The leaders in composite manufacturers? For many of companies actively looking for dependable suppliers of the composite material, which scales well, are versatile, and suitable for a wide range of applications and performance across different industries, this question surfaces frequently. Trend: The global composite materials market was worth $80 billion in 2023 and is still growing at an average rate of 6.5% per year. They must be cost-effective and high performance, particularly in industries such as aerospace, automotive and construction, in which composite materials are widely used as lightweight yet durable material.
Hexcel Corporation is one of top composite manufacturers, with over 70 years of innovation, global market share around 20%. Hexcel manufactures carbon fiber and advanced composites that help enable weight-effective solutions to meet the demands for fuel-efficient aerospace and automotive applications in today’s competitive environment. In 2018, the company provided the composite materials for the Boeing 787, which included the manufacture of over 100,000 different components. Composite Solutions is one of the leading companies in the industry because of their exceptional delivery of dependable and affordable composite materials.
Toray Industries another major player in the industry — a Japanese conglomerate that controls the global carbon fiber market with an annual production capacity of over 10,000 metric tons. Toray’s offerings are aimed at the auto, aerospace and renewable energy industries, and have helped innovations such as lighter-weight electric vehicle materials and wind turbine blades. In 2023, Toray added a new carbon fiber production line at its U.S. facility and invested $100 million on to meet the increasing demand in North America and the growing trend of composite applications.
One of them is Owosso Motor Car Company, a startup dedicated to the use of composite material in electric vehicles and as a composite manufacturer. They have developed a unique approach to use carbon composites in making their lightweight EV platform. Owosso’s vehicles, whose efficiency is estimated to be 30% higher than traditional vehicles, highlight the vital role composite manufacturers play in driving technological progress.
In fact, the automotive industry has depended on composite manufacturers for decades. BASF, one of the world’s largest chemical manufacturers, said its composites division brought in more than $3 billion in revenue in 2022 alone as it supplied materials for lighter car parts. BASF has launched sustainable bio-based composites that meet the global demand for green alternatives.
Composite materials are also witnessed a growing dependence in the aerospace sector. A subsidiary of GE, General Electric Aviation employs composites such as the LEAP family of jet engines, which are used in Airbus’s A320neo. The composites are part of an overall 15% fuel efficiency boost of the engines over previous generations, which is a significant win for airlines looking to reduce their carbon footprint. GE has managed to leverage cutting-edge composite materials to maintain a competitive position in the aerospace industry.
Choosing the right Composite Manufacturer, however, is imperative for industries looking for the best possible composite products, as they need to ensure an innovative yet proficient manufacturer that meets strict quality demands consistently. Top manufacturers themselves do not only provide materials, but also technological forces that run industries. With the growing demand for high-performance composites, Hexcel, Toray, BASF, and others are at the forefront of materials science and engineering, driving innovation across industries.