Composite Preforms Market Expected to Reach $433.1 Million by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Composite Preforms Market," The composite preforms market was valued at $239.3 million in 2021, and is estimated to reach $433.1 million by 2031, growing at a CAGR of 6.1% from 2022 to 2031.

Composites preform is an arrangement of continuous or discontinuous fibrous material which undergoes reinforcement process to obtain a specific composite shape. Composite preforms have excellent significant properties such as high mechanical strength, thermal stability, and fatigue life owing to which it has been widely used in v industrial, automotive, aerospace, infrastructure, marine, and other end-use sectors.

An increase in investments in the building infrastructure in countries such as the U.S., China, Japan, Mexico, and India, has led the building & construction sector to witness significant growth. Composite preforms have greater thermal stability and resistance to corrosion due to which it is used in corrosive environments in fire protection applications.  In addition, composite preforms are lightweight, have a strength-to-weight ratio, and help in lowering the cost of construction, as much less material can be used without sacrificing structural stability. This factor is projected to drive the market during the forecast period.

Moreover, sustainable economic growth coupled with increasing demand for consumer goods has led the automotive & electronics sector to witness a significant increase in demand for composite preform, where composite preforms are widely used in cost and weight reduction purposes. In addition, it is also used to design sports and leisure goods such as bicycle handlebars, bowling balls, skis, and among others. These factors are predicted to contribute toward global market growth. 

According to an article published by ASPIRE in 2021, it states that composites are difficult to reuse and recycle owing to the availability of advanced technologies such as high-temperature pyrolysis, and grinding (to be used as filler material) are not environment friendly and economically unattractive. This factor is projected to restrain the overall market growth during the forecast period.

The utilization of composite preforms has increased in the aerospace industry due to its major role in weight reduction. It is mainly used in structural applications and making aircraft fuselage. This factor is majorly fueling the market growth; thus, offering the most remunerative opportunities in the aerospace industry during the forecast period.

The composite preform market is segmented on the basis of structure, product type, fiber type, application, and region. By structure type, the market is segregated into one-D, two-D, and three-D. The three-D segment dominated the global market in terms of revenue in 2021, with 52.5% of the total share. Three-dimension woven composite preforms offer numerous advantages such as weight reduction, reduced crack risk, lower production time, and cost reduction. These factors altogether have surged the utilization of three-dimensional composite preforms among various end-use sectors such as aerospace & defense, automotive, and others.

By product type, the market is divided into stitching, braiding, knitting, and weaving. The stitching segment dominated the global market in terms of revenue in 2021, with 39.1% of the total share. This is attributed to the fact that stitching technique is used to provide thickness reinforcement for composite preforms. It offers several advantages such as they enhance damage tolerance and aid fabrication.

Earlier, stitching can only be carried out with prepregs; however, the introduction of resin transfer manufacturing processes for composites has surged the use of stitching for dry preforms. This resulted in significant gains in stitching speed. In addition, stitching can now be carried out through thicker materials and the damage to in-plane yarns has been reduced.

On the basis of fiber type, the market is categorized into carbon, glass, and others. It is expected that carbon segment is dominated the global market in terms of revenue in 2021 with 48.5% of total market share. This is due to the carbon fiber preforms are used in both commercial aircraft and military applications for a number of years and their usage is expanding into automotive and consumer goods components. This factor is the major key market trend in the global composite preforms market for carbon fiber.

On the basis of application, the market is categorized into automotive, consumer goods, infrastructure, marine, medical, and aerospace & defence. The aerospace and defense segment is expected to dominate the global composite preforms market during the forecast period. This is attributed to the fact that composite preforms are increasingly used in aerospace & defense applications owing to their lightweight, high tensile strength, high durability, high impact resistance, and other significant characteristics.

The utilization of composite preforms in aerospace applications may reduce the overall weight by 20-50%. For instance, the use of Kevlar (aramid) armor shields planes has reduced accidental damage to the engine pylons that carry fuel lines and engine controls. Furthermore, composite preforms offer design flexibility that makes them best suited for use in complex aerospace geometries.

Region-wise, the composite preform market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific composite preform market size is projected to grow at the highest CAGR during the forecast period, owing to the rising infrastructure, automotive, aerospace & defense, and other sectors that have enhanced the performance of composite preforms in the Asia-Pacific region.

 Key players operating in the global composite preform market include Kümpers Composites, C and J Antich, SAERTEX Group, bally ribbon mills, Sigmatex, Axis Composites Limited, Albany International Corp, T.E.A.M., Inc., A and P Technology, and Eurocarbon B.V.

COVID-19 analysis

The composite preforms market has been negatively impacted due to the wake of COVID-19 pandemic. Key factors such as its dependence on infrastructure, automotive, aerospace & defense, industrial, and other end-use sectors have hampered the market growth in 2020. Decrease in the net sales of automotive industry has been observed during the pandemic.

For instance, according to a report published by Society of Indian Automobile Manufacturers (SIAM), sale of passenger vehicles, commercial vehicles and two‐wheeler vehicles declined by 51%, 88%, and 40%, respectively in March 2020. Also, several automotive companies have shut down their operations due to the risk of infections among the workforce where composite preforms are used as prime lightweight material for reducing weight of vehicles.

Moreover, the ongoing-pandemic has halted various aircraft manufacturing and defense projects where composite preforms are widely used over traditional material such as aluminum, iron, steel, and others to provide structural integrity these factors altogether have hampered the growth of composite preforms market during the COVID-19 pandemic scenario. However, post COVID-19, the market is growing and sales of automotive have increased. For instance, according to data revealed by Economic Times in August 2022, sales of cars, utility vehicles, and vans have registered 3.7 million units., which is 17-20% higher compared with 2021 year's sales.

This has enhanced the performance of the composite preforms market in 2021 and is expected to experience gradual growth. Furthermore, governments of both developed and developing economies focus majorly on producing high-tech aircrafts and fighter jet equipped with modern armored facilities where composite preforms are widely used in manufacturing various aircraft components. This factor is projected to surge the utilization of composite preforms in the growing airspace sector; thus, boosting the market growth.

Key findings of the study

• By fiber type, the carbon segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 6.4% from 2022 to 2031.
• By product type, the stitching segment is projected to display the highest growth rate in terms of revenue and market share in 2021.
• By structure type, the three-D segment is estimated to display the highest growth rate, in terms of revenue, from 2022 to 2031.
• By application, the aerospace and defence application segment is estimated to display the highest growth rate, registering a CAGR of 6.3% from 2022 to 2031.
• By region, North America garnered the highest share of around 40% in 2021, in terms of revenue.