The global high-performance composites market size was valued at USD 28.85 billion in 2022. It is estimated to reach USD 54.94 billion by 2031, growing at a CAGR of 7.42% during the forecast period (2023–2031).
High-performance composites (HPCs) are sophisticated materials of matrices such as metals, ceramics, polymers, etc., and reinforcements such as particles, fillers, fibers, etc. Strength and modulus are determined using oriented continuous fibers as reinforcements in high-performance composites. Carbon fiber-reinforced composites with adjustable stiffness have the potential to revolutionize the usage of composite materials in structural applications. High-performance composites come in different materials, such as resins and fibers, with applications in automotive, aerospace and defense, electronics, consumer electronics, energy, and other industries. With the rise in new applications of high-performance composites across industries, the market scope is only expected to expand with time.
The growing demand for lightweight vehicles to improve their performance stimulates market growth. Industrial applications include machinery in factories made of steel and steel traditionally. The increasing demand for widespread use for the end-to-end user industry drives the highly efficient composite commodity market. These components are widely used in construction, automotive and industrial, pressure ships, wind turbines, and medical and construction systems due to their lightness and the features they provide, including high strength, increased corrosion resistance, high impact strength, and excellent performance with design flexibility, improved dimensional stability, low thermal conductivity, and increased durability.
Significant growth in the commercial aviation industry has dramatically stimulated the demand for these composites. High-performance components have gained widespread discovery in the construction sector, an essential element of carbon fibers. Rising revenue, technological advances, increasing new product development, an increased number of original equipment manufacturers (OEMs), and rear-end products have led the Construction industry to see significant growth. Thus, the abovementioned factors may increase the demand for lightweight goods in various manufacturing industries, thereby driving the market's growth.
The rising demand for lightweight materials in the aerospace and Construction industry due to high-performance composite's excellent design, durability, chemical resistance, heat, lightweight, etc., is expected to boost the market during forecasting. Aerospace Markets will remain the leading destination for high-performance components in this decade and will proliferate. Although composite components have long been used in military aircraft and helicopters, they are also beginning to enter the commercial aviation sector on a larger scale. In addition, the increase in production of the Boeing 787 DREAMLINER, with a composite content of more than 50 percent, will drive a large proportion of the rise in demand for a combination of performance. The growing production of other mixed aircraft, such as the Airbus A380 and A350 XWB, will also benefit the market demand.
Lightweight materials bring excellent weight loss benefits but at a higher cost. For example, high-strength steel provides a weight loss over steel with a minimum value. In comparison, aluminum costs more than steel but brings a weight reduction. Furthermore, carbon fiber, which provides weight loss much higher than steel, is more expensive, preventing entry into the market. The market is also subject to certain limitations, including higher production costs than labor-intensive operations. These limits are expected to significantly impact the market in terms of volume, especially during price sensitivity.
The increase in competition from the high-performance combination market significantly drives the need for research and development in this sector. The global market for lightweight goods is expected to reach hundreds of Billions by the end of this decade due to increased demand for investment in research development in electric vehicles (EVs). In addition, new ways to produce lightweight materials at low cost are under research.
Additionally, the best-performing compound market companies have embraced innovation, expansion, integration, and acquisition strategies to improve their market share and expand their global distribution networks. These companies engage in R&D activities to develop products that can pave the way for new applications. For example, Toray Industries (Japan) introduced the TORAYCA prepreg. The product is supplied in sheets that include resin-impregnated carbon fibers. It is widely used in aerospace because of its low weight and high energy features. In the sports field, it is used to produce golf club shelves, fishing sticks, and tennis racket frames.
The global high-performance composites market is divided by resin type, fiber type, and application.
Based on resin type, the global market is bifurcated into thermoplastic and thermoset resins.
The thermoset segment is the highest contributor to the market and is estimated to grow at a CAGR of 6.85% during the forecast period. Thermoset resins are extensively used in various end-user applications. It has a comprehensive set of properties, such as high-heat resistance, dimensional stability, electrical insulation capability, and more. In addition, thermoset resin delivers extraordinary performance than other substitute products such as metals and thermoplastics. Thermoset resins are usually stronger than thermoplastics owing to the polymer cross-linking, and they are better suited for high-temperature applications. These compounds are widely used in automotive, aerospace and defense, pressure ships, wind turbines, and medical and construction systems due to their lightness and features, including high strength, increased corrosion resistance, high impact strength, and excellent performance.
The thermoplastic resin market for effective compounds is expected to grow at a very high rate. The growth of this market segment is due to the increase in the use of high-quality thermoplastic compounds in various industries due to the flexibility of re-melting and modification provided by them due to the lack of thermoplastic residue. In addition, increased competition from high-quality thermoplastic resins hampers the growth of the high-performance thermoset composite market for active compounds, as thermoplastic resins can be replaced, reconstituted, and reused. In the same year, the most used thermosetting residues were polyester, vinyl ester, epoxy, and phenolic.
Based on fiber type, the global market is bifurcated into aramid fiber, carbon fiber, and S-glass.
The carbon fiber segment owns the highest market share and is estimated to grow at a CAGR of 7.12% during the forecast period. Carbon fiber is available in diverse forms and can be manipulated per the application requirement. When the carbon fiber is combined with resin, they form a composite with high tensile strength but is very lightweight. In addition, the best-performing compound market companies have embraced innovation, expansion, integration, and acquisition strategies to improve their market share and expand their global distribution networks. These companies engage in R&D activities to develop and develop products that can pave the way for new applications.
The growing use of S-Glass in automobile, aircraft, and aerospace manufacturing is driving the growth of the S-Glass market. Currently, aluminum and steel in automobile parts manufacturing are replaced with S-Glass products. The S-Glass can provide lightweight and low-cost automobile, aircraft, and aerospace manufacturing solutions. The market share of the S-glass fiber market for effective compounds is expected to grow. The increased usage of high-performance S-glass compounds in the fuselage skins, lower panels, and firewalls because of their capacity to endure force impacts may be to blame for the rise of this component. In addition, these compounds have low temperatures and high corrosion resistance. The high-performance S-glass compounds are lightweight and offer increased strength and increased resistance to fatigue.
Based on application, the global market is segmented into construction, automotive and industrial, aerospace and defense, energy, and others.
The automotive and industrial segment is the highest contributor to the market and is anticipated to grow at a CAGR of 7.01% throughout the forecast period. Car compounds are lightweight materials widely used in trucks, cars, and other vehicles, especially under the hood and inside. Composites are the preferred weight-loss option for vehicles, so combinations are used in many internal and external automotive applications. In addition, composite materials in the automotive industry have increased due to their excellent stability over the past few years. Industrial applications of composites include factory equipment, which was manufactured using steel and steel. However, with the advent of high-performance combinations, their use in this sector is expected to trend downward.
High-performance composites offer more extraordinary qualities than traditional construction materials that are heavyweight and difficult to transport. High-performance composite construction has revolutionized commercial and residential sectors with a high strength-to-weight ratio, durability, and excellent insulation properties. Design professionals continue to discover the advantages of green building solutions in new construction projects and renovation work. They focus on plastic composite building products, including durability, lightweight, corrosion resistance, high strength, and low maintenance requirement.
Based on region, the global high-performance composites market is bifurcated into North America, Europe, Asia-Pacific, and RoW.
North America is the most significant shareholder in the global high-performance composites market and is projected to grow at a CAGR of 6.22% over the forecast period. The high-performance composites sector is an economic force that energies the North American economy. This industry contributes around USD 22 billion to the US economy annually. In addition, major vehicle manufacturers like Ford and General Motors are present in this region, which is projected to increase demand for high-performance composites. For instance, TPI Composites (US) expanded its wind blade production business by opening a new manufacturing facility in Mexico. The wind blades manufactured at this new production unit are supplied to Gamesa Technology Corp. (Spain). This expansion enabled the company to maintain its global leadership in the high-performance composites market.
Europe is anticipated to grow at a CAGR of 8.09% over the forecast period. The aerospace industry is the fastest-growing sector in Europe. The application of composites for manufacturing aircraft parts is increasing due to their high rigidity and lightweight attributes. Hence, the demand for high-performance composites has increased owing to growing demand from the aircraft manufacturers' manufacturing sector, including Dassault Aviation and Airbus, as automotive and industrial is one of the key sectors in Europe. The growing need for high-quality composite materials in the Construction sector is projected to increase investment in new manufacturing technologies. In addition, market players such as Teijin Limited, SGL Group, Hexcel Corporation, and Toray use their patent technologies to manufacture composites. For instance, SGL Group collaborated with several academic institutes and research centers to develop CFRP materials.
Further, Germany accounted for the largest market share in Europe and is expected to retain its position during the forecast period. The emergence of Future Combat Air System projects will drive the demand for composites for aerospace applications. In addition, UK high-performance composites market will grow exponentially due to rising demand for products by the electronic and electrical sectors is majorly fueling the market growth in this country.
Asia-Pacific remains the apple of the eye of the market participants. The region will likely remain the most significant demand generator for high-performance thermoplastics in the future. The infrastructure industry in Asia-Pacific has been growing at a healthy rate recently. Hence, the region is estimated to witness a tremendous growth rate over the assessment period in the market. The Asia-Pacific region is currently experiencing high residential and commercial construction investments, especially in China, Japan, Taiwan, South Korea, and developing economies such as India, Malaysia, Indonesia, and Vietnam.
Favorable carbon fiber or high-performance composites regulations for various end-user industries are anticipated to propel market growth over the forecast period. In addition, reforming government policies coupled with several initiatives, including Make in India, to boost the manufacturing sector is alluring the market players to participate in the market increasingly. A vast customer base, low-cost manufacturing, ease in availability of necessary inputs, and growing disposable income assure a colossal indigenous demand for high-performance thermoplastic composites in the country.
RoW comprises Latin America and the Middle East and Africa. Brazil has the most potent high-performance carbon fiber composites industry in the Latin American area. The immense growth of the construction industry and increased urbanization resulted in the development of the region's construction fiber composites market. Brazil's high-performance construction carbon composite industry is characterized by small and large companies such as Elekeiroz, Embrapol, Cromitec, and Fiacbras, ranging in fabrication, molding, and materials suppliers.
Ethiopia is Africa's fastest-growing economy, with the continent's second-largest population. Ethiopia's construction potential is underpinned by the state-driven economy and a government geared toward industrialization. Bishoftu Construction Industry (BAI) is a construction manufacturing and assembly company the Ethiopian military runs. Further, BAI assembles, upgrades, overhauls, and localizes buses, pick-ups, SUVs, trucks, and military equipment such as tanks and armored personnel carriers (APCs). As a result, Ethiopia generated the most interest among Construction players as a future market in Africa, thereby driving the regional market growth.
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