What is the global market size of Composites Market?

Composites Market size was valued at USD 91.92 billion in 2021 and is poised to grow from USD 131.47 billion in 2022 to USD 163.97 billion by 2030, growing at a CAGR of 7.2% in the forecast period (2023-2030).

Who are the key vendors in the Global Composites Market?

Top Players in the Global Composites Market 'Owens Corning', 'Toray Industries, Inc.', 'Teijin Limited', 'Hexcel Corporation', 'SGL Group', 'Mitsubishi Chemical Holdings Corporation', 'Solvay', 'Gurit Holding AG', 'Jushi Group Co., Ltd.', 'Koninklijke Ten Cate BV', 'Huntsman Corporation', 'Cristex Composite Materials', 'BASF SE', 'Celanese Corporation', 'Sumitomo Bakelite Co., Ltd.', 'Arkema SA', 'Evonik Industries AG', 'Johns Manville Corporation', 'Ashland Global Holdings Inc.', 'DowDuPont Inc.'.

What is the key driver of Global Composites Market?

For customers who require a wide range of intricately engineered parts, design patterns, and structures, composite materials are used. The sector provides services to a number of sectors, including consumer goods, wind power, automotive, aerospace, and maritime. There are many different ways that these industries use these materials. Regulations, consumer demand, part performance standards, and cost restrictions all influence this usage. The materials, pricing, and process technology, for instance, are very different between the automobile and aerospace industries. Because these materials themselves are so diverse, they can satisfy this wide range of demand. As an illustration, resins, a variety of fibres, equipment, processes, and finishing options are readily available and can be used to fabricate almost any part for any application.

What is the key market trend for Global Composites Market?

Over the past few years, the use of composite materials in the aerospace sector has expanded and changed. Both for business jets and commercial aircraft, aircraft manufacturers are taking steps to increase key structures in thermoplastic. The long fibre reinforced thermoplastics technology was first used by the aircraft industry. Polyetheretherketone (PEEK) or polyetherimide (PEI), both of which contain carbon, are currently the most common thermoplastic compositions in the market. These materials are desirable for aircraft applications because they can be repeatedly melted and moulded, two separate properties. Additionally, thermoplastics offer a high level of durability, which results in lighter constructions with better damage tolerance.

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

Q: Which region accounted for the largest share in Global Composites Market?

The results based on our research approach show that over 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 urbanisation and the presence of numerous manufacturers like Toray Industries Inc. and Mitsubishi Chemical Holdings Corporation.

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.

Composites Market Report Snapshots

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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.

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Composites Market Insights

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What is the global market size of Composites Market?

Who are the key vendors in the Composites Market?

What is the key driver of Composites Market?

What is the key market trend for Composites Market?

Which region accounted for the largest share in Composites Market?

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