CHICAGO, Aug. 28, 2023 /PRNewswire/ -- MarketsandMarkets has released 360 Quadrant for Top 20 Composites Companies, Worldwide 2023 to help businesses make quicker and more informed decisions. Companies' market presence and product footprint are used to build quadrants, which will be revised annually.
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The global composites market is valued at USD 113.7 billion in 2022 and is projected to reach USD 168.6 billion by 2027, growing at a cagr 8.2% from 2022 to 2027. The market is growing because of the rise in the demand from wind energy, aerospace & defense, and automotive & transportation industries.
The increasing number of wind installations and aircraft deliveries worldwide is expected to enhance the demand for composites in respective end-use industries, driving the market. The demand for composites from the transportation industry is expected to increase due to the growth in the transportation industry and stringent eco-friendly regulations for producing more lightweight and fuel-efficient vehicles. On the other hand, the high cost of raw materials is a major factor inhibiting market growth. The raw materials required are fibers and resins, which are more expensive than traditional materials. Cost reduction is not feasible as it is essential to maintain the quality of products required for high-end applications. The manufacturing process of composites is complex. Therefore, extensive R&D is also required at the micro-level to achieve economies of scale.
Unveiling the Market Leaders: Honoring Excellence in Composites Markets
- Ownes Corning is a diversified composites company and a leading supplier and providing composites materials. It manufactures various roofing, insulation, and fibreglass composite materials. Owens Corning products are used in various applications such as sports goods, consumer electronics, boats, aircraft, defense, wind energy, construction, roofing, and pipes. It offers composites as a product of its Fiberglass Composites business. The company primarily offers residential and commercial building materials, glass fibre reinforcements, and engineered materials for composite systems.
- Toray Industries, Inc. is focuses on manufacturing industrial goods using biochemistry, polymer chemistry, and organic synthetic chemistry as their key technologies. Currently, the firm is Japan's leading producer of synthetic fiber and carbon fiber worldwide. Fibers & Textiles, Performance Chemicals, Carbon Fiber Composite Materials, Environment & Engineering, Life Sciences, and Others make up its six business segments. The company's composites business is run through the Composite Materials business segment, where a variety of carbon fibers, carbon fiber composite materials, and related molded products are available.
- Mitsubishi Chemical Holdings Corporation runs its composites division. Five business segments, including Performance Products, Chemicals, Industrial Gases, and Health Care, are used by the corporation to manage its operations. Under the Performance Material business segment, carbon fiber tow, prepregs, and fabricated composite products are offered. The automobile and sports industries both use the company's carbon fiber products.
- Solvay is a prominent provider of composite materials to the aerospace industry, propelling the manufacture of automobiles using innovative manufacturing technologies. The company's business is aligned into three segments namely: materials, chemicals, and solutions. Its material segment comprises speciality polymers and composite materials for automotive, aerospace, oil and gas, and other industries. Solvay has been supplying its advanced composite materials on several engine and nacelle programs to companies like Safran, a French multinational company that designs, develops, and manufactures aircraft engines, rocket engines, and other such products.
- Teijin Limited is a Japanese corporation that produces, processes and sells chemical goods. It is also active in the pharmaceutical, information technology, and chemical industries. High-performance fibers including aramid, carbon fibers and composites, healthcare, films, resin & plastic processing, polyester fibers, product conversion, and IT goods are some of its primary business sectors.
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CATEGORIZATION OF COMPOSITES COMPANIES ON 360 QUADRANTS
Composites Companies' evaluation was conducted for 150 companies, of which the top 20 were categorized and placed in the quadrant under Market Leaders, Contenders, Innovators, and Emerging Companies.
All the companies in the market leader segment demonstrated strong offerings and the ability to influence the market's direction with their deep expertise. These companies include Owens Corning, Toray, Teijin, Hexcel, Solvay, and Mitsubishi.
China Jushi, CPIC, Sabic and Johns Manville have been recognized as contenders in the composites quadrant. The contenders are companies with a strong market presence, excelling in specific niches. While not offering the full range of market leaders, they wield significant influence and impact. These companies focus on specific technologies and aim to establish leadership within their chosen segment.
In the quadrant, innovators are highly innovative companies with a strong product portfolio, but a smaller market presence compared to leaders. They push industry boundaries with forward-thinking approaches and have the potential to become major players despite lower corporate growth strategies. SGL, Celanese, Gurit, Kordsa and Avient have been identified as the innovators in the quadrant.
The 360 Quadrants effectively evaluates emerging companies in the composites industry. They focus on specific areas and offer specialized knowledge, targeted support, flexible terms, and competitive prices. While they may have limited capabilities, they are preferred for specific use cases. These companies employ strategies to expand sales and reach a broader client base. This segment of the quadrant has identified Huntsman, BASF, Lanxess, Borealis and Hexion as emerging companies.
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Evaluation Criteria
The vendor evaluation was conducted on over 150 companies of which the top 20 were categorized and recognized as the quadrant leaders. Factors such as revenue, geographic presence, vendor's market share, and business strategies have been considered to evaluate the composites quadrant. The top criteria for company evaluation were Fiber Type (Glass Fiber Composites, Carbon Fiber Composites and Natural Fiber Composites) Resin Type (Thermoset Composites and Thermoplastic Composites), Manufacturing Process and End-User Industry.
360Quadrants Scoring Methodology
360 Quadrants employs a comprehensive and transparent scoring methodology to evaluate companies. It identifies relevant evaluation criteria, collects, and validates data from multiple sources, and employs an algorithm that considers parameter weights to generate scores. Normalization ensures fair comparisons, and the aggregated scores categorize solutions into quadrants such as Market Leaders, Contenders, Innovators, and Emerging Companies. This unbiased approach equips users with accurate information, empowering them to make well-informed decisions and select solutions that best suit their needs and objectives.
See Also:
- Top Paint and Coatings Companies, Worldwide 2023
- Top Lubricants Companies, Worldwide 2023
- Top 21 Sustainable Packaging Companies, Worldwide 2023
- Top 21 Flexible Packaging Companies, Worldwide 2023
- Top 20 Personal Care Ingredients Companies 2023
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360 Quadrants will also be launching 100 quadrants in Chemicals and Materials, Packaging, Energy & Power, and Healthcare.
Visit https://www.360quadrants.com to access our interactive quadrants.
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