:
The high performance composites are majorly
used in the building & construction sector for a wide range of applications
in concrete, cultured marble and others. This is due to their superior
properties such as high tensile strength, weight reduction and durability. The construction
sector is rapidly growing owing to growth factors such as rising
infrastructural development, rapid growing residential housing plans and urbanization.
For instance, according to the National Investment Promotion & Facilitation
Agency, the construction industry in India is expected to reach US$ 1.4
trillion by 2025. According to Oxford Economics, the global construction output
in 2020 accounted for US$ 10.7 trillion and is projected to grow by 42% to
reach USD 15.2 trillion between 2020 and 2030. With the increase in building
and construction activities, the applicability of High Performance Composites is
rising in concrete, cement structures and others, owing to their lightweight
and low costs, which, in turn, is boosting its demand and driving the High Performance Composites industry.
High Performance Composites Market Challenges
High Costs and Non-biodegradability:
The costs associated with the high performance
composite are high due to the rise in manufacturing cost, R&D expenses and
advanced production affects the growth prospects in the industry. The costs of
standardization and maintenance technology restrict the applicability and
demand in the market. Moreover, the fiber metal matrix composite is
non-biodegradable and poses a major waste accumulation and environmental threat
due to no decomposition. The problem of non-biodegradability of fiber
composites such as ceramic, carbon, glass and others thereby leads to a slowdown
due to various regulations and policies. Thus, owing to such growth-restraining
factors, the High Performance Composites industry is anticipated to face growth
challenges.
High Performance Composites Industry Outlook
Technology launches, acquisitions and R&D
activities are key strategies adopted by players in the High Performance
Composites Market. The 10 companies in the High Performance Composites Market are:
- Toray Industries Inc.
- Solvay S.A.
- TPI Composites
- BASF SE
- Teijin Limited
- Owens Corning Corporation
- Albany International Corporation
- DuPont
- Hexcel Corporation
- Huntsman International LLC
Recent Developments
- In December 2021, MBCC Group acquired the Nautec Group, a manufacturer of ultra-high performance concrete and cement composites for repair, marine and wind turbines, thereby providing effective solutions and fulfilling customer satisfaction in the market.
- In November 2021, Hexcel Corporation partnered with Fairmat to build the recycled carbon fiber prepreg composite capability from Hexcel European operations for the reuse in composite panels.
- In September 2020, Applied Composites Holdings, LLC acquired Alliance Spacesystems, LLC, a leader in high performance composite structures, thereby the product line for applications in automotive and aerospace and achieving major growth.
Relevant Reports
Report Code: CMR 0224
Report Code: CMR 0647
Report Code: CMR 27240
For more Chemicals and Materials Market reports, please click here
LIST OF TABLES
1.Global High Performance Composites Market By Resin Type Market 2023-2030 ($M)1.1 High Performance Thermoset Composites Market 2023-2030 ($M) - Global Industry Research
1.1.1 Polyester Market 2023-2030 ($M)
1.1.2 Epoxy Market 2023-2030 ($M)
1.1.3 Phenolics Market 2023-2030 ($M)
1.1.4 Cyanate Esters Market 2023-2030 ($M)
1.2 High Performance Thermoplastic Composites Market 2023-2030 ($M) - Global Industry Research
1.2.1 Polyether Ether Ketone Market 2023-2030 ($M)
1.2.2 Polyphenylene Sulfide Market 2023-2030 ($M)
2.Global High Performance Composites Market By Fiber Type Market 2023-2030 ($M)
2.1 Carbon Fiber Composites Market 2023-2030 ($M) - Global Industry Research
2.2 S-Glass Composites Market 2023-2030 ($M) - Global Industry Research
2.3 Aramid Fiber Composites Market 2023-2030 ($M) - Global Industry Research
3.Global High Performance Composites Market By Manufacturing Process Market 2023-2030 ($M)
3.1 Lay-Up Process Market 2023-2030 ($M) - Global Industry Research
3.2 Compression Molding Process Market 2023-2030 ($M) - Global Industry Research
3.3 Resin Transfer Molding Process Market 2023-2030 ($M) - Global Industry Research
4.Global High Performance Composites Market By Resin Type Market 2023-2030 (Volume/Units)
4.1 High Performance Thermoset Composites Market 2023-2030 (Volume/Units) - Global Industry Research
4.1.1 Polyester Market 2023-2030 (Volume/Units)
4.1.2 Epoxy Market 2023-2030 (Volume/Units)
4.1.3 Phenolics Market 2023-2030 (Volume/Units)
4.1.4 Cyanate Esters Market 2023-2030 (Volume/Units)
4.2 High Performance Thermoplastic Composites Market 2023-2030 (Volume/Units) - Global Industry Research
4.2.1 Polyether Ether Ketone Market 2023-2030 (Volume/Units)
4.2.2 Polyphenylene Sulfide Market 2023-2030 (Volume/Units)
5.Global High Performance Composites Market By Fiber Type Market 2023-2030 (Volume/Units)
5.1 Carbon Fiber Composites Market 2023-2030 (Volume/Units) - Global Industry Research
5.2 S-Glass Composites Market 2023-2030 (Volume/Units) - Global Industry Research
5.3 Aramid Fiber Composites Market 2023-2030 (Volume/Units) - Global Industry Research
6.Global High Performance Composites Market By Manufacturing Process Market 2023-2030 (Volume/Units)
6.1 Lay-Up Process Market 2023-2030 (Volume/Units) - Global Industry Research
6.2 Compression Molding Process Market 2023-2030 (Volume/Units) - Global Industry Research
6.3 Resin Transfer Molding Process Market 2023-2030 (Volume/Units) - Global Industry Research
7.North America High Performance Composites Market By Resin Type Market 2023-2030 ($M)
7.1 High Performance Thermoset Composites Market 2023-2030 ($M) - Regional Industry Research
7.1.1 Polyester Market 2023-2030 ($M)
7.1.2 Epoxy Market 2023-2030 ($M)
7.1.3 Phenolics Market 2023-2030 ($M)
7.1.4 Cyanate Esters Market 2023-2030 ($M)
7.2 High Performance Thermoplastic Composites Market 2023-2030 ($M) - Regional Industry Research
7.2.1 Polyether Ether Ketone Market 2023-2030 ($M)
7.2.2 Polyphenylene Sulfide Market 2023-2030 ($M)
8.North America High Performance Composites Market By Fiber Type Market 2023-2030 ($M)
8.1 Carbon Fiber Composites Market 2023-2030 ($M) - Regional Industry Research
8.2 S-Glass Composites Market 2023-2030 ($M) - Regional Industry Research
8.3 Aramid Fiber Composites Market 2023-2030 ($M) - Regional Industry Research
9.North America High Performance Composites Market By Manufacturing Process Market 2023-2030 ($M)
9.1 Lay-Up Process Market 2023-2030 ($M) - Regional Industry Research
9.2 Compression Molding Process Market 2023-2030 ($M) - Regional Industry Research
9.3 Resin Transfer Molding Process Market 2023-2030 ($M) - Regional Industry Research
10.South America High Performance Composites Market By Resin Type Market 2023-2030 ($M)
10.1 High Performance Thermoset Composites Market 2023-2030 ($M) - Regional Industry Research
10.1.1 Polyester Market 2023-2030 ($M)
10.1.2 Epoxy Market 2023-2030 ($M)
10.1.3 Phenolics Market 2023-2030 ($M)
10.1.4 Cyanate Esters Market 2023-2030 ($M)
10.2 High Performance Thermoplastic Composites Market 2023-2030 ($M) - Regional Industry Research
10.2.1 Polyether Ether Ketone Market 2023-2030 ($M)
10.2.2 Polyphenylene Sulfide Market 2023-2030 ($M)
11.South America High Performance Composites Market By Fiber Type Market 2023-2030 ($M)
11.1 Carbon Fiber Composites Market 2023-2030 ($M) - Regional Industry Research
11.2 S-Glass Composites Market 2023-2030 ($M) - Regional Industry Research
11.3 Aramid Fiber Composites Market 2023-2030 ($M) - Regional Industry Research
12.South America High Performance Composites Market By Manufacturing Process Market 2023-2030 ($M)
12.1 Lay-Up Process Market 2023-2030 ($M) - Regional Industry Research
12.2 Compression Molding Process Market 2023-2030 ($M) - Regional Industry Research
12.3 Resin Transfer Molding Process Market 2023-2030 ($M) - Regional Industry Research
13.Europe High Performance Composites Market By Resin Type Market 2023-2030 ($M)
13.1 High Performance Thermoset Composites Market 2023-2030 ($M) - Regional Industry Research
13.1.1 Polyester Market 2023-2030 ($M)
13.1.2 Epoxy Market 2023-2030 ($M)
13.1.3 Phenolics Market 2023-2030 ($M)
13.1.4 Cyanate Esters Market 2023-2030 ($M)
13.2 High Performance Thermoplastic Composites Market 2023-2030 ($M) - Regional Industry Research
13.2.1 Polyether Ether Ketone Market 2023-2030 ($M)
13.2.2 Polyphenylene Sulfide Market 2023-2030 ($M)
14.Europe High Performance Composites Market By Fiber Type Market 2023-2030 ($M)
14.1 Carbon Fiber Composites Market 2023-2030 ($M) - Regional Industry Research
14.2 S-Glass Composites Market 2023-2030 ($M) - Regional Industry Research
14.3 Aramid Fiber Composites Market 2023-2030 ($M) - Regional Industry Research
15.Europe High Performance Composites Market By Manufacturing Process Market 2023-2030 ($M)
15.1 Lay-Up Process Market 2023-2030 ($M) - Regional Industry Research
15.2 Compression Molding Process Market 2023-2030 ($M) - Regional Industry Research
15.3 Resin Transfer Molding Process Market 2023-2030 ($M) - Regional Industry Research
16.APAC High Performance Composites Market By Resin Type Market 2023-2030 ($M)
16.1 High Performance Thermoset Composites Market 2023-2030 ($M) - Regional Industry Research
16.1.1 Polyester Market 2023-2030 ($M)
16.1.2 Epoxy Market 2023-2030 ($M)
16.1.3 Phenolics Market 2023-2030 ($M)
16.1.4 Cyanate Esters Market 2023-2030 ($M)
16.2 High Performance Thermoplastic Composites Market 2023-2030 ($M) - Regional Industry Research
16.2.1 Polyether Ether Ketone Market 2023-2030 ($M)
16.2.2 Polyphenylene Sulfide Market 2023-2030 ($M)
17.APAC High Performance Composites Market By Fiber Type Market 2023-2030 ($M)
17.1 Carbon Fiber Composites Market 2023-2030 ($M) - Regional Industry Research
17.2 S-Glass Composites Market 2023-2030 ($M) - Regional Industry Research
17.3 Aramid Fiber Composites Market 2023-2030 ($M) - Regional Industry Research
18.APAC High Performance Composites Market By Manufacturing Process Market 2023-2030 ($M)
18.1 Lay-Up Process Market 2023-2030 ($M) - Regional Industry Research
18.2 Compression Molding Process Market 2023-2030 ($M) - Regional Industry Research
18.3 Resin Transfer Molding Process Market 2023-2030 ($M) - Regional Industry Research
19.MENA High Performance Composites Market By Resin Type Market 2023-2030 ($M)
19.1 High Performance Thermoset Composites Market 2023-2030 ($M) - Regional Industry Research
19.1.1 Polyester Market 2023-2030 ($M)
19.1.2 Epoxy Market 2023-2030 ($M)
19.1.3 Phenolics Market 2023-2030 ($M)
19.1.4 Cyanate Esters Market 2023-2030 ($M)
19.2 High Performance Thermoplastic Composites Market 2023-2030 ($M) - Regional Industry Research
19.2.1 Polyether Ether Ketone Market 2023-2030 ($M)
19.2.2 Polyphenylene Sulfide Market 2023-2030 ($M)
20.MENA High Performance Composites Market By Fiber Type Market 2023-2030 ($M)
20.1 Carbon Fiber Composites Market 2023-2030 ($M) - Regional Industry Research
20.2 S-Glass Composites Market 2023-2030 ($M) - Regional Industry Research
20.3 Aramid Fiber Composites Market 2023-2030 ($M) - Regional Industry Research
21.MENA High Performance Composites Market By Manufacturing Process Market 2023-2030 ($M)
21.1 Lay-Up Process Market 2023-2030 ($M) - Regional Industry Research
21.2 Compression Molding Process Market 2023-2030 ($M) - Regional Industry Research
21.3 Resin Transfer Molding Process Market 2023-2030 ($M) - Regional Industry Research
LIST OF FIGURES
1.US High Performance Composites Market Revenue, 2023-2030 ($M)2.Canada High Performance Composites Market Revenue, 2023-2030 ($M)
3.Mexico High Performance Composites Market Revenue, 2023-2030 ($M)
4.Brazil High Performance Composites Market Revenue, 2023-2030 ($M)
5.Argentina High Performance Composites Market Revenue, 2023-2030 ($M)
6.Peru High Performance Composites Market Revenue, 2023-2030 ($M)
7.Colombia High Performance Composites Market Revenue, 2023-2030 ($M)
8.Chile High Performance Composites Market Revenue, 2023-2030 ($M)
9.Rest of South America High Performance Composites Market Revenue, 2023-2030 ($M)
10.UK High Performance Composites Market Revenue, 2023-2030 ($M)
11.Germany High Performance Composites Market Revenue, 2023-2030 ($M)
12.France High Performance Composites Market Revenue, 2023-2030 ($M)
13.Italy High Performance Composites Market Revenue, 2023-2030 ($M)
14.Spain High Performance Composites Market Revenue, 2023-2030 ($M)
15.Rest of Europe High Performance Composites Market Revenue, 2023-2030 ($M)
16.China High Performance Composites Market Revenue, 2023-2030 ($M)
17.India High Performance Composites Market Revenue, 2023-2030 ($M)
18.Japan High Performance Composites Market Revenue, 2023-2030 ($M)
19.South Korea High Performance Composites Market Revenue, 2023-2030 ($M)
20.South Africa High Performance Composites Market Revenue, 2023-2030 ($M)
21.North America High Performance Composites By Application
22.South America High Performance Composites By Application
23.Europe High Performance Composites By Application
24.APAC High Performance Composites By Application
25.MENA High Performance Composites By Application
26.Toray Industries Inc., Sales /Revenue, 2015-2018 ($Mn/$Bn)
27.SLG Group the Carbon Company, Sales /Revenue, 2015-2018 ($Mn/$Bn)
28.Koninklijke Ten Cate BV, Sales /Revenue, 2015-2018 ($Mn/$Bn)
29.Solvay S.A., Sales /Revenue, 2015-2018 ($Mn/$Bn)
30.Hexcel Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)
31.Owens Corning Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)
32.Teijin Ltd., Sales /Revenue, 2015-2018 ($Mn/$Bn)
33.BASF SE, Sales /Revenue, 2015-2018 ($Mn/$Bn)
34.Albany International Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)
35.Arkema SA, Sales /Revenue, 2015-2018 ($Mn/$Bn)