Composite Market Market Performance: Assessing Key Market Indicators and Metrics
The Composite Market is Trending Towards Lightweight and Engineered Applications

The composite market consists of products made by combining two or more materials such as resins and fibers to offer improved strength, durability and lightweight properties. Composite materials find extensive applications in transportation, construction, wind energy, aerospace and defense industries owing to their high mechanical strength, corrosion resistance and design flexibility. Growing awareness about eco-friendly materials and stringent emission norms are fueling adoption of composites in automotive to reduce vehicle weight and boost fuel efficiency.

The Global Composite Market is estimated to be valued at US$ 100.31 Bn in 2024 and is expected to exhibit a CAGR of 7.4% over the forecast period from 2024 to 2031.

Key Takeaways

Key players operating in the composite market are Companies de, Saint-Gobain S.A., Momentive Performance Materials, Inc., Kineco Limited, Veplas Group, China Jushi Group Co., Ltd., Braj Binani Group, Guardian Fibre Glass. Major players are focusing on R&D to develop advanced engineered composite materials for applications in aerospace, industrial and infrastructure sectors.

The rising demand for lightweight and high-performance materials from automotive, aviation, marine and wind energy industries is a key driver for the growth of the composite market. Composites help reduce weight and improve fuel efficiency of vehicles. Additionally, excellent mechanical and chemical resistance properties of composites make them suitable for use in medical, electronics and industrial equipment industries.

The global composite market is estimated to witness high growth in Asia Pacific region primarily driven by increasing adoption in wind energy and construction applications in China and India. North America and Western Europe are also expected to maintain their leading positions owing to widespread use of composites in aerospace and automotive verticals over the forecast period.

Market Key Trends

One of the key trends gaining traction in the composite market is the growing demand for carbon fiber composites. Carbon fiber composites offer high strength to weight ratio and resistance to heat, corrosion and fatigue. Leading automotive manufacturers are extensively using carbon fiber materials in premium vehicles to reduce weight and improve fuel economy. Additionally, rising investments in green energy have boosted adoption of carbon fiber composites in wind turbine blades over the past few years.


Porter’s Analysis
Threat of new entrants: Composite manufacturing requires large capital investment and established distribution channels which make entering difficult.
Bargaining power of buyers: Buyers have moderate bargaining power given the diverse product range offered by manufacturers and possibility of substitution.
Bargaining power of suppliers: Suppliers of raw materials like fiberglass, epoxy and carbon have lower bargaining power due to availability of substitutes.
Threat of new substitutes: Aluminum and steel have been substituting composites in certain applications but composites hold advantages in terms of strength and weight.
Competitive rivalry: Intense competition exists between major players to gain market share through product innovation and expansion into emerging regions.

Geographically, the North American market accounts for over 35% of overall composite demand majorly driven by transportation, aerospace and construction applications in the region.Followed by Europe which contributes over 25% owing to strong presence of automotive and wind energy industries.

The Asia Pacific region is expected to witness highest growth during the forecast period supported by increasing domestic demand from end use industries and expanding manufacturing facilities by prominent players in China, India and other Southeast Asian nations.

Plastic Additives Market Transformation: Shifting Towards Eco-Friendly Solutions
Plastic Additives: Examining the Role of Additives in Shaping Material Properties and Applications


Understanding what goes into plastics

Modern plastics contain a variety of chemical additives that are added during the manufacturing process to enhance performance or prolong the lifespan of plastic products. However, many of these additives raise health concerns that consumers may not be aware of. This article explores some of the main additives used in plastics and the potential issues associated with them.

Phthalates

One class of additives used widely in plastics is phthalates. These chemicals are added to plastic to increase their flexibility and durability. Phthalates are used in products such as vinyl flooring, plastic toys, medical tubing, blood storage containers and more. Studies have linked certain phthalates to health effects such as reproductive issues, birth defects, respiratory problems, hormonal imbalances and cancer. In toys and childcare items, phthalates are especially concerning given how children interact with products through mouthing. The European Union has banned certain phthalates from toys and childcare items, but they remain legal in many other products in the U.S. and Canada.

Bisphenol A (BPA)

Another familiar plastic additive is bisphenol A or BPA. This chemical is used in hard, clear plastics and in the linings of food and beverage cans. It makes plastics shatter-resistant and durable. The main health concern with BPA is that it mimics the hormone estrogen once inside the body. Numerous studies link BPA exposure to reproductive issues, heart disease, diabetes, neurological problems and more. BPA easily leaches out of plastics and into food and drink. In 2012, the FDA banned BPA from baby bottles and sippy cups in the U.S. due to health risks. However, BPA remains legal in other food packaging.

Flame Retardants

Flame retardant chemicals are added to plastics, textiles, electronics and other materials to meet flammability standards and regulations. One category of flame retardants, called PBDEs, bioaccumulate in human tissues and breastmilk. Studies link them to reproductive and developmental harm as well as damage to thyroid function. Another class of flame retardants called chlorinated Tris was banned by the Consumer Product Safety Commission in 1977 after being linked to cancer. However, the chemical industry continues to produce alternative flame retardants of uncertain safety. Their health effects are difficult to properly assess partly due to industry secrecy around chemical identities and health data.

Metal Compounds

Plastics also frequently include heavy metals that pose health and environmental concerns in some applications. For example, plastic food packaging may contain compounds with antimony, which is a metalloid linked to reproductive toxicity and endocrine disruption. Some plastics like PVC piping contain compounds like lead stabilizers. The heavy metal lead remains a development neurotoxin even at low levels of exposure. While banning heavy metals is preferable, product reformulations often prompt regulators and legislation to merely lower permitted concentrations rather than eliminate them altogether.

Impacts on Vulnerable Groups

Certain populations appear especially vulnerable to harm from plastic additives and their byproducts. Fetuses, infants and children face greater risks due to their developing organ systems and ability to metabolize and excrete toxins. Food contact with plastics poses dangers when plastic chemicals migrate into ingested foods and drinks. One study even detected BPA in the placental tissues of pregnant women. Workers in plastic manufacturing facilities face direct occupational hazards, and epidemiological studies link some plastic worker cancers and other adverse health outcomes to chemical exposures on the job. Overall, a paradigm shift towards inherently safer plastic materials requires major reforms in industry and government policies.

Greenwashing and Lack of Accountability

In summary, the hidden health impacts of plastic additives illustrate important gaps that future policies and safer product innovations ought to address. Full chemical transparency, rigorous independent safety testing before widespread use, and emphasis on non-toxic alternative materials wherever practicable would better protect vulnerable groups at developing stages. Achieving genuinely safer plastics also depends on reforming industry lobbying influence and empowering consumers with right-to-know laws and informed choices. By shedding light on additive components and associated concerns, more accountable approaches to plastic chemical management can help minimize troubling health legacies moving forward.

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