Structural Composites Market To Surpass USD 83.86 Billion By 2031 | Skyquest Technology
Structural Composites Market To Surpass USD 83.86 Billion By 2031 | Skyquest Technology . (MENAFN - GlobeNewsWire - Nasdaq) Structural Composites Market size was valued at USD 47.04 Billion in 2023 to USD 83.86 Billion by 2031, at a CAGR of 7.54% during the forecast period ...
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(MENAFN- GlobeNewsWire - Nasdaq) Structural Composites size was valued at USD 47.04 Billion in 2023 to USD 83.86 Billion by 2031, at a CAGR of 7.54% during the forecast period (2024-2031). Westford, USA, Dec. 02, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the global structural composites market share will reach a value of USD 83.86 Billion by 2031 , with a CAGR of 7.54% during the forecast period (2024-2031). The structural composites is expanding rapidly due to several important factors. The reason it is becoming increasingly popular is the increasing demand for high-strength and low-weight materials in applications such as construction, automotive, and aerospace. Adoption is also driven by advancements in composite manufacturing technology as well as the need for sustainability and fuel economy. The growing demand for long-life and resistant materials, particularly in aggressive environments, further supports the development of structural composites. Browse in-depth TOC on the "Structural Composites Market" Pages – 223 Tables – 63 Figures – 75 To Learn More About This Report, Request a Free Sample Copy - Structural Composites Market Overview:

Report Coverage Details Market Revenue in 2023 USD 47.04 Billion Estimated Value by 2031 USD 83.86 Billion Growth Rate Poised to grow at a CAGR of 7.54% Forecast Period 2024–2031 Forecast Units Value (USD Billion) Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends Segments Covered Reinforcement Materials, Matrix, End User, and Region Geographies Covered North America, Europe, Asia Pacific, Middle East & Africa, Latin America Report Highlights Structural composites market driven by durability, sustainability Key Market Opportunities Development of Recyclable Composites Key Market Drivers Demand for Lightweight Materials

Polymer Matrix Dominates Structural Composites Market with Versatility and Cost-Effectiveness

Based on the 2023 structural composites market analysis, the polymer matrix dominated the market. This matrix is the most widely used material and has several uses in important industries due to important characteristics of this matrix, such as low specific weight, strong corrosion resistance, superior electrical and thermal insulation, ease of shape, cost-effective mass manufacturing, and appealing optical qualities, among others. With the increasing demand for the use of polymer matrix in the sectors of wind energy, transportation, and construction, the market will also be increasing further into the upcoming years.

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Dominance of Transportation Industry Amidst Presence of Lightweight Property in Structural Composites

As per the 2023 structural composites market forecast, the transportation industry generated approximately USD 21 billion of revenue, owing to the increasing trend of structural composites. The presence of lightweight with high strength and corrosion-resistant properties makes structural composites immensely popular in rail, automobile, and aerospace sectors. Structural composites are ideal to be used in body panels, interior, and structural parts in that they reduce the weight of vehicles, enhance overall performance, and increase the efficiency of fuel. Consequently, they significantly contribute toward the enlargement of the sector's revenue.

Asia Pacific to Lead Structural Composites Market Growth, Driven by Industrial Expansion

In the structural composites market, Asia-Pacific will be the largest consumer. This is due to the fact that the end-use sectors are developing rapidly, such as energy, transportation, defense, and building and infrastructure. Throughout the forecast period, China is anticipated to continue to hold its dominant position as the world's largest consumer of structural composites. With more than 220 GW of installed wind energy capacity, China is the world's biggest automotive and marine nation. Development in several sectors can be attributed to various factors such as very good economic development, availability of raw resources, cheap labor, governmental and private investments, etc. The market share of structural composites in this region is predicted to increase due to all these developments.

Structural Composites Market Insights

Drivers



Demand for Lightweight Materials

Increased Use in Automotive Sustainability Initiatives by Several Entitites



Restraints



Limited Recycling Options

Complexity in Repairing & Maintenance Lack of Standardization



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Key Players Operating Within the Structural Composites Market



Hexcel Corporation - United States

Owens Corning - United States

Toray Industries - Japan

Teijin Limited - Japan

SGL Carbon - Germany

Mitsubishi Chemical Holdings - Japan

Gurit Holding AG - Switzerland

Solvay S.A. - Belgium

Axiom Materials, Inc. - United States

Cytec Solvay Group (now part of Hexcel) - United States

Hyosung Advanced Materials - South Korea

Henkel AG & Co. KGaA - Germany

TPI Composites, Inc. - United States

Park Aerospace Corp - United States

Gurit Group - Switzerland

Tencate Advanced Composites (now part of Toray) - Netherlands

Renegade Materials Corporation - United States

Mitsubishi Rayon Co., Ltd. (now part of Mitsubishi Chemical) - Japan Huntsman Corporation - United States



Key Questions Covered in the Global Structural Composites Market Report



What are the factors restricting structural composites market growth?

What are the key strategies adopted by market players?

Which region was the largest market shareholder?

What are the key market trends? At what % of CAGR will the market grow?



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This report provides the following insights:

Analysis of key drivers (demand for lightweight materials, sustainability initiatives), restraints (limited recycling options, lack of standardization) opportunities (development of recyclable composites), and challenges (performance under extreme conditions) influencing the growth of the structural composites market



Market Penetration : Comprehensive information on the product portfolios offered by the top players in the structural composites market

Product Development/Innovation : Detailed insights on the upcoming trends, R&D activities, and product launches in the structural composites market

Market Development : Comprehensive information on lucrative emerging regions

Market Diversification : Exhaustive information about new products, growing geographies, and recent developments in the market Competitive Assessment : In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.



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2024-12-02
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(MENAFN - GlobeNewsWire - Nasdaq) Structural Composites Market size was valued at USD 47.04 Billion in 2023 to USD 83.86 Billion by 2031, at a CAGR of 7.54% during the forecast period ...
Structural Composites Market To Surpass USD 83.86 Billion By 2031 | Skyquest Technology