What is the global market size of Composites Market?

Composites Market size was valued at USD 91.92 billion in 2021 and is poised to grow from USD 131.47 billion in 2022 to USD 163.97 billion by 2030, growing at a CAGR of 7.2% in the forecast period (2023-2030).

Global Composites Market Size, Share, Growth Analysis, By Product Type(Glass Fiber, Carbon Fiber), By End-Use(Aerospace & Defense, Automotive & Transportation), By Process(Layup Process, Injection Molding Process) - Industry Forecast 2024-2031

Report ID: SQMIG15B2085 | Region: Global | Published Date: February, 2024
Pages: 165 | Tables: 95 | Figures: 76

Global Composites Market Regional Insights

The results based on our research approach show that over 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 urbanisation and the presence of numerous manufacturers like Toray Industries Inc. and Mitsubishi Chemical Holdings Corporation.

Due to the expanding demand from the defence & aerospace industry, North America is expected to hold the second-largest market share. More than 50% of the most recent Airbus aircraft in the A350XWB series are composed of these materials, compared to the earlier fleet, which only utilised 2–5% aerospace composites. The use of these materials in aerospace has increased over the past few decades.

Throughout the predicted period, significant growth are expected for Europe. The region's automobile production business is increasingly using lightweight materials due to rising investment on electric vehicles and environmental regulations. After 2020, the regional automotive sector is expected to recover because of expanding partnerships and legislative initiatives promoting intelligent and energy-efficient automobiles.

Global Composites Market Report Snapshots

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Composites Market size was valued at USD 91.92 billion in 2019 and is poised to grow from USD 131.47 billion in 2023 to USD 163.97 billion by 2031, growing at a CAGR of 7.2% in the forecast period (2024-2031).

Top Players in the Global Composites Market 'Owens Corning', 'Toray Industries, Inc.', 'Teijin Limited', 'Hexcel Corporation', 'SGL Group', 'Mitsubishi Chemical Holdings Corporation', 'Solvay', 'Gurit Holding AG', 'Jushi Group Co., Ltd.', 'Koninklijke Ten Cate BV', 'Huntsman Corporation', 'Cristex Composite Materials', 'BASF SE', 'Celanese Corporation', 'Sumitomo Bakelite Co., Ltd.', 'Arkema SA', 'Evonik Industries AG', 'Johns Manville Corporation', 'Ashland Global Holdings Inc.', 'DowDuPont Inc.'

For customers who require a wide range of intricately engineered parts, design patterns, and structures, composite materials are used. The sector provides services to a number of sectors, including consumer goods, wind power, automotive, aerospace, and maritime. There are many different ways that these industries use these materials. Regulations, consumer demand, part performance standards, and cost restrictions all influence this usage. The materials, pricing, and process technology, for instance, are very different between the automobile and aerospace industries. Because these materials themselves are so diverse, they can satisfy this wide range of demand. As an illustration, resins, a variety of fibres, equipment, processes, and finishing options are readily available and can be used to fabricate almost any part for any application.

Over the past few years, the use of composite materials in the aerospace sector has expanded and changed. Both for business jets and commercial aircraft, aircraft manufacturers are taking steps to increase key structures in thermoplastic. The long fibre reinforced thermoplastics technology was first used by the aircraft industry. Polyetheretherketone (PEEK) or polyetherimide (PEI), both of which contain carbon, are currently the most common thermoplastic compositions in the market. These materials are desirable for aircraft applications because they can be repeatedly melted and moulded, two separate properties. Additionally, thermoplastics offer a high level of durability, which results in lighter constructions with better damage tolerance.

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Global Composites Market Size, Share, Growth Analysis, By Product Type(Glass Fiber, Carbon Fiber), By End-Use(Aerospace & Defense, Automotive & Transportation), By Process(Layup Process, Injection Molding Process) - Industry Forecast 2024-2031

Global Composites Market Regional Insights

Global Composites Market Report Snapshots

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