What is the global market size of Composites Market?

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).

What is the key market trend for Composites Market?

Advancements in Manufacturing Technologies: The composites market 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.

Top Composites Companies

Skyquest Technology's expert advisors have carried out comprehensive research and identified these companies as industry leaders in the Composites Market. This Analysis is based on comprehensive primary and secondary research on the corporate strategies, financial and operational performance, product portfolio, market share and brand analysis of all the leading Composites industry players.

Composites Market Competitive Landscape

Top Players in the Global Composites Market

Owens corning
Toray industries, inc.
Mitsubishi chemical holdings corporation
Solvay s.a.
Teijin limited
Sgl carbon se
Hexcel corporation
Nippon electric glass co., ltd.
Huntsman international llc
Gurit holding ag
Weyerhaeuser company
China jushi co., ltd.
Agy
Taishan fiberglass inc. (ctg group)
Chongqing polycomp international corp. (cpic)
Saint-gobain
Ineos capital limited
Hexion
Asahi fiber glass co., ltd.
Hyosung advanced materials

Composites Market Recent Development

February 2024 - Owens Corning acquired Masonite for US$3.9 billion. The acquisition will strengthen the company’s position in the glass reinforcement business in the building materials and its composites segment.
June 2023 - Solvay is partnered with Spirit Aerosystems. Both companies will be involved in holistic development. This merger will see collaborative research on sustainable aviation technology and processes with Spirit’s engineering, academic and supply chain partners.
In January 2024, National Composites have announced a strategic partnership with North American compression mold maker, Laval. With this partnership, Laval will concentrate on the SMC/ BMC molding process while national composites will help in enriching the final product with value added services which include advanced Class A painting and final assembly. This collaboration provides a complete solution from the initial design to the final delivery.

Composites Market Report Snapshots

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Composites Market size was valued at USD 99.52 Billion in 2023 and is poised to grow from USD 106.59 Billion in 2024 to USD 184.5 Billion by 2032, growing at a CAGR of 7.1% during the forecast period (2025-2032).

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 ', 'Toray industries, inc. ', 'Mitsubishi chemical holdings corporation ', 'Solvay s.a. ', 'Teijin limited ', 'Sgl carbon se ', 'Hexcel corporation ', 'Nippon electric glass co., ltd. ', 'Huntsman international llc ', 'Gurit holding ag ', 'Weyerhaeuser company ', 'China jushi co., ltd. ', 'Agy ', 'Taishan fiberglass inc. (ctg group) ', 'Chongqing polycomp international corp. (cpic) ', 'Saint-gobain ', 'Ineos capital limited ', 'Hexion ', 'Asahi fiber glass co., ltd. ', 'Hyosung advanced materials '

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.

Top Composites Companies

Composites Market Competitive Landscape

Composites Market Recent Development

Composites Market Report Snapshots

FAQs

What is the global market size of Composites Market?

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What is the key market trend for Composites Market?

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