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Composites Market

Composites Market Size, Share & Trends Analysis Report By Fiber Type (Glass Fiber Composites, Carbon Fiber Composites, Natural Fiber Composites), Resin Type (Thermoset Composites, Thermoplastic Composites), Manufacturing Process, By End-Use Industry, By Region, And Segment Forecasts, 2024-2031

Report ID : 1646 | Published : 2024-06-11 | Pages: 180 | Format: PDF/EXCEL

The Global Composites Market Size is valued at 125.69 billion in 2023 and is predicted to reach 221.47 billion by the year 2031 at a 7.37% CAGR during the forecast period for 2024-2031.

A composite is a substance made up of two or more different substances that, when combined, are more potent than when used separately. Numerous industries, such as architecture, infrastructure, and automotive, are adopting composites. They have distinct qualities that make them the ideal replacement for substances like granite, steel, aluminum, and wood. This increase is responsible for the expanding need for weightless components in the automotive and transportation sectors. 

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Additionally, during the predicted years, the market expansion is expected to be supported by increased use of innovative lightweight components across all industrial sectors. Composites are used in the aerospace and defense industries because they significantly lower the body weight of military aircraft and helicopters. It is believed that a weight reduction is necessary to improve overall performance and fuel efficiency, and it is anticipated that this will become the main factor boosting the industry's growth.

Automotive manufacturers have been compelled to advance their technologies and create low-pollution vehicles by the mounting environmental concerns and strict pollution control legislation. In addition, the implementation of environmental legislation, particularly in Europe and the United States, has compelled automotive manufacturers to use composites in the production of automobiles. The market growth is anticipated to increase gradually as a result. Due to their high price, composites can only be used in high-end automobiles. 

Recent Developments:

  • In February 2022, Multiaxial glass fiber noncrimp fabrics were the first product Saertex produced in its new Mexico facility to forward its product line's growth into the wind power industry.
  • In June 2021, the lightweight camera drone was built using Hexcel HexPly carbon fiber pre-preg, according to Hexcel Corporation, a world leader in advanced composites technology. A set of students from the University of Applied Sciences Upper Austria in Wels constructed a composite drone using parts supplied by the Austrian company Hexcel Neumarkt. 

Competitive Landscape:

Some major key players in the composites market are:

  • BASF SE
  • Binani Industries Ltd.
  • China Jushi Co., Ltd.
  • Compagnie De Saint-Gobain S.A
  • Cytec Industries (Solvay, S.A.)
  • Dowaksa
  • Dupont
  • Gaffco Ballistics
  • Gurit Holding Ag
  • Henkel Ag & Co. Kgaa
  • Hexcel Corporation
  • Hexion
  • Honeywell International Inc.
  • Huntsman Corporation Llc
  • Jushi Group Co., Ltd.
  • Kineco Limited
  • Mitsubishi Chemical Holdings Corporation (Japan)
  • Momentive Performance Materials, Inc.
  • Nippon Electrical Glass Co. Ltd. (Japan)
  • Owens Corning
  • Ppg Industries, Inc.
  • Renegade Materials Corporation
  • Sgl Group
  • Teijin Ltd
  • Toray Industries, Inc.
  • Trex Company, Inc.
  • Upm Biocomposites
  • Veplas Group
  • Weyerhaeuser Company

Market Segmentation:

The composites market is segmented on the fiber type, resin type, end-use industry and manufacturing process. Based on fiber type, the market is segmented into glass fiber composites, carbon fiber composites, natural fiber composites and other fiber composites. Based on resin type, the market is segregated into thermoset composites and thermoplastic composites. Based on the end-use industry, composites market is segmented into aerospace & defense, wind energy, automotive & transportation, construction & infrastructure, marine, pipe & tank, electrical & electronics and others. Based on the manufacturing process, the market is segmented into lay-up, filament winding, injection molding, pultrusion, compression molding, RTM and others.

Based On Resin Type, The Thermoset Composites Segment Is Accounted As A Significant Contributor To The Composites Market

The thermoset composites category seized the highest revenue share, and it is anticipated that they will continue to have that position during the anticipated time. A substrate or base material like paper, cotton fabric, or glass cloth, along with an adhesive or resin-like epoxy, melamine, or silicone, make up the majority of thermoset composites. The thermoset laminate is produced by pressing layers of material into sheets while heating and applying pressure to the base material, which is covered with adhesive. Strong materials comprised of a substrate and resin are known as thermosetting materials. They cannot be reformed, and high temperatures do not cause them to melt, yet they are easily machinable since they are naturally stiff.

The Construction & Infrastructure Segment Witnessed Growth At A Rapid Rate

The construction & infrastructure category is anticipated to grow significantly over the projection period. Composite materials provide significant improvements in corrosion resistance and structural response. Structures of composite materials include storage tanks, bridges, lighthouses, hydraulic systems, and door and window components. Composites have a high specific strength and can withstand higher stress per unit of weight due to their high strength and lightweight qualities, which make them an attractive building material.

The Asia Pacific Composites Market Holds A Significant Revenue Share In The Region

The Asia Pacific composites market is expected to register the highest market share in revenue in the near future. The market for composites in this area is expanding due to the rapid development of application sectors like transportation, wind energy, and aerospace & military. Additional factors accelerating the expansion include the cities' quick urbanization and significant carbon fiber producers in APAC. In addition, North America is projected to grow rapidly in the global composites market because of government funding and technological advancements in the aerospace and defense industries.

The U.S. Aerospace & Defense (A&D) industry is recognized as a leader in the design and development of technologically sophisticated aircraft and defense capabilities, and it is present in the area with several aircraft Original Equipment Manufacturers (OEMs). With a weight reduction of 20% to 50% in aircraft applications, composites offer great impact resistance and thermal stability.

Composites Market Report Scope:

Report Attribute

Specifications

Market size value in 2023

USD 125.69 Bn

Revenue forecast in 2031

USD 221.47 Bn

Growth rate CAGR

CAGR of 7.37% from 2024 to 2031

Quantitative units

Representation of revenue in US$ Billion, Volume (KT) and CAGR from 2024 to 2031

Historic Year

2019 to 2023

Forecast Year

2024-2031

Report coverage

The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends

Segments covered

Fiber Type, Resin Type, End-Use Industry And Manufacturing Process

Regional scope

North America; Europe; Asia Pacific; Latin America; Middle East & Africa

Country scope

U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia

Competitive Landscape

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), and Solvay (Belgium).

Customization scope

Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape.

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Chapter 1. Methodology and Scope
1.1. Research Methodology
1.2. Research Scope & Assumptions

Chapter 2. Executive Summary

Chapter 3. Global Composites Market Snapshot

Chapter 4. Global Composites Market Variables, Trends & Scope
4.1. Market Segmentation & Scope
4.2. Drivers
4.3. Challenges
4.4. Trends
4.5. Investment and Funding Analysis
4.6. Industry Analysis – Porter’s Five Forces Analysis
4.7. Competitive Landscape & Market Share Analysis
4.8. Impact of Covid-19 Analysis

Chapter 5. Market Segmentation 1: by Fiber Type Estimates & Trend Analysis
5.1. by Fiber Type & Market Share, 2023 & 2031
5.2. Market Size (Value (US$ Mn) & Volume (KT)) & Forecasts and Trend Analyses, 2019 to 2031 for the following by Fiber Type:

5.2.1. Glass Fiber Composites
5.2.2. Carbon Fiber Composites
5.2.3. Natural Fiber Composites
5.2.4. Other Fiber Composites

5.2.4.1. Basalt Fiber Composites
5.2.4.2. Aramid Fiber Composites
5.2.4.3. Boron Fiber Composites
5.2.4.4. Hybrid Fiber Composites
5.2.4.5. Ultra-High-Molecular-Weight Polyethylene (Uhmwpe) Fiber Composites

Chapter 6. Market Segmentation 2: by Resin Type Estimates & Trend Analysis
6.1. by Resin Type & Market Share, 2023 & 2031
6.2. Market Size (Value (US$ Mn) & Volume (KT)) & Forecasts and Trend Analyses, 2019 to 2031 for the following by Resin Type:

6.2.1. Thermoset Composites

6.2.1.1. Epoxy Resin
6.2.1.2. Polyester Resin
6.2.1.3. Vinyl Ester Resin
6.2.1.4. Polyurethane Resin
6.2.1.5. Others

6.2.2. Thermoplastic Composites

6.2.2.1. Polycarbonates (PC)
6.2.2.2. Polypropylene (PP)
6.2.2.3. Polyphenylene Sulfide (PPS)
6.2.2.4. Polyetherimide (PEI)
6.2.2.5. Polyetheretherketone (PEEK)
6.2.2.6. Polyamide (PA)
6.2.2.7. Others

Chapter 7. Market Segmentation 3: by End-use Industry Estimates & Trend Analysis
7.1. by End-use Industry & Market Share, 2023 & 2031
7.2. Market Size (Value (US$ Mn) & Volume (KT)) & Forecasts and Trend Analyses, 2019 to 2031 for the following by End-use Industry:

7.2.1. Aerospace & Defense

7.2.1.1. Civil
7.2.1.2. Defense

7.2.2. Wind Energy
7.2.3. Automotive & Transportation

7.2.3.1. Automotive
7.2.3.2. Recreational Vehicles
7.2.3.3. Bus, Trucks, And Other Heavy Vehicles
7.2.3.4. Metros And Monorails
7.2.3.5. Passenger Rails
7.2.3.6. High-Speed And Bullet Trains

7.2.4. Construction & Infrastructure
7.2.5. Marine

7.2.5.1. Powerboat
7.2.5.2. Sailboat
7.2.5.3. Cruise Ship
7.2.5.4. Others

7.2.6. Pipe & Tank
7.2.7. Electrical & Electronics
7.2.8. Others

7.2.8.1. Industrial
7.2.8.2. Healthcare
7.2.8.3. Sporting Goods

Chapter 8. Market Segmentation 4: by Manufacturing Process Estimates & Trend Analysis
8.1. by Manufacturing Process & Market Share, 2023 & 2031
8.2. Market Size (Value (US$ Mn) & Volume (KT)) & Forecasts and Trend Analyses, 2019 to 2031 for the following by Manufacturing Process:

8.2.1. Lay-up

8.2.2. Filament Winding
8.2.3. Injection Molding
8.2.4. Pultrusion
8.2.5. Compression Molding
8.2.6. RTM
8.2.7. Others

Chapter 9. Composites Market Segmentation 5: Regional Estimates & Trend Analysis

9.1. North America

9.1.1. North America Composites Market Revenue (US$ Million) & Volume (KT) Estimates and Forecasts by Fiber Type, 2023-2031
9.1.2. North America Composites Market Revenue (US$ Million) & Volume (KT) Estimates and Forecasts by Resin Type, 2023-2031
9.1.3. North America Composites Market Revenue (US$ Million) & Volume (KT) Estimates and Forecasts by End-use Industry, 2023-2031
9.1.4. North America Composites Market Revenue (US$ Million) & Volume (KT) Estimates and Forecasts by Manufacturing Process, 2023-2031
9.1.5. North America Composites Market Revenue (US$ Million) & Volume (KT) Estimates and Forecasts by country, 2023-2031

9.2. Europe

9.2.1. Europe Composites Market Revenue (US$ Million) & Volume (KT) Estimates and Forecasts by Fiber Type, 2023-2031
9.2.2. Europe Composites Market Revenue (US$ Million) & Volume (KT) Estimates and Forecasts by Resin Type, 2023-2031
9.2.3. Europe Composites Market Revenue (US$ Million) & Volume (KT) Estimates and Forecasts by End-use Industry, 2023-2031
9.2.4. Europe Composites Market Revenue (US$ Million) & Volume (KT) Estimates and Forecasts by Manufacturing Process, 2023-2031
9.2.5. Europe Composites Market Revenue (US$ Million) & Volume (KT) Estimates and Forecasts by country, 2023-2031

9.3. Asia Pacific

9.3.1. Asia Pacific Composites Market Revenue (US$ Million) & Volume (KT) Estimates and Forecasts by Fiber Type, 2023-2031
9.3.2. Asia Pacific Composites Market Revenue (US$ Million) & Volume (KT) Estimates and Forecasts by Resin Type, 2023-2031
9.3.3. Asia-Pacific Composites Market Revenue (US$ Million) & Volume (KT) Estimates and Forecasts by End-use Industry, 2023-2031
9.3.4. Asia-Pacific Composites Market Revenue (US$ Million) & Volume (KT) Estimates and Forecasts by Manufacturing Process, 2023-2031
9.3.5. Asia Pacific Composites Market Revenue (US$ Million) & Volume (KT) Estimates and Forecasts by country, 2023-2031

9.4. Latin America

9.4.1. Latin America Composites Market Revenue (US$ Million) & Volume (KT) Estimates and Forecasts by Fiber Type, 2023-2031
9.4.2. Latin America Composites Market Revenue (US$ Million) & Volume (KT) Estimates and Forecasts by Resin Type, 2023-2031
9.4.3. Latin America Composites Market Revenue (US$ Million) & Volume (KT) Estimates and Forecasts by End-use Industry, 2023-2031
9.4.4. Latin America Composites Market Revenue (US$ Million) & Volume (KT) Estimates and Forecasts by Manufacturing Process, 2023-2031
9.4.5. Latin America Composites Market Revenue (US$ Million) & Volume (KT) Estimates and Forecasts by country, 2023-2031

9.5. Middle East & Africa

9.5.1. Middle East & Africa Composites Market Revenue (US$ Million) & Volume (KT) Estimates and Forecasts by Fiber Type, 2023-2031
9.5.2. Middle East & Africa Composites Market Revenue (US$ Million) & Volume (KT) Estimates and Forecasts by Resin Type, 2023-2031
9.5.3. Middle East & Africa Composites Market Revenue (US$ Million) & Volume (KT) Estimates and Forecasts by End-use Industry, 2023-2031
9.5.4. Middle East & Africa Composites Market Revenue (US$ Million) & Volume (KT) Estimates and Forecasts by Manufacturing Process, 2023-2031
9.5.5. Middle East & Africa Composites Market Revenue (US$ Million) & Volume (KT) Estimates and Forecasts by country, 2023-2031

Chapter 10. Competitive Landscape

10.1. Major Mergers and Acquisitions/Strategic Alliances

10.2. Company Profiles


10.2.1. BASF SE
10.2.2. Binani Industries Ltd.
10.2.3. China Jushi Co., Ltd.
10.2.4. Compagnie De Saint-Gobain S.A
10.2.5. Cytec Industries (Solvay, S.A.)
10.2.6. Dowaksa
10.2.7. Dupont
10.2.8. Gaffco Ballistics
10.2.9. Gurit Holding Ag
10.2.10. Henkel Ag & Co. Kgaa
10.2.11. Hexcel Corporation
10.2.12. Hexion
10.2.13. Honeywell International Inc.
10.2.14. Huntsman Corporation Llc
10.2.15. Jushi Group Co., Ltd.
10.2.16. Kineco Limited
10.2.17. Mitsubishi Chemical Holdings Corporation (Japan)
10.2.18. Momentive Performance Materials, Inc.
10.2.19. Nippon Electrical Glass Co. Ltd. (Japan)
10.2.20. Owens Corning
10.2.21. Ppg Industries, Inc.
10.2.22. Renegade Materials Corporation
10.2.23. Sgl Group
10.2.24. Teijin Ltd
10.2.25. Toray Industries, Inc.
10.2.26. Trex Company, Inc.
10.2.27. Upm Biocomposites
10.2.28. Veplas Group
10.2.29. Weyerhaeuser Company
10.2.30. Other Prominent Players

Segmentation of Composites Market-

Composites Market By Fiber Type        

  • Glass Fiber Composites
  • Carbon Fiber Composites
  • Natural Fiber Composites
  • Other Fiber Composites
    • Basalt Fiber Composites
    • Aramid Fiber Composites
    • Boron Fiber Composites
    • Hybrid Fiber Composites
    • Ultra-High-Molecular-Weight Polyethylene (Uhmwpe) Fiber Composites 

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Composites Market By Resin Type       

  • Thermoset Composites
    • Epoxy Resin
    • Polyester Resin
    • Vinyl Ester Resin
    • Polyurethane Resin
    • Others
  • Thermoplastic Composites
    • Polycarbonates (Pc)
    • Polypropylene (Pp)
    • Polyphenylene Sulfide (Pps)
    • Polyetherimide (Pei)
    • Polyetheretherketone (Peek)
    • Polyamide (Pa)
    • Others

 

Composites Market By Application     

  • Aerospace & Defense
    • Civil
    • Defense
  • Wind Energy
  • Automotive & Transportation
    • Automotive
    • Recreational Vehicles
    • Bus, Trucks, And Other Heavy Vehicles
    • Metros And Monorails
    • Passenger Rails
    • High-Speed And Bullet Trains
  • Construction & Infrastructure
  • Marine
    • Powerboat
    • Sailboat
    • Cruise Ship
    • Others
  • Pipe & Tank
  • Electrical & Electronics
  • Others
    • Industrial
    • Healthcare
    • Sporting Goods

Composites Market By Manufacturing Process

  • Lay-up
  • Filament Winding
  • Injection Molding
  • Pultrusion
  • Compression Molding
  • RTM
  • Others

 

Composites Market By Region-

North America-

  • The US
  • Canada
  • Mexico

Europe-

  • Germany
  • The UK
  • France
  • Italy
  • Spain
  • Rest of Europe

Asia-Pacific-

  • China
  • Japan
  • India
  • South Korea
  • South East Asia
  • Rest of Asia Pacific

Latin America-

  • Brazil
  • Argentina
  • Rest of Latin America

 Middle East & Africa-

  • GCC Countries
  • South Africa
  • Rest of Middle East and Africa

InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.

Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.

Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.

Secondary research

The secondary research sources that are typically mentioned to include, but are not limited to:

  • Company websites, financial reports, annual reports, investor presentations, broker reports, and SEC filings.
  • External and internal proprietary databases, regulatory databases, and relevant patent analysis
  • Statistical databases, National government documents, and market reports
  • Press releases, news articles, and webcasts specific to the companies operating in the market

The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista

Primary Research:

Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies

The contributors who typically take part in such a course include, but are not limited to: 

  • Industry participants: CEOs, CBO, CMO, VPs, marketing/ type managers, corporate strategy managers, and national sales managers, technical personnel, purchasing managers, resellers, and distributors.
  • Outside experts: Valuation experts, Investment bankers, research analysts specializing in specific markets
  • Key opinion leaders (KOLs) specializing in unique areas corresponding to various industry verticals
  • End-users: Vary mainly depending upon the market

Data Modeling and Analysis:

In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.

The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.

To know more about the research methodology used for this study, kindly contact us/click here.

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Frequently Asked Questions

How big is the Composites Market?

Composites Market expected to grow at a 7.37% CAGR during the forecast period for 2024-2031.

Owens Corning (US), Toray Industries, Inc. (Japan), Teijin Limited (Japan), Mitsubishi Chemical Holdings Corporation (Japan), Hexcel Corporation (US)

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