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.
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 |
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Revenue forecast in 2031 |
USD 221.47 Bn |
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Growth rate CAGR |
CAGR of 7.37% from 2024 to 2031 |
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Quantitative units |
Representation of revenue in US$ Billion, Volume (KT) and CAGR from 2024 to 2031 |
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Historic Year |
2019 to 2023 |
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Forecast Year |
2024-2031 |
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Report coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
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Segments covered |
Fiber Type, Resin Type, End-Use Industry And Manufacturing Process |
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Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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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 |
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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). |
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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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Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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