Top 20 Composites Companies, Worldwide 2023: MarketsandMarkets 360 Quadrant Revealed
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Top 20 Composites Companies, Worldwide 2023: MarketsandMarkets 360 Quadrant Revealed

Jun 09, 2023

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28 Aug, 2023, 10:45 ET

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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

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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.

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About MarketsandMarkets™

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research and facilitates analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

360 Quadrants will also be launching 100 quadrants in Chemicals and Materials, Packaging, Energy & Power, and Healthcare.

Visit to access our interactive quadrants.

For media inquiries, please contact:Mr. Agney SuglaMarketsandMarkets™ INC.630 Dundee Road, Suite 430Northbrook, IL 60062USA: +1-888-600-6441Email: [email protected]


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