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

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).

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. '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)'

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. 

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.