The market for top 10 high growth composite materials is estimated to grow from USD 69.50 Billion in 2015 to USD 105.26 Billion by 2021, at a CAGR of 7.04% during the forecast period. The top 10 composite materials market is expected to witness growth, due to high demand from the wind energy & other emerging application industries, such as electrical & electronics and transportation, as the use of composites leads to reduced overall weight and increased component strength.

The major applications of top 10 composite material include aerospace & defense, transportation, wind energy, construction & infrastructure, pipes & tanks, marine, and electricals & electronics. Wind energy is the fastest-growing application segment of the top 10 composite materials market during the forecast period. The properties of composites, such as shape stability, strength, damage resistance, and longitudinal stiffness, have resulted in their increased use in the wind energy application. The aerospace & defense segment led the top 10 high growth composite materials market, as various components in aircraft such as radomes, flooring, and so on require high-performance composite materials.

This market has also been segmented on the basis of fiber type, resin type, manufacturing process, application, and region.

The carbon fiber reinforced plastics type segment has been further into two types, namely, thermoset CFRP and thermoplastic CFRP composites. Thermosetting and thermoplastic resins are used as matrix to produce carbon composites. The thermosetting CFRP segment is expected to lead the carbon fiber reinforced plastics segment, due to the high resistance to heat and temperature of thermosetting CFRP.

Asia-Pacific is estimated to be the largest consumer of composites. The growth of the electricals & electronics and construction & infrastructure industries and improved transportation facilities in the region have led to an increase in the demand for composites. China, India, Sweden, the U.K., the U.S., Brazil, and Malaysia are among the major markets of composites.

The composites market is capital intensive and hence the entry barriers are high in this market. The existing players have a strong foothold in the market.

Hexcel Corporation (U.S.), Hexion Inc.  (U.S.), Owens Corning (U.S.), Strongwell Corporation (U.S.), Toray Industries Inc. (Japan), and Teijin Limited (Japan) are some of the leading players in the composites market. Owens Corning (U.S.) is one of the key manufacturers of composites that offers SMC/BMC rovings, panel roving, roving for chopping, rovings for filament winding, chopped strand mat, high performance glass fibers, Cem-FIL alkali-resistant glass fibers, and so on. The company has increased investments year-on-year in R&D to develop new products, new production capabilities, and processes. As a part of its growth strategy, the company is focused on expansion of its capacity to cater to the increasing demand of composites.

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