Product ID: SQMIG15B2085
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 Insights
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).
Its exceptional qualities like exceptional tensile strength, fatigue resistance, and enhanced modulus, carbon fibre reinforced polymers (CFRPs) are among the most well-liked goods on the global composites market. Due to its enhanced performance in challenging conditions, the CFRP has numerous applications in the production of aircraft and component parts. These composite materials are being embraced by the industry to address the demand for lighter, more fuel-efficient aircraft. Due to their high demand in the aircraft manufacturing industry, CFRPs are the main source of income for the participants working in the worldwide composites market.
Due to several advantages like a favourable weight-to-strength ratio and reusability, composite materials are widely used in the automotive and transportation sectors. Automobiles, motorcycles, and bicycles are all made of composite materials. Numerous sports vehicles use durable and lightweight composite materials, such as carbon fibre, to achieve the thrilling sense of speed. Many two-wheelers and cycles' chassis are made of composite materials. Additionally, the use of composites in the automotive industry has significantly increased due to the increasing electrification of vehicles to replace conventional fuels.
The automotive category is anticipated to perform better than all other segments in the global composites market due to the widespread use of composite materials. The use of innovative composite materials, which can improve a vehicle's fuel efficiency, in the production of automobiles is another factor contributing to the segment's dominance.
US Composites Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Composites Market Report Snapshots
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