The material’s major advantages are high toughness and don’t corrode like steel. Furthermore, manufacturers can produce properties that fit the requirement for a particular structure for a specific purpose by choosing an appropriate combination of matrix and reinforcement materials. Due to technological developments and scientific advancements in these materials to build resilient systems, the demand for such products rose greatly.
Fortune Business Insights™ estimates that the global composites market size is expected to be valued at USD 112.0 billion by 2027, growing at 6.68% CAGR from 2020 to 2027.
Fortune Business Insights™ highlights the top 8 companies in the market.
Huntsman International LLC (Texas, U.S.)
Huntsman International LLC is a publicly-held firm headquartered in the U.S. and was founded in 1970. The company deals in automotive, aviation, textiles, footwear, construction, technology, agriculture, healthcare, detergent, personal care, furniture, appliances and packaging, coatings and chemicals, and plastics.
Composite Solutions (Sumner, U.S.)
Composite Solutions is a diversified composite manufacturing firm headquartered in the U.S. and was founded in 1983. Its integrated composites solutions provide state-of-the-art materials such as toughened aerospace epoxies and flame-resistant phenolic to ensure lean manufacturing facilities.
Chemical Holdings Corporation
Mitsubishi Chemical Holdings Corporation is a global leader in chemical manufacturing company headquartered in the U.S. and was founded in 2005. Through its cutting-edge technologies, the firm strongly promotes innovation to forge the future in order to maximize corporate value and unlock the growth potential of businesses.
Owens Corning (Ohio, U.S.)
Founded in 1853, Owens Corning is a privately-held corporation dealing in roofing, insulation, and composites segments. The company’s expertise in developing products and systems saves energy and improves comfort in residential and commercial buildings. Furthermore, its glass reinforcement technologies produce more robust, lighter, and durable products.
Hexcel Corporation (Stamford, U.S.)
Hexcel Corporation is a leading producer of resins systems and was founded in 1948 and headquartered in the U.S. The firm deals in various activities such as composites technology, wind energy, industrial applications, prepregs, carbon fibers, honeycomb, adhesives, engineered core, commercial aerospace, space, and defense.
Exel Group (Paris, France)
Exel Group is an American provider of composites solutions headquartered in the U.S. and was founded in 1952. Through its innovative development, the firm designed its products to offer user-friendly offerings to improve efficiency and productivity while achieving its corporate social responsibilities objective.
Toray Industries, Inc. (Tokyo, Japan)
Toray Industries, Inc. is a multinational firm that specializes in organic synthetic products and was founded in 1926. The firm deals in carbon fiber composite materials, fibers, and textiles. And performance chemicals that maintain the optimal weight targets for the vehicle.
Veplas d.d. (Velenje, Slovenia)
Veplas d.d. is one of the leading manufacturers of composite materials in Europe. The company also provides products such as carbon filler and aramid fiber to various industrial sectors. The company strongly emphasizes epoxy, polyester, and vinyl ester resins to meet business objectives to create a humongous opportunity for players in the market.
Rising Shifting Trend toward Developing Lightweight Vehicles to Facilitate Market Growth
The need for composites is rising due to the rising applications of such materials in converting lower-weight structures with improved damage tolerance without losing their toughness and stiffness. Also, the increasing demand for 3D printing, epoxy resins, and carbon fiber in marine, and aerospace. And automotive industry has surged product demand without sacrificing performance. Furthermore, the rising shifting trend toward developing lightweight vehicles to improve the vehicle’s power has fueled the product demand.
About the author
Amit Kapoor is a graduate of Mechanical Engineering. He loves writing and watching films. He is passionate about learning new technologies and showcasing his expertise in research papers. Besides writing, he loves photography, storytelling, and music-making.
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