Composites Market – Global Industry Analysis and Forecast (2023-2029)

The Composites Market was volume at 13.39 Million Tonnes in 2022. Global Composites Market Volume is estimated to grow at a CAGR of 3.67%.
Composites Market Overview:
Composite structure or components are materials made of a combination of two or more natural or artificial elements, which has different physical or chemical properties. Composites are efficient, stronger, durable, high stiffness, lighter and adaptable compare with traditional materials. It is nearly 1/5th of the traditional materials, by weight. For instance, carbon fiber reinforced composite is 4-5 times stronger as compared to 1020 steel grade and one-fifth to the weight.To know about the Research Methodology :- Request Free Sample Report

Design independence, stiffness, functionality, and weight reduction have been the key factors making composites an ideal choice in several applications, such as transportation, construction, and electrical and electronics. Composites are also known as Fiber-Reinforced Polymer (FRP) composites, which are made from polymer matrix that is reinforced with an engineered, man-made, or natural fiber including glass, carbon, and aramid. The polymer matrix helps the fibers from the effect of environmental and external damage. As a result, fiber provides superlative strength and stiffness to reinforce the polymer matrix, which resists cracks and fractures to the material.
Composites Market Dynamics:
The industries like automotive, defense, marine, and construction product manufacturers are focusing on lightweight products and components. As a result, they help to minimize the weight of products, which directly impact fuel efficiency and thus help in meeting global environmental norms and regulations regarding CO2 emissions. The essential properties of composites such as high durability, resistivity, along great insulation are made composites materials one of the ideal choices of materials over traditional materials in different end-use applications, which is expected to boost the composites material market growth across the globe.

Composites are manufactured by a combination of various raw materials, such as silicon, polyamide, polyurethane, and others. These composites are widely used in several applications including construction, coatings, and adhesives. The growing demand for raw materials is driving the composites market growth across the globe.

The Composites market is continuously showing northward direction growth thanks to the growing automotive and aerospace industries across the globe. In addition, the growing concerns for global environmental issues, such as carbon emissions, global warming, and others as well as the implementation of pollution control norms by the government of countries across the globe are expected to drive the composites market growth during the forecast period.

However, the high initial cost of composites is expected to hamper the market growth during the forecast period. Nonetheless, the major players are steering the R& D activities to make low-cost composites grade with similar properties, which is expected to boost the composites market growth during the forecast period.
Composites Market Segment Analysis:
Based on the Fiber Type, the Composites Market is segmented into Glass Fiber Composites, Carbon Fiber Composites, and Natural Fiber Composites. The Glass Fiber Composites segment held the largest market share, accounting for 62% in 2022. The segment growth is attributed to the growing demand for the product from the Automotive, electrical and electronics, construction, transportation, and wind energy industries. Glass fiber composites offer greater properties including high strength, lightweight, high durability, and good weather-resistant, which are fueling the product demand in several end-use industries.

In the U.S., the glass fiber industry is moderately consolidated with major key players, such as Owens Corning, Nippon Electric Glass, CPIC and Johns Manville are accounting for more than 50% of the total production of composites by value. The key end-users of glass fiber in the U.S. are the transportation, construction, and pipe and tank sector, which consumes 69% of the total usage.

The Carbon Fiber Composites segment is expected to witness significant growth at a CAGR of 5.9% during the forecast period. Generally, Carbon fiber composites comprise carbon atoms, which are bonded together in crystal aligned parallel to the fiber. It offers several advantageous properties including low-thermal expansion, high-temperature tolerance, chemical resistance, and high stiffness. These factors are expected to boost the composites market growth for this segment.



Based on the End-Use, the Composites Market is segmented into Automotive & Transportation, Aerospace & Defense, Wind Energy, Electrical & Electronics, Construction & Infrastructure, Pipes & Tanks, Marine, and Others. The Automotive & Transportation segment held the largest market share, accounting for 24% in 2022. Automotive manufacturers across the globe are searching for lightweight vehicle materials, which can provide high fuel efficiency and meet the norms and regulations regarding environmental issues and low carbon emission. In addition, the composite materials are broadly utilized in electric vehicles (EVs) to make several components and parts, battery housing, and storage tanks. The growing demand for electric vehicles (EVs) is also expected to increase the demand for composites from the automotive & transportation segment during the forecast period.

The Aerospace & defense segment is expected to grow at the fastest rate at a CAGR of 6.73 % during the forecast period. Composites are widely used in the manufacture of interior and exterior parts of aircraft, military aircraft, spacecraft, jets, and general aviation aircraft. The properties like lightweight, safety, reliability, stealth and aerodynamic performance are beneficial for the manufacturing of aerospace and defense components.
Regional Insights:
Asia Pacific region held the largest market share accounted for 41% in 2022. The growing demand from various end-use industries such as automotive & transportation, aerospace & defense, electrical & electronics, and Construction & Infrastructure in major economies of the Asia Pacific region such as China, Japan, and India are driving the composites market growth in the region. North America region is expected to witness significant growth at a CAGR of 7.10% during the forecast period. The region growth is attributed to increased demand for composite in automotive and aerospace end-use industry. In the U.S., during the last decade, more than 50% of new airbus aircraft under the A350XWB line-up are made up of composites as compared to the older fleet that only used 2-5% aerospace composites.

The objective of the report is to present a comprehensive analysis of the Composites Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Composites Market dynamic, structure by analyzing the market segments and projecting the Composites Market size. Clear representation of competitive analysis of key players by Fiber type, price, financial position, product portfolio, growth strategies, and regional presence in the Composites Market make the report investor’s guide.
Composites Market Scope: Inquire before buying



Global Composites Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
13.39 MT.


Forecast Period 2023 to 2029 CAGR:
3.67%
Market Size in 2029:
17.24 MT.


 Segments Covered:
by Fiber Type
Glass Fiber Composites
Carbon Fiber Composites
Natural Fiber Composites


by Resin Type
Thermoset Composites
Thermoplastic Composites


by Manufacturing Process
Layup Process
Filament Winding Process
Injection Molding Process
Pultrusion Process
Compression Molding Process
Resin Transfer Molding Process
Others


by End-User
Automotive & Transportation
Aerospace & Defense
Wind Energy
Electrical & Electronics
Construction & Infrastructure
Pipes & Tanks
Marine
Others



Composites Market, by Region
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
North America (United States, Canada and Mexico)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Key Players
1. Teijin Limited
2. Toray Industries
3. Owens Corning
4. PPG Industries
5. Huntsman Corporation
6. Hexcel Corporation
7. E. I. DuPont Nemours & Co.
8. Faurecia
9. Performance Composites Inc.
10. Enduro Composites
11. APPLIED POLERAMIC INC.
12. KINECO
13. Creative Composites Ltd.
14. HITCO Carbon Composites
15. Quadrant Group of Companies
16. BGF Industries
17. FACC AG
18. Premium Aerotec
19. Fokker Aerostructures
20. COTESA GmbH
21. Wethje Carbon Composites
22. VELLO NORDIC AS
23. Fiberdur GmbH & Co. KG
24. Akiet B.V.
Frequently Asked Questions:
1] What segments are covered in the Composites Market report?
Ans. The segments covered in the Composites Market report are based on Fiber type, Resin type, Manufacturing Process, and End-Use.

2] Which region is expected to hold the highest share in the Composites Market?
Ans. The Asia Pacific region is expected to hold the highest share in the Composites Market.

3] What is the market size of the Composites Market by 2029?
Ans. The market size by volume of the Composites Market by 2029 was 17.24 MT.

4] What is the forecast period for the Composites Market?
Ans. The Forecast period for the Composites Market is 2023-2029.

5] What was the market size of the Composites Market in 2022?
Ans. The market size by volume of the Composites Market in 2022 was 13.39 MT