Composites Market 2024: Challenges and Opportunities Ahead

The global composites market size was USD 99.91 billion in 2019 and is projected to reach USD 112.0 billion by 2027, exhibiting a CAGR of 6.88% during the forecast period. Asia Pacific dominated the composites market with a market share of 43.8% in 2019. This growth is driven by the rising adoption of lightweight materials in aerospace and automotive industries, advancements in renewable energy infrastructure, and the expanding use of composites in consumer goods and construction.

The latest research report on the composites market examines investments in this sector, highlighting how companies are implementing these technologies across various industry verticals. The study explores the potential of the Composites Market to emerge as a significant business disruptor. It provides valuable insights and strategic evaluations, covering key market trends, emerging technologies, industry drivers, challenges, and regulatory policies influencing market growth. The study includes market share analysis and profiles of players such as Owens Corning (Ohio, United States), Toray Industries, Inc. (Tokyo, Japan), Teijin Limited(Tokyo, Japan), Mitsubishi Chemical Holdings Corporation (Tokyo, Japan), Hexcel Corporation (Stamford, United States), SGL Carbon (Wiesbaden, Germany), Huntsman International LLC. (Texas, United States), Solvay (Brussels, Belgium), Exel Group (Paris, France), Veplas d.d. (VELENJE, Slovenia), Composite Solutions (Sumner, United States), Others.

This study also covers company profiling, specifications and product picture, sales, market share and contact information of various regional, international and local vendors of Composites Market. The market proposition is frequently developing ahead with the rise in scientific innovation and M&A activities in the industry. Additionally, many local and regional vendors are offering specific application products for varied end-users. The new merchant applicants in the market are finding it hard to compete with the international vendors based on reliability, quality and modernism in techn

Key Market Drivers

1. Demand for Lightweight Materials
   In industries such as aerospace and automotive, reducing weight is critical for improving fuel efficiency and reducing emissions. Composites provide an ideal solution due to their lightweight yet high-strength properties.

2. Expansion of Renewable Energy
   The growing installation of wind turbines, which rely on composite materials for their blades, is a significant driver of market growth.

3. Advancements in Manufacturing Processes
   Innovations such as automated fiber placement (AFP), 3D printing of composites, and advanced resin infusion techniques are enhancing production efficiency and product quality.

4. Rising Construction and Infrastructure Projects
   Composites are increasingly being used in construction for applications such as bridges, panels, and reinforcement due to their durability and resistance to corrosion.

5. Sustainability Initiatives
   The push toward eco-friendly materials has led to the development of bio-based and recyclable composites, expanding their applications in various industries.

Composites Market Overview:

The global composites market size was USD 99.91 billion in 2019 and is projected to reach USD 112.0 billion by 2027, exhibiting a CAGR of 6.88% during the forecast period.

Who are the Major Manufacturers of Composites Market worldwide?

Owens Corning (Ohio, United States), Toray Industries, Inc. (Tokyo, Japan), Teijin Limited(Tokyo, Japan), Mitsubishi Chemical Holdings Corporation (Tokyo, Japan), Hexcel Corporation (Stamford, United States), SGL Carbon (Wiesbaden, Germany), Huntsman International LLC. (Texas, United States), Solvay (Brussels, Belgium), Exel Group (Paris, France), Veplas d.d. (VELENJE, Slovenia), Composite Solutions (Sumner, United States), Others

Composites Market Segmentation:

By Matrix (Polymer matrix, Ceramic matrix and Metal matrix), by Polymer matrix (Fiber {Glass, Carbon, Aramid} and Resin {Thermoset and Thermoplastics}) and by Application (Automotive & Transportation, Building & Construction, Electrical & Electronics goods, Pipes & tank manufacturing, Consumer goods, Wind power, Maritime, Defense & aviation)

Which regions are leading the Composites Market?

North America (United States, Canada, and Mexico)
Europe (Germany, UK, France, Italy, Russia, and Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa)

Global Composites Market Report Highlights:

Composites Market Industry Sales, Revenue, and Market Growth Analysis.
Region-wise market Size, SWOT, PEST, ROI (Return on Investment) Analysis.
Composites Market Industry Forecast (Industry Level, Product Type Level, Channel Level) 2024-2032.
Composites Market Industry Positioning Analysis and Composites Market Drivers and Opportunities.
Market Opportunities, market hazard, market main thrust.
Promoting Channel Development Trend and Competitive landscape.
Composites Market Business Supply and request, Pricing Strategy, Brand Strategy.

Market Segmentation

1. By Fiber Type

   • Glass Fiber Composites: Widely used due to their affordability and versatility, especially in construction and automotive industries.
   • Carbon Fiber Composites: High-performance materials used in aerospace, automotive, and sports equipment.
   • Natural Fiber Composites: Emerging segment driven by sustainability trends and applications in consumer goods and construction.

2. By Resin Type

   • Thermoset Composites: Dominant in the market, used for high-strength applications like aerospace and wind energy.
   • Thermoplastic Composites: Gaining traction due to recyclability and shorter production cycles.

3. By End-Use Industry

   • Aerospace & Defense: Largest consumer of high-performance composites for lightweight and durable components.
   • Automotive: Increasing use of composites to meet fuel efficiency and emission standards.
   • Construction: Used for bridges, cladding, and reinforcement due to corrosion resistance and durability.
   • Renewable Energy: Growing demand for wind turbine blades and solar panel supports.
   • Consumer Goods: Lightweight and aesthetic materials for sports equipment, electronics, and household items.

4. By Region

   • North America: Significant market driven by aerospace and automotive industries, along with innovations in composite materials.
   • Europe: Growth fueled by renewable energy projects, stringent environmental regulations, and advancements in automotive technology.
   • Asia-Pacific: The fastest-growing region due to rapid industrialization, urbanization, and the dominance of manufacturing hubs in China, India, and Japan.
   • Rest of the World: Gradual adoption in the Middle East, Africa, and Latin America, driven by infrastructure projects and energy investments.

Emerging Trends

1. Development of Bio-Based Composites
   Researchers are focusing on natural fibers and bio-based resins to create sustainable composite materials for diverse applications.

2. Increased Automation in Manufacturing
   The adoption of robotics and automated processes, such as robotic filament winding and AFP, is reducing production time and costs.

3. 3D Printing of Composites
   Additive manufacturing techniques are enabling the creation of complex composite structures, expanding possibilities in design and functionality.

4. Applications in Electric Vehicles (EVs)
   The need for lightweight materials in EVs is driving the adoption of composites in battery casings, body panels, and structural components.

5. Recycling and Circular Economy Initiatives
   Innovations in recycling processes, such as chemical recycling of thermoset composites, are addressing environmental concerns and regulatory pressures.

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