Westford, USA, Dec. 02, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the global structural composites market share will reach a value of USD 83.86 Billion by 2031, with a CAGR of 7.54% during the forecast period (2024-2031). The structural composites industry is expanding rapidly due to several important factors. The reason it is becoming increasingly popular is the increasing demand for high-strength and low-weight materials in applications such as construction, automotive, and aerospace. Adoption is also driven by advancements in composite manufacturing technology as well as the need for sustainability and fuel economy. The growing demand for long-life and resistant materials, particularly in aggressive environments, further supports the development of structural composites.
Browse in-depth TOC on the "Structural Composites Market"
Pages – 223
Tables – 63
Figures – 75
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Structural Composites Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 47.04 Billion |
| Estimated Value by 2031 | USD 83.86 Billion |
| Growth Rate | Poised to grow at a CAGR of 7.54% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Reinforcement Materials, Matrix, End User, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Structural composites market driven by durability, sustainability |
| Key Market Opportunities | Development of Recyclable Composites |
| Key Market Drivers | Demand for Lightweight Materials |
Polymer Matrix Dominates Structural Composites Market with Versatility and Cost-Effectiveness
Based on the 2023 structural composites market analysis, the polymer matrix dominated the market. This matrix is the most widely used material and has several uses in important industries due to important characteristics of this matrix, such as low specific weight, strong corrosion resistance, superior electrical and thermal insulation, ease of shape, cost-effective mass manufacturing, and appealing optical qualities, among others. With the increasing demand for the use of polymer matrix in the sectors of wind energy, transportation, and construction, the market will also be increasing further into the upcoming years.
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Dominance of Transportation Industry Amidst Presence of Lightweight Property in Structural Composites
As per the 2023 structural composites market forecast, the transportation industry generated approximately USD 21 billion of revenue, owing to the increasing trend of structural composites. The presence of lightweight with high strength and corrosion-resistant properties makes structural composites immensely popular in rail, automobile, and aerospace sectors. Structural composites are ideal to be used in body panels, interior, and structural parts in that they reduce the weight of vehicles, enhance overall performance, and increase the efficiency of fuel. Consequently, they significantly contribute toward the enlargement of the sector's revenue.
Asia Pacific to Lead Structural Composites Market Growth, Driven by Industrial Expansion
In the structural composites market, Asia-Pacific will be the largest consumer. This is due to the fact that the end-use sectors are developing rapidly, such as energy, transportation, defense, and building and infrastructure. Throughout the forecast period, China is anticipated to continue to hold its dominant position as the world's largest consumer of structural composites. With more than 220 GW of installed wind energy capacity, China is the world's biggest automotive and marine nation. Development in several sectors can be attributed to various factors such as very good economic development, availability of raw resources, cheap labor, governmental and private investments, etc. The market share of structural composites in this region is predicted to increase due to all these developments.
Structural Composites Market Insights
Drivers
- Demand for Lightweight Materials
- Increased Use in Automotive
- Sustainability Initiatives by Several Entitites
Restraints
- Limited Recycling Options
- Complexity in Repairing & Maintenance
- Lack of Standardization
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Key Players Operating Within the Structural Composites Market
- Hexcel Corporation - United States
- Owens Corning - United States
- Toray Industries - Japan
- Teijin Limited - Japan
- SGL Carbon - Germany
- Mitsubishi Chemical Holdings - Japan
- Gurit Holding AG - Switzerland
- Solvay S.A. - Belgium
- Axiom Materials, Inc. - United States
- Cytec Solvay Group (now part of Hexcel) - United States
- Hyosung Advanced Materials - South Korea
- Henkel AG & Co. KGaA - Germany
- TPI Composites, Inc. - United States
- Park Aerospace Corp - United States
- Gurit Group - Switzerland
- Tencate Advanced Composites (now part of Toray) - Netherlands
- Renegade Materials Corporation - United States
- Mitsubishi Rayon Co., Ltd. (now part of Mitsubishi Chemical) - Japan
- Huntsman Corporation - United States
Key Questions Covered in the Global Structural Composites Market Report
- What are the factors restricting structural composites market growth?
- What are the key strategies adopted by market players?
- Which region was the largest market shareholder?
- What are the key market trends?
- At what % of CAGR will the market grow?
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This report provides the following insights:
Analysis of key drivers (demand for lightweight materials, sustainability initiatives), restraints (limited recycling options, lack of standardization) opportunities (development of recyclable composites), and challenges (performance under extreme conditions) influencing the growth of the structural composites market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the structural composites market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the structural composites market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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