USD 91.92 billion
Composites Market Size, Share, Growth Analysis, By Fibre Type(Glass Fibre Composites, Carbon Fibre Composites, Natural Fibre Composites, Others), By Resin Type(Thermoset Composites (Epoxy Resin, Polyester Resin, Vinyl Ester Resin, Polyurethane Resin), By End-use Industry(Aerospace & Defense (Civil, Defense), Wind Energy, Automotive & Transportation (Automotive), By Manufacturing Process(Lay-up, Filament Winding, Injection Molding, Pultrusion), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG15B2085 |
Region:
Global |
Published Date: July, 2024
Pages:
165
|Tables:
95
|Figures:
76
Composites Market Insights
Global Composites Market size was valued at USD 92.92 Billion in 2022 and is poised to grow from USD 99.52 Billion in 2023 to USD 172.27 Billion by 2031, at a CAGR of 7.1% during the forecast period (2024-2031).
Global composites marketplace is experiencing massive increase, pushed via increasing demand in numerous sectors consisting of automotive, aerospace, construction, renewable power etc. Manufacturers are adopting the composite substances for car components, making an allowance for smaller and more green manufacturing helps, as composite substances are had to produce larger cables.
Additionally, the construction enterprise takes benefit of composites' durability and resistance to harsh environmental situations, making them perfect for infrastructure initiatives but the marketplace faces challenges which include the raw materials and excessive manufacturing expenses, which may also restrict considerable adoption. Despite these challenges, endured advances in the hybrid technologies consisting of the value-effective production procedures and growing use of bio-based totally composites will pressure market enlargement. Therefore, the composites marketplace is ready to hold its upward growth, via innovation in material science playing an important function in shaping the future of diverse sectors.
US Composites Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Glass Fiber
Fastest Growth
Glass Fiber
Growth Rate
7.2% CAGR
Global Composites Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Composites Market Segmental Analysis
Global Composites Market is segmented based on Fibre Type, Resin Type, End-use Industry, Manufacturing Process, and Region. Based on Fibre Type, the market is segmented into Glass Fibre Composites, Carbon Fibre Composites, Natural Fibre Composites, and Others. Based on Resin Type, the market is segmented into Thermoset Composites (Epoxy Resin, Polyester Resin, Vinyl Ester Resin, Polyurethane Resin, Other), Thermoplastic Composites (Polycarbonates, Polypropylene, Polyphenylene Sulfide, Polyetherimide, Polyetheretherketone, Polyamide, Other). Based on end-use industry, the market is segmented into Aerospace & Defense (Civil, Defense), Wind Energy, Automotive & Transportation (Automotive, Recreational Vehicles, Bus, Trucks, And Other Heavy Vehicles, Metros and Monorails, Passenger Rails, High-speed and Bullet Train), Construction & Infrastructure (Marine {Powerboat, Sailboat, Cruise Ship, Others}, Pipes), Tanks & Pressure Vessels, and Electrical & Electronics, Others (Industrial, Healthcare, Sporting Goods). Based on manufacturing process, the market is segmented into lay-up, filament winding, injection molding, pultrusion, compression molding, RTM, and others. Based on region, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
Analysis By Manufacturing Process
The layup technique dominated the marketplace and generated around 33.7% of the sales. During the forecast period, rising manufacturing of boats, wind turbine blades, and architectural mouldings is expected to propel the increase of the layup technique segment within the international composites marketplace. A type of objects, together with the power shafts for vehicles, tiny aircraft fuselages, spacecraft buildings, strain vessels like firefighter oxygen bottles, and others, are possible traits inside the filament winding method. Over the projected period, the filament winding process is expected to experience expansion due to rising output in the automotive and marine industries.
It is expected that the demand for the injection moulding technique will be aided by the rising demand for lightweight components in the vehicle manufacturing industry. Additionally, the market is likely to be supported in the expected time frame by an increase in demand for high-strength components in the aerospace and marine industries. Pultrusion is a productive process for creating fiber-reinforced composite materials. The method can be applied to thermoplastic matrices made of polybutylene terephthalate (PBT) and polyethylene terephthalate (PET), either by enclosing the glass fibre with thermoplastic matrix sheet material or by impregnating it with thermoplastic matrix powder.
Analysis By End Use
The aerospace & defense segment is the largest segment of the composites market, accounting for a share of over 30% in 2023. The segment is expected to continue to dominate the market during the forecast period owing to increasing demand for lightweight and high-performance components in aircraft and aerospace vessels. The Aerospace & Defense segment uses composite components in a variety of industries, including aircraft systems, helicopter decks, spacecraft and missiles.
The automotive and transportation segment is the fastest growing segment of the composites market, with a CAGR of more than 8% over the forecast period. The segment is expected to be driven by demand for lighter and more fuel-efficient vehicles. Composites are used in a variety of applications in the automotive & transport sector, including vehicle bodies, truck beds and wind turbine blades. Increasing attention to reducing vehicle emissions is driving demand for composites in this segment.
Global Composites Market By End User (%)
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Composites Market Regional Insights
The Asia-Pacific region dominated the market and accounted for 45.4% of the revenue share. The Asia Pacific region in the market is expected to grow significantly during the forecast period. Asia Pacific will hold the greatest revenue share in the global market. Players in this market can expect to benefit greatly from the rising demand in key sectors including electrical & electronics, aerospace & defence, building & construction, and automotive & transportation. Additionally, the regional market is expected to benefit from the cities' fast urbanization and the presence of numerous manufacturers like Toray Industries Inc.
North America is expected to hold the second-largest market share. More than 50% of the most recent Airbus aircraft in the A350XWB series are composed of these materials which only utilized 2–5% aerospace composites. The use of these materials in aerospace has increased over the past few decades. The demand for compounds in the US. is mainly due to the high demand for lightweight components in the automotive industry. Increasing changes in electrical & electronics as well as ongoing developments in the automotive, aerospace and aerospace industries are the factors expected to drive the growth of the industry during the forecast period.
Global Composites Market By Geography
- Largest
- Fastest
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Composites Market Dynamics
Composites Market Driver
Advancements in Material Technology
- Continued advances in composite technology such as the development of high-performance fibers and resins have expanded the potential applications for structural composites. These new materials have made composites stronger, more durable and more cost-effective improving cost efficiency, and making industries requiring lightweight and robustness more attractive products.
Growing Demand in Aerospace
- The aerospace industry has seen a surge in demand for composite materials designed due to their strength-to-weight ratio. The composite is used in aircraft parts to reduce weight, improve fuel efficiency and improve performance. The composites market has grown due to the growing aerospace industry due to commercial aviation and space exploration.
Restraints
High Costs of Raw Materials and Manufacturing
- One of the principal restraints of the composites marketplace is the excessive fee associated with raw materials and production approaches. The production of composite substances, such as carbon fiber, includes complicated and high-priced strategies, which can make the end products costly. The need for specialized devices and professional hard work further provides for the general production expenses, making it challenging for a few manufacturers to justify the investment in composites.
Recycling and Disposal Challenges
- The recycling and disposal of composite materials pose huge demanding situations, acting as a restraint available on the market. Composites, particularly those made from thermoset resins, are tough to recycle due to their complex chemical systems. This creates environmental issues and regulatory pressures, particularly as industries and governments increase awareness on sustainability and waste management.
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Composites Market Competitive Landscape
The composites market boasts competitive surroundings characterized by way of the presence of many key players looking to benefit marketplace proportion. Leading players, which include Hexcel Corporation, Torre Industries Inc., Owens Corning, Teijin Ltd., Solway SA dominate the industry with their breadth of products and global attain. These industry leaders put money into research and improvement constantly developing new composite materials, enhancing their mechanical properties. In addition, partnerships, mergers and acquisitions are commonplace techniques amongst businesses to amplify their markets and diversify their offerings.
Top Players in the Global Composites Market
- Owens Corning (US)
- Toray Industries, Inc. (Japan)
- Teijin Limited (Japan)
- Mitsubishi Chemical Holdings Corporation (Japan)
- Hexcel Corporation (US)
- SGL Group (Germany)
- Nippon Electrical Glass Co. Ltd. (Japan)
- Huntsman International LLC. (US)
- Solvay (Belgium)
- Cristex Composite Materials (England)
- BASF SE (Germany)
- Jushi Group Co., Ltd (China)
- Gurit Holding AG (Switzerland)
- Celanese Corporation (Japan)
- Sumitomo Bakelite Co., Ltd. (Japan)
- Arkema SA (France)
- Evonik Industries AG (Germany)
- Ashland Global Holdings Inc. (US)
- Weyerhaeuser Company (US)
- China Jushi Co., Ltd (China)
- AGY (US)
Composites Market Recent Development
- February 2024 - Owens Corning acquired Masonite for US$3.9 billion. The acquisition will strengthen the company’s position in the glass reinforcement business in the building materials and its composites segment.
- June 2023 - Solvay is partnered with Spirit Aerosystems. Both companies will be involved in holistic development. This merger will see collaborative research on sustainable aviation technology and processes with Spirit’s engineering, academic and supply chain partners.
- In January 2024, National Composites have announced a strategic partnership with North American compression mold maker, Laval. With this partnership, Laval will concentrate on the SMC/ BMC molding process while national composites will help in enriching the final product with value added services which include advanced Class A painting and final assembly. This collaboration provides a complete solution from the initial design to the final delivery.
Composites Key Market Trends
-
Advancements in Manufacturing Technologies: The composites market was experiencing continuous advancements in manufacturing technologies. Automation, robotics, and 3D printing were being integrated into the production process to improve efficiency and reduce costs. Automated layup processes and out-of-autoclave curing methods were among the innovations that were helping to streamline production and expand the range of applications for composites.
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Growing Demand for Lightweight Materials in Aerospace and Automotive Industries: One of the key trends in the composites market is the growing demand for lightweight materials in the aerospace and automotive industries. Materials including carbon fiber and fiberglass are highly valued for their strength-to-weight ratio, making them ideal for applications where weight reduction is required without compromising structural integrity. In the aerospace industry, the use of composite materials in aircraft manufacturing is increasing as companies seek to increase fuel efficiency and reduce carbon emissions.
Composites Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected using Primary Exploratory Research backed by the robust Secondary Desk research.
According to SkyQuest analysis, the composites market holds promising prospects as industries increasingly seek lightweight, durable, and sustainable materials. The growing demand for fuel-efficient transportation, renewable energy solutions, and infrastructure development is driving the adoption of composites. Advancements in composite manufacturing technologies and a focus on reducing carbon emissions further bolster market growth. Additionally, the aerospace, automotive, and construction sectors are poised for substantial expansion. However, challenges like material cost and recycling remain, but ongoing research and innovation are expected to address these issues, ensuring a bright future for the composites market.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 92.92 Billion |
| Market size value in 2031 | USD 172.27 Billion |
| Growth Rate | 7.1% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Composites Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Composites Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Composites Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Composites Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Composites Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Composites Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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