Composites Market worth $126.3 billion by 2026 - Exclusive Report by MarketsandMarkets - Seite 2

Lay-up manufacturing process dominates the global composites market in terms of value and volume

In lay-up process, the orientation of the fibers can be controlled as needed so that they can absorb maximum stresses to which they are subjected. This is a low-cost method and has advantages such as quick deposition of fiber & resin and ease of operation. The lay-up process is mostly used for designing simple enclosures and lightly loaded structural panels. Its demand is huge from the aerospace & defense, construction & infrastructure, wind energy, and marine end-use industries. The lay-up process is further divided into three types, namely, hand lay-up, tape lay-up, and spray lay-up. Hand lay-up is the most commonly used process for manufacturing composites. It is one of the simplest processes and is used in the production of large components such as wind turbine components, concrete forms, and aircraft radomes.

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The aerospace & defense end-use industry accounted for the largest market share in the global composites market during the forecast period in terms of value.

The aerospace & defense segment accounts for the largest share in terms of value of the overall composites market. There is a high demand for composites in next-generation aircraft. Composites are used to design carbon-fiber fuselage and wings in the aerospace & defense industry. The use of these components led to a 25% reduction in fuel consumption and CO2 emissions along with lower maintenance costs. This is likely to increase the demand for composites from next-generation aircraft, as about 50% of the structural components of Boeing aircraft are composites.

APAC is expected to account for the largest market share in the composites market during the forecast period.

APAC is the largest market for composites. The major international players are exploring opportunities in the region owing to cheap labor, raw materials, and high demand from various end-use industries, such as pipes & tanks, wind energy, and construction & infrastructure. However, COVID-19 affected the entire world disastrously, and APAC is one of the most affected regions, globally. The deadly virus has affected varoious major markets in APAC including China and India. It forced the government to lock down the that resulted in slow down across various sectors, including wind energy, aerospace & defense, and transportation in 2020.