Composite Fabrication Technology Market Size, Share, Growth, And Industry Analysis By Type (Lay-up, Filament Winding, Injection Molding, Pultrusion, Compression Molding, RTM, and Others) By Application (Aerospace and Defense, Wind Energy, Transportation, Construction and Infrastructure, Electrical and Electronics, and Others), Regional Insights, and Forecast From 2024 To 2031

Updated On: 01 April 2024

Composite Fabrication Technology Market Report Overview

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The global composite fabrication technology market size was USD 8388.5 million in 2022 and is expected to reach USD 15540.28 million in 2031, at a CAGR of 7.1% during the forecast period.

The technique of creating composite materials is known as composite fabrication technology. Composite materials are created by bonding two or more separate components to create a single substance. Metals, polymers, and other materials are examples of the many materials. Using composite manufacturing technology, products can be made with certain characteristics, such as strength, stiffness, or flexibility.

There are numerous varieties of CFT, and each has its own benefits and drawbacks. Lamination, pultrusion, and filament winding are the three most typical CFT configurations. Continuous reinforcing fibers are coiled around a main core during the filament winding. This method is frequently employed to create cylindrical objects like tubes and pipelines. Reinforcing fibers are dragged through a heated die during the pultrusion process, where they are resin-impregnated. Typically, this method creates long, straight structures like beams and bars. Lamination is the process of joining separate sheets of reinforcing fibers with resin. This method is frequently used to create flat panels, such as those used in building boats and airplanes.

COVID-19 Impact: Severe Impact on Supply Chain Due to Lockdown Restrictions Hampered the Market Growth

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the composite fabrication technology market growth and demand returning to pre-pandemic levels once the pandemic is over.

Due to lockdowns and other limitations on transportation, the pandemic has had a significant impact on the supply chain for composite materials. As a result, several important raw resources are now in shortage, raising costs. The market for Composite Fabrication Technology is anticipated to expand over the long run, notwithstanding the difficulties presented by Covid-19. Due to their superior strength and weight qualities, composite materials are increasingly used in various industries, including construction, automotive, and aerospace. Even though the world is beginning to recover from the pandemic, this growth is anticipated to continue.

Latest Trends

"Robotics Utilization Boost the Market Expansion"

Robotics utilization is the newest development in composite fabrication technology. This method has been modified for composites after being utilized for many years in manufacturing. Compared to conventional methods, robotics has a lot of benefits, such as improved accuracy, speed, and efficiency. Furthermore, sophisticated shapes and structures that would be challenging or impossible to produce using conventional techniques can be created with robotics. Thanks to this technology, the composites sector is undergoing a revolution, creating new opportunities for developing composite materials.

Composite Fabrication Technology Market Segmentation

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• By Type Analysis

The composite fabrication technology market can be segmented into lay-up, filament winding, injection molding, pultrusion, compression molding, RTM, and others. Among these, lay-up is projected to experience rapid growth through 2028.

• By Application Analysis

The market can be divided based on application into aerospace and defense, wind energy, transportation, construction and infrastructure, electrical and electronics, and others. Aerospace and defense are expected to hold the most significant composite fabrication technology market share in the upcoming years.

Driving Factors

"Rising Awareness and Demand for Composite Materials from Various End-Use Industries To Propel the Market Expansion"

The growing demand for composite materials from several end-use sectors and the expanding knowledge of the advantages of composite materials are the main market-driving drivers for Composite Fabrication Technology. Due to their exceptional qualities, including high strength, lightweight, and low thermal expansion, composite materials are increasingly employed in various applications, including aerospace, construction, transportation, and wind energy.

"Utilization in the Aerospace and Construction Industries Fuels the Market Growth"

The aerospace industry is the most significant consumer of composite materials, and it is anticipated that this dominance will persist throughout the projected period. As a result of using composite materials, aircraft are lighter overall, which results in lower pollutants and fuel consumption. Due to their higher strength and durability qualities, composite materials are also widely used in the building industry. Due to their high strength-to-weight ratio, which lowers transportation and installation costs, composites are also increasingly being employed in wind energy applications.

Restraining Factors

"High Cost and Lack of Skilled Labour Hinder the Market Growth"

Over the past few years, composite fabrication technology has been one of the most popular subjects in the manufacturing sector. With the use of this technology, composite materials with superior strength and stiffness than conventional metals can be produced. The widespread implementation of this technology has been hampered by several restraints, though. The high raw materials and equipment cost is one of the main impediments. The specialized equipment needed for composite production is exceedingly expensive to buy and maintain. The raw ingredients required for this technique are also fairly expensive. As a result, many businesses have been reluctant to make the necessary financial commitment to adopt this technology. The scarcity of skilled workers has also been a barrier to adoption. There is a lack of qualified professionals in the relatively new field of composite fabrication technology. Companies struggle to obtain the staff they require to use this technology due to the lack of effectiveness. Despite these difficulties, composite fabrication technology is becoming increasingly popular because of its many benefits. The products of manufacturers who have embraced this technology have seen considerable improvements. The composite fabrication technology is expected to become more widespread in the coming years as more businesses realize these advantages.

Composite Fabrication Technology Market Regional Insights

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"North America to Dominate Market Due to Rising Awareness and Demand for Composite Materials from Various End-Use Industries"

Between 2022 and 2028, the composite fabrication technology market will be dominated by North America. Factors driving the market growth in this region include rising awareness and demand for composite materials from various end-use industries.

Additionally, the market is anticipated to experience the fastest growth in European and Asian countries (India, China, Japan, and South East Asia). The utilization in the aerospace and construction industries fuels market expansion.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Accudyne Engineering (U.S.)
• CMET (India)
• GEBE2 Productique (France)
• Hewlett Packard (U.S.)
• Pultrex Ltd (U.K.)
• Stratasys (Israel)
• Owens Corning (U.S.)
• Toray Industries, Inc. (Japan)
• Teijin Limited (Japan)
• Solvay (Belgium)
• Hexcel (U.S.)
• SGL Group (Germany)
• Nippon Electric Glass Co., Ltd (Japan)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.