Composites Market Size, Share, Growth Analysis, By Manufacturing Process (Lay-up process, Filament winding process) By Fibre Type (Glass Fibre Composites, Carbon Fibre Composites), By Resin Type, By End User, By Region - Industry Forecast 2024-2031

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.