Structural Composites Market Analysis

Structural Composites Market Analysis

Based on matrix, structural composites market is classified into polymer matrix, wood matrix and metal matrix.

Polymer matrix held the dominant market share in 2019. It is the most commonly used composite matrix and has extensive applications in major sectors. It can be ascribed to key properties associated with this matrix such as low specific weight, high material stability against corrosion, good electrical and thermal insulation, ease of shaping and economic mass production, attractive optical properties, etc. Increasing adoption of polymer matrix in wind energy, transportation and construction industries will prosper the growth of polymer matrix in coming years.

Based on reinforcement materials, it is classified into glass fiber, carbon fiber, aramid and others which includes boron fiber, ceramics, graphite fiber and natural fibers.
 

In 2019, glass fiber held the majority of market share of more than 60%. Glass fiber is most commonly used reinforcement material and has extensive applications in major sectors owing to its low prices. It possesses some key characteristics such as incombustibility, corrosion resistance, high strength at low densities, good thermal insulation, sound insulation, etc. Rapid development in global energy, infrastructure, construction and transportation industry will prosper the growth of structural composites market segment in the coming years.
 

On the basis of sectors, structural composites market is classified into construction & infrastructure, energy, transportation, and others which include sporting goods, piping applications, etc. Transportation segment is further classified into automotive, aerospace & defense and other transportations such as marine and railways.
 

In terms of revenue, transportation sector accounted for more than USD 13 billion in 2019. Structural composites find extensive application in transportation sector. In aerospace sector, the product is widely used in fuselages, horizontal & vertical stabilizers, wings & winglets, and floorings. In marine industry, fiber reinforced polymer composites are used for mass structures, radomes, work boats, super yachts, and leisure craft.
 

Automotive manufacturers are widely utilizing structural composites for vehicular weight reduction and increasing fuel efficiency. Rising demand or commercial and military aircrafts coupled with rising automotive and marine production will propel the growth of structural composites market in coming years.
 

In terms of volume, Asia Pacific will be the largest consumer in structural composites market, accounting for 40% market share in 2019. It is also going to be the fastest growing region in the market. It can be ascribed to rapid development in the end-use sectors such as construction & infrastructure, energy, defense & transportation, etc.
 

China is the largest structural composite consumer in the world and is expected to maintain its leading position through the study timeframe. China has the largest wind energy capacity with more than 220 GW installed capacity, the largest automotive & maritime country in the world.
 

China holds the largest share in the global construction sector. It can be ascribed to robust economic development, availability of raw materials, cheap labor, public & private investments etc. driving the growth of various industries. These trends are likely to boost the structural composites market share in the region.