USD 1.51 Billion
Structural Composites Market Size, Share, Growth Analysis, By Reinforcement Materials(Carbon Fiber Composites, Glass Fiber Composites, Aramid Fiber Composites, Others), By Matrix(Polymer, Metal, Wood), By End-user(Construction & infrastructure, Energy, Transportation (Automotive, Aerospace & defense), By Region - Industry Forecast 2025-2032
Report ID:
SQMIG25F2003 |
Region:
Global |
Published Date: August, 2024
Pages:
223
|Tables:
63
|Figures:
75
Structural Composites Market Insights
Structural Composites Market size was valued at USD 47.04 Billion in 2023 and is poised to grow from USD 50.59 Billion in 2024 to USD 90.18 Billion by 2032, growing at a CAGR of 7.54% during the forecast period (2025-2032).
The global structural composites market has witnessed substantial growth in recent years. Structural composites are advanced materials that combine different substances to create materials with enhanced mechanical properties, making them ideal for various industries. Key drivers of market growth include the increasing demand for lightweight and high-strength materials in sectors like aerospace, automotive, construction, and wind energy. Aerospace applications have played a significant role in boosting the market due to the need for fuel-efficient aircraft and improved performance. Additionally, the automotive industry's shift towards electric and hybrid vehicles has created opportunities for structural composites to reduce vehicle weight and improve energy efficiency. Environmental concerns and regulations regarding emissions have also fueled the adoption of composites in wind turbines and other renewable energy applications. However, challenges such as high production costs and recycling issues remain. In summary, the global structural composites market is poised for continued growth, driven by the demand for lightweight, high-strength materials across multiple industries and the pursuit of sustainable solutions.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Aerospace & Defense Segment
Fastest Growth
Aerospace & Defense Segment
Growth Rate
9.2% CAGR
Structural Composites Market by Region
Country Share for Asia Pacific (%)
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Structural Composites Market Segmental Analysis
The structural composites market can be segmented into reinforcement materials, matrix, end-user, and region. Based on reinforcement materials, the market is segmented into carbon fiber composites, glass fiber composites, aramid fiber composites, and others. Based on matrix, the market is segmented into wood, metal, and polymer. Based on end user, the market is segmented into Construction & infrastructure, Energy, Transportation (Automotive, Aerospace & defense, other transportation), Others. Geographically, the market can be divided into North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
Analysis By Type
The largest segment in the global structural composites market is glass fiber composites. Glass fiber composites are the most widely used type of composites due to their high strength-to-weight ratio, low cost, and ease of processing. They are used in a wide variety of applications, including aerospace, automotive, wind energy, and construction.
The fastest growing segment in the global structural composites market is carbon fiber composites. Carbon fiber composites are stronger and lighter than glass fiber composites, making them ideal for high-performance applications. They are used in the aerospace, automotive, and sporting goods industries.
Analysis By End-user
The aerospace & defense segment is the largest segment of the global structural composites market, accounting for a share of over 30% in 2022. The segment is expected to continue to dominate the market during the forecast period, driven by the increasing demand for lightweight and high-performance materials in aircraft and spacecraft. Composites are used in a variety of applications in the aerospace & defense sector, including aircraft structures, helicopter blades, spacecraft, and missiles. The increasing demand for fuel-efficient aircraft is driving the demand for composites in this segment.
The automotive & transportation segment is the fastest growing segment of the global structural composites market, with a CAGR of over 8% during the forecast period. The segment is expected to be driven by the increasing demand for lightweight and fuel-efficient vehicles. Composites are used in a variety of applications in the automotive & transportation sector, including car bodies, truck beds, and wind turbine blades. The increasing focus on reducing emissions from vehicles is driving the demand for composites in this segment.
Structural Composites Market by Reinforcement Materials
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Structural Composites Market Regional Insights
Asia Pacific was the largest market for structural composites, accounting for 40% of the global market share. This is due to the rapid development of the end-use sectors such as construction & infrastructure, energy, defense & transportation, etc. in the region. China is the largest structural composite consumer in the world and is expected to maintain its leading position through the study timeframe. The fastest growing region in the global structural composites market is Latin America. This is due to the increasing demand for composites in the automotive and wind energy sectors in the region. The automotive sector is the largest end-use market for structural composites in Latin America, followed by the wind energy sector.
Structural Composites Market by Region
- Largest
- Fastest
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Structural Composites Market Dynamics
Structural Composites Market Drivers
Lightweighting and Fuel Efficiency Demands:
- Increasing concerns about fuel efficiency and environmental regulations have driven the adoption of structural composites in various industries, including automotive, aerospace, and wind energy. Composites offer a lightweight alternative to traditional materials like steel and aluminum, helping to reduce vehicle weight and improve fuel efficiency.
Advancements in Material Technology: - Ongoing advancements in composite material technology, such as the development of high-performance fibers and resins, have expanded the potential applications of structural composites. These innovations have improved the strength, durability, and cost-effectiveness of composites, making them more appealing to industries looking for lightweight and strong materials.
Growing Demand in Aerospace:
- The aerospace industry has witnessed increasing demand for structural composites due to their high strength-to-weight ratio. Composites are used in aircraft components to reduce weight, improve fuel efficiency, and enhance performance. The aerospace sector's growth, driven by commercial air travel and space exploration, has boosted the structural composites market.
Structural Composites Market Restraints
High Production Costs:
- One of the significant restraints for the structural composites market is the high production costs associated with composite materials. The manufacturing processes, such as resin infusion and autoclave curing, can be expensive and time-consuming. These costs can limit the adoption of composites, especially in industries with price-sensitive markets.
Recycling and Disposal Challenges:
- Structural composites pose challenges in terms of recycling and disposal. Unlike traditional materials like steel and aluminum, composites are not easily recyclable, and their disposal can have environmental implications. This has raised concerns about the sustainability of composite materials, which can hinder their adoption in certain industries.
Limited Standardization and Certification:
- The lack of standardized testing and certification processes for composite materials can be a restraint. Industries like aerospace and automotive require stringent quality control and certification procedures to ensure the safety and reliability of structural components. The absence of consistent standards can slow down the adoption of composites in these sectors.
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Structural Composites Market Competitive Landscape
The global structural composites market boasts a highly competitive landscape characterized by the presence of several key players striving to capture market share. Prominent companies such as Hexcel Corporation, Toray Industries Inc., Owens Corning, Teijin Limited, and Solvay SA dominate the industry with their extensive product portfolios and global reach. These industry leaders continuously invest in research and development to innovate new composite materials, enhancing their mechanical properties and sustainability. Moreover, partnerships, mergers, and acquisitions are prevalent strategies among companies to expand their market presence and diversify their offerings. Additionally, the market is witnessing a surge in smaller, niche players specializing in unique applications, fostering innovation and customization within the industry. Rising demand from aerospace, automotive, construction, and wind energy sectors fuels competition as companies vie for contracts and market leadership. The competitive landscape is also influenced by environmental regulations, driving companies to develop eco-friendly composites to align with sustainability goals and secure competitive advantages in this dynamic market.
Top Player’s Company Profiles
- Hexcel Corporation - United States
- Owens Corning - United States
- Toray Industries - Japan
- Teijin Limited - Japan
- SGL Carbon - Germany
- Mitsubishi Chemical Holdings - Japan
- Gurit Holding AG - Switzerland
- Solvay S.A. - Belgium
- Axiom Materials, Inc. - United States
- Cytec Solvay Group (now part of Hexcel) - United States
- Hyosung Advanced Materials - South Korea
- Henkel AG & Co. KGaA - Germany
- TPI Composites, Inc. - United States
- Park Aerospace Corp - United States
- Gurit Group - Switzerland
- Tencate Advanced Composites (now part of Toray) - Netherlands
- Renegade Materials Corporation - United States
- Mitsubishi Rayon Co., Ltd. (now part of Mitsubishi Chemical) - Japan
- Huntsman Corporation - United States
- SABIC (Saudi Basic Industries Corporation) - Saudi Arabia
Recent Developments
- In January 2023, Hexcel Corporation acquired Composites One, a leading manufacturer of prepreg materials and composite solutions. This acquisition will strengthen Hexcel's position in the aerospace and defense markets.
- In February 2023, Toray Industries acquired TenCate Advanced Composites, a leading manufacturer of carbon fiber composites. This acquisition will expand Toray's portfolio of high-performance composites for use in a variety of applications, including aerospace, automotive, and wind energy.
Structural Composites Key Market Trends
- Increasing Adoption in Aerospace and Automotive Industries: Structural composites, such as carbon fiber-reinforced composites, were experiencing growing adoption in the aerospace and automotive industries. These materials are known for their high strength-to-weight ratio, which makes them attractive for applications were reducing weight while maintaining strength is crucial. In the aerospace sector, composites were used in aircraft components like wings and fuselages, while in the automotive sector, they found use in body panels and chassis components.
- Sustainability and Recycling Initiatives: Sustainability was becoming a significant trend in the structural composites market. Companies were increasingly focused on developing composites that are more environmentally friendly and easier to recycle. This trend was driven by both regulatory pressures and consumer demand for eco-friendly products. Innovations in recycling processes for composite materials were gaining attention, as they could reduce the environmental impact of these materials and make them more attractive to a wider range of industries.
- Advancements in Manufacturing Technologies: The structural composites industry 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.
Structural Composites Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Product types team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, the global structural 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 structural 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 global structural composites market.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 43.92 Billion |
| Market size value in 2031 | USD 83.86 Billion |
| Growth Rate | 7.54% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| 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 |
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| 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 Structural 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 Structural 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 Structural 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 Structural 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 Structural Composites Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Structural 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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