The South America composites market is expected to grow from US$ 2,431.11 million in 2022 to US$ 2,988.37 million by 2028. It is estimated to grow at a CAGR of 3.5% from 2022 to 2028.
Applications of Composites in Wind Energy Sector Fuels South America Composites Market
The wind energy sector is one of the fastest-growing sectors across the globe and is expected to expand rapidly in the coming years. Wind energy capacity is increasing with the rise in renewable energy infrastructure. Composite is an essential material that is highly adopted for the development of wind energy infrastructure. Rapid developments in material technology have been supporting variations in the structure of wind turbines. Many of these variations were primarily introduced to reduce the prices of turbines. Factors such as mechanical equipment, corrosion resistance, fatigue resistance, breaking toughness, rigidity, weight, and appearance of wind turbines significantly impact their operations. Glass fiber-reinforced plastics (GFRP) are the most used type of composite material in wind turbine manufacturing. Good mechanical properties and corrosion resistance, high-temperature tolerance, simplified manufacturing, and favorable cost are the major benefits conferred by GRPs. Furthermore, the expansion of the wind energy sector in developed and developing economies will boost the demand for composites in the coming years. Such favorable government initiatives would lead to high demand for composites in the wind energy sector, thereby creating opportunities for the growth of the South America composites market during the forecast period.
South America Composites Market Overview
Governments of various countries in South America are focusing on developing infrastructure projects owing to surging urbanization, which is expected to boost the demand for composites in the construction industry during the forecast period. Further, the significant presence of automotive companies in Brazil and Argentina is propelling the sales of composites in the region. According to the report by the Brazilian Association of Automotive Vehicle Manufacturers, the production of automobiles in Brazil grew by 11.4%, whereas the sales were boosted by 10.9% from February to March 2022. Moreover, a few major market players operating in the automotive sector have strategized the development and expansion of their operational capacities in South America to fuel the growth of the automotive market, thereby signifying the growth in automotive sector.
South America Composites Market Revenue and Forecast to 2028 (US$ Million)
South America Composites Market Segmentation
The South America composites market is segmented into fiber type, resin type, end use industry, and country.
Based on fiber type, the South America composites market is segmented into carbon fiber composites, glass fiber composites, and others. The glass fiber composites segment held the largest share of the South America composites market in 2022.
Based on resin type, the South America composites market is segmented into thermoset and thermoplastic. The thermoset segment held a larger share of the South America composites market in 2022. The thermoset is segmented into polyester, vinyl ester, epoxy, polyurethane, and others. The Thermoplastic is segmented into polypropylene, polyethylene, polyvinylchloride, polystyrene, polyethylene terephthalate, polycarbonate, and others.
Based on end use industry, the South America composites market is segmented into automotive, aerospace and defense, wind, construction, marine, sporting goods, and others. The automotive segment held the largest share of the South America composites market in 2022.
Based on country, the South America composites market is segmented into Brazil, Argentina, and the Rest of South America. Brazil dominated the share of the South America composites market in 2022.
DuPont de Nemours Inc; Hexion Inc; Mitsubishi Chemical Holdings Corp; Owens Corning; SGL Carbon SE; Solvay SA; Teijin Ltd; and Toray Industries Inc are the leading companies operating in the South America composites market.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 2,431.11 Million |
| Market Size by 2028 | US$ 2,988.37 Million |
| CAGR (2022 - 2028) | 3.5% |
| Historical Data | 2020-2021 |
| Forecast period | 2023-2028 |
| Segments Covered |
By Fiber Type
|
| Regions and Countries Covered |
South and Central America
|
| Market leaders and key company profiles |
|
The South America Composites Market is valued at US$ 2,431.11 Million in 2022, it is projected to reach US$ 2,988.37 Million by 2028.
As per our report South America Composites Market, the market size is valued at US$ 2,431.11 Million in 2022, projecting it to reach US$ 2,988.37 Million by 2028. This translates to a CAGR of approximately 3.5% during the forecast period.
The South America Composites Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the South America Composites Market report:
The South America Composites Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The South America Composites Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the South America Composites Market value chain can benefit from the information contained in a comprehensive market report.
Please tell us your area of interest
(Market Segments/ Regions and Countries/ Companies)
E 1803, Panchshil Towers,
Wagholi, Haveli,
Pune - 412207,
Maharashtra, India
US:+16467917070
sales@businessmarketinsights.com
Get Free Sample For South America Composites Market
