Fiber Reinforced Composites segment is projected to create high-value opportunities in the Composites market. Here's your chance to get an extensive understanding of this market.
The Global Composites Market was valued at USD 91.6 Bn in 2020 and is expected to reach USD 147.7 Bn by 2027, growing at a CAGR of 7.1% during the forecast period. The market will benefit from increasing demand from automotive and aerospace industries. This growth is due to rapidly rising population, rising real incomes, and rising urbanization in the developing and emerging countries of Asia, Middle East & Africa. The composites consumption in these regions is projected to grow faster than in other regions by 2024. Asia Pacific accounted for 46% of the global composite consumption in 2020, followed by North America with 31% of the market share.
The fiber reinforced composites segment was a significant contributor to the market in 2020 and is estimated to reach USD 85.4 Bn by 2027 at a CAGR of 7.3%. Major players such as Teijin, Huntsman, Olin Corp., and Solvay, are working on the development of automated processes in composites industries to minimize production time and enhance profitability. This is expected to create immense opportunities for the composites market.