Two or more component having different physiochemical properties, when combined results into a new material having characteristics different from their parent component materials. The materials thus formed are called composites.
These materials occur naturally or can be engineered. Some naturally occurring composites are wood, collagen, cellulose and others, whereas concrete, cermet and others can be fabricated manually. Composites are known for variety of properties such as excellent impact strength, better resistance to chemicals and high electrical and thermal insulation. Owing to the aforementioned factors, composites find a variety of applications in various end use industries such as automotive & transportation, aerospace, electrical & electronics construction and others. For instance, carbon and aramid fiber composites are widely used in production of lightweight components in automobile and aerospace industries.
Covid-19 Impact Analysis
- The coronavirus's unfavorable global effects are already evident, and they will have a big impact on the composites distributor in 2020.
- The World Health Organization has declared a public health emergency after the COVID-19 virus outbreak in December 2019. The disease has spread to over 100 nations and resulted in massive deaths across the world. Exports & Imports, global manufacturing, tourism, and financial sectors have all been heavily damaged.
- The downward pressure on the global economy, which had previously shown signs of improvement, has escalated once more. The outbreak of the virus has added danger factors to the international economy's already sluggish development. Many international groups have stated that the global economy is experiencing its most difficult moment since the financial crisis.
- Since the pandemic, the restriction of imports and exports has affected the composites distributor market to a great extent as the consumers’ consumption and demand patterns are changing amidst pandemic.
Top Impacting Factors
The future of the global composites distributor market looks promising with opportunities in transportation, marine, wind energy, aerospace & defense, pipe & tank, automotive, marine, construction, electrical/electronics, and consumer goods. The global market is expected to be driven by increased demand for composites in end-use industries such as aerospace and electronics & electrical. This is largely attributed to the increased use of lightweight materials in the production of structural components of aircrafts. The composites are used in various interior applications to produce cabinets, luggage bins, floorboards, and other components owing to the ease of maintenance. In addition, the increasing use of silicone-based composites in the production of printed circuit boards and components requiring a high resistance to heat and electricity is further propelling the demand for composites market globally. Some of the key trends observed in composite market is the surging demand for lightweight materials in automotive industry for fuel efficiency. Furthermore, the increased use of high-performance composites such as shape memory polymer composites in kinetic buildings coupled with innovative advancements in composites such as production of biomimetic composite and nanocomposites, replacing traditional materials are further creating lucrative opportunities for the players operating in composites market.
- Increasing demand from the automotive & transportation industry to drive the demand for composites.
- The automotive & transportation industry has the largest share in the composites market in terms of volume. The industry commits to comply with stringent regulations such as the Corporate Average Fuel Efficiency (CAFE) standards and the European Emission Standards (EES) by the US and European governments. To reduce carbon dioxide emissions, which have an adverse effect on the global climate, the automakers in these regions are focusing on the production of lightweight vehicles with composites to comply with the government regulations and enhance the fuel efficiency of vehicles.
- Reduction of cost of carbon fibers is an excellent opportunity in the composites market
- The major raw materials used for the production of carbon fiber aerospace composites are polymeric resins and carbon fibers. The cost of carbon fibers is directly proportional to the cost of precursor raw materials from which they are obtained. Currently, carbon fibers are obtained from polyacrylonitrile (PAN), the cost of which in aerospace applications is high. The development of low-cost and high yield precursors for making aerospace grade carbon fibers is likely to reduce the cost of carbon fibers significantly. These low-cost precursors for carbon fibers will reduce the cost of high-grade carbon fibers. The reduction in the cost of carbon fibers is expected to decrease the cost of carbon fiber composites, thereby driving the penetration of carbon fiber composites in various applications, such as aerospace and automotive.
- The glass fiber composites with exceptional properties paves the way for the growth of the market.
- Glass fiber composites dominated the global composites industry in terms of volume and value. Glass fibers are high in demand as they are low cost and have superior physical & mechanical properties such as strength, durability, flexibility, stability, and lightweight. Glass fiber composites are used mostly in wind energy, pipes & tanks, electrical & electronics, and construction & infrastructure segments.
Key Benefits of the Report
- This study presents the analytical depiction of the composites distributor industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the composites distributor market share.
- The current market is quantitatively analyzed to highlight the composites distributor market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed composites distributor market analysis based on competitive intensity and how the competition will take shape in coming years.
Composites Distributor Market Report Highlights
By Fiber Type
By Resin Type
Key Market Players
Weyerhaeuser Company, Hexcel Corporation, Toray Industries, Inc., Owens Corning, Huntsman Corporation LLC, PPG Industries, Inc., Teijin Ltd, Compagnie de Saint-Gobain S.A, SGL Group, DuPont
Other Key Market Players
Momentive Performance Materials, Inc., Cytec Industries (Solvay. S.A.), Jushi Group Co., Ltd.