The Global Composites market was valued at USD 125.34 billion in 2023. The global market size is expected to grow at a CAGR of 10.28% from 2024 to 2032 and be worth USD 302.37 billion by 2032 from USD 138.22 billion in 2024.
An increasing call for lightweight materials from automotive and aerospace businesses is probable to drive the global composites market expansion. Composites are most broadly employed as a replacement for steel on account of their higher strength-to-weight ratio. Currently, a high number of vehicles utilize traditional fuel technologies like petrol and diesel. This has caused a rise in the call for fuel-efficient vehicles. Rising environmental worries and strict rules relating to pollution control have forced automotive makers to utilize advanced technologies and develop vehicles to decrease pollution. In addition to that, the call for composites has escalated in several businesses, including construction, aerospace, wind energy, and others. Moreover, the escalated employment of composites to improve fuel efficiency has escalated market expansion.
An increase in a call from end-user businesses drives the composites market. Enhanced properties like high fatigue life, high strength, and modulus, decreased weight, acoustic insulation, and corrosion resistance have resulted in an escalation in demand.
The rising call for glass fibre composites in the automotive, construction & infrastructure applications, aerospace, and wind energy together with the increasing use of these composites in several applications such as electrical & electronics, aerospace, marine, and oil & gas are the key factors driving the expansion of the global composites market. In addition to that, the rising call for glass fibre strengthening composite pipes in growing economies and increasing the adoption of natural composites are other factors boosting the development of the global composites market.
The problems regarding recycling, high processing, manufacturing expenses, and lack of standardization in manufacturing technologies may hamper the expansion of the worldwide market. Volatility in the raw material costs and the non-recyclable nature of composites pose a high threat to the development of the market.
The presence of low-cost labour and low production expenses in growing countries can create colossal revenue expansion opportunities for players in the global composites business.
As these composites require complicated fabrication procedures and this process is labour-intensive and complicated, escalating the cost is one of the critical factors hampering the augmentation of the target market in the years to follow.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2023 to 2032 |
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Base Year |
2023 |
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Forecast Period |
2024 to 2032 |
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CAGR |
10.28% |
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Segments Covered |
By Type, Resin Type, Manufacturing Process, Application, and Region. |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
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Market Leaders Profiled |
Hexcel Corporation (U.S.), Cytec Industries (U.S.), Owens Corning (U.S.), SGL Group (Germany), Gurit (Switzerland), Solvay (Belgium), Teijin Limited (Japan), Toray Industries, Inc. (Japan) and Hyosung (Korea), and Others. |
Both carbon and glass fibres are characterized by their high degree of toughness, but as far as the market application goes glass fibre leads the market with over 60% of the composites made being glass fibre reinforced composites. The strength of the carbon fibre comes from the carbon-carbon bonds which are aligned in the direction of the fiber. Thus if the fiber has to be broken these intricately formed bonds need to be severed, which requires a lot of force. While the glass fibre has ionic bonds which hold neighbouring atoms in a solid solution-like state.
Thermoset plastics harden and become solid once they are heated, on the other hand, thermoplastics are the polymers that melt and start to flow once heated and become solid once they cool down. Once the thermoset plastic becomes solid it cannot be recast by heating them. Thermoset plastics offer a great advantage as heating the liquid plastic is considerably easier than melting granules and pouring the melt into casts. For this reason, they are preferred by consumers without industrial equipment.
The layup process leads the market due to its low capital requirements.
An increase in fuel prices is increasing the demand for lightweight that can be used in the transportation sector. The need for lightweight machinery is enormous in the Defence Industry.
Increasing requirements for lightweight vehicles are estimated to fuel composites' market expansion over the forecast period. The USA and Europe are the major regions in the aerospace and defense segment with aircraft manufacturers like Boeing and Airbus driving product calls. Presently, the composites market in North America accounts for a significant share in terms of revenue and is estimated to have a lucrative expansion over the forecast period. The rising use of glass fibre composites in the manufacturing of printed circuited boards (PCBs), particularly in the US is the factor estimated to drive the expansion of the target market in the region.
Asia Pacific composites market is estimated to showcase the fastest growth on the basis of revenue in the coming years. There is a rise in the employment of composites in aerospace, wind energy, and transportation applications together with fast urbanization and expansion in the economy in countries is one of the factors boosting the development of the composites market in the Asia Pacific region.
Europe's composites market also accounts for key shares in terms of revenue. Moreover, demand in Latin America is estimated to showcase moderate expansion over the forecast period, followed by the Middle East and Africa in the global market.
In the Asia Pacific, Chinese and Indian building and construction business players are developing new techniques of prefabricated prefinished volumetric construction (PPVC), 3D printing, and the latest materials thanks to composites. With such a rise in the global construction business, the composites market is predicted to rise consequently. On the back of expansive landscapes and a huge population, the Asia-Pacific region is foreseen to lead the global composites market, seizing 37% of the total demand share.
Hexcel Corporation (U.S.), Cytec Industries (U.S.), Owens Corning (U.S.), SGL Group (Germany), Gurit (Switzerland), Solvay (Belgium), Teijin Limited (Japan), Toray Industries, Inc. (Japan), Hyosung (Korea) are some of the notable companies in the global Composites Market.
Frequently Asked Questions
The Global Composites Market is expected to grow with a CAGR of 10.28% between 2023-2028.
The Global Composites Market size is expected to reach a revised size of US$ 166.75 billion by 2028.
Hexcel Corporation (U.S.), Cytec Industries (U.S.), and Owens Corning (U.S.), are the three Composites Market key players.
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