Frost Radar™: Global Composites Market, 2022

From automotive to wind energy to consumer electronics, the structural components of countless products across industries depend on composites to provide the functionality demanded by crucial trends such as lightweighting, design flexibility, circular economy, and consumer appeal. The production of a composite demands that many companies work together, making it a prime example of industry convergence. Whilst resins and reinforcing fibers are the key materials, others such as sizings (coatings that ensure the reinforcing fibers bond well to the resin matrix) are just as important. The companies profiled in this Frost Radar™ are enhancing the performance and market potential of composites by optimizing all of these individual components. The global composites market is on a growth trajectory, largely fueled by innovative technologies used in both resins and fibers that have far surpassed the traditional, more mature glass-fiber reinforced thermoset composites sector. In a highly fragmented market with more than 100 participants, Frost & Sullivan independently plotted the top 19 companies in this Frost Radar™ analysis. The 25 major market participants in terms of revenue were invited to participate in this analysis. Some vendors either chose not to participate, could not complete the questionnaire in a timely fashion, or would not provide any data to substantiate growth or revenue. Demand for carbon fiber in composites has grown to such an extent that economies of scale have made the material a more cost-competitive option. On the resin side, thermoplastics, including carbon-fiber reinforced thermoplastics, are an important area of development for many polymer producers. Innovation leaders attained their high score in a number of different ways. Some lead through the diversity of their innovations in the composites industry. Others, in contrast, attain a high innovation score thanks mainly to the revolutionary nature of a new product. In terms of growth, 2021 was a particularly strong year for some companies. Meanwhile, the high rating of other companies on the Growth Index is a reflection of their commitment to achieving future growth in the composites market. The Frost Radar reveals the market positioning of companies in an industry using their Growth and Innovation scores as highlighted in the Frost Radar methodology. The document presents competitive profiles on each of the companies based on their strengths, opportunities, and a small discussion on their positioning. Frost & Sullivan analyzes hundreds of companies in the industry and benchmarks them across the 10 criteria, where the leading companies are then positioned on the Radar. Industry leaders on both the Growth and Innovation indices are recognized as best practice recipients. Author: Christeena Thomas