Composites Market Synopsis

Composites Market Size Was Valued at USD 100.3 Billion in 2023, and is Projected to Reach USD 187.5 Billion by 2032, Growing at a CAGR of 7.2% From 2024-2032.

Composites are composed two or more materials at the micro scale that have chemically different phase. According to the matrix, composites can therefore be generally categorised under polymer, metal, ceramic, carbon and graphite. Its improved desired characteristics make it suitable to be incorporated in several industries for example space & weaponry and building.

• The aerospace & defense industry benefits from composites, relative to the use of metals, due to their capability to portray an impressive reduction in body weight of military aircraft and helicopters. Weight reduction is considered essential in a bid to enhance on fuel economy as well as performance and is predicted to be the driving force for advancement in this industry.
• Due to rising environmental awareness and government policies on emission and control of pollutions, the automotive manufacturers have inclined towards improving their technology and manufacturing cars which inculate low pollution. Addison, further, have reiterated that the incorporation of environmental regulations mostly in Europe and the U. S. , has led to automotive manufacturers to incorporate composites in automotive manufacturing in their production lines. This is expected to propel the market growth more progressively in the future as well.
• Increase in demand from the end user segmentectors , boosts the composites market. This has in turn have enhanced the demand for improved properties such as high fatigue life, stiffness and strength, light weight, sound attenuation and protection from corrosion. Although the opportunities include the availability of cheap raw materials, and extensive use of composites due to their impressive characteristics, this market faces significant threats such as fluctuating raw materials prices and the fact that most composites are non-recyclable.

Composites Market Trend Analysis

Surge In Demand From The Automotive Industry

• Automotive compounds are extensively used in automotive parts such as panels and frames, underbody closures, structural members, floor panel, front and rear boot lids, induction ducts, rear surround frame, bulk head or mid- window frame, rear service doors, and curved impactomers used in bumpers. From volume perspective, applications of composites in automotive includes under-the-hood parts, exterior and interiors. Other growing markets are suspension components and drive shafts.
• Key producers are known to develop the following composites; Ford Motor Co. ’s rear suspension knuckle, Marelli’s advanced SMC steering knuckle, Saint Jean Industries’ Hybrid carbon fiber/aluminum suspension knuckle with Hexcel prepreg materials, IFA Composites’ CFRP stabilizer bars and Dynex’s CFRP output shaft. Motorsports and low volume, high margin or luxury cars use continuos carbon fiber material mostly for composites. For the more cost-conscious market of mid- to high-volume production models, composites maintain a gradual, consistent pace of increase through such components as continuous GFRP in applications such as leaf springs, and sheet molding compound (SMC) body panels and frames, as well as bulk molding compound (BMC) housings and support structures, along with injection molded thermoplastics, including bumper frames, lift gauges, and suspension elements.

Growth Of The Construction Industry

• There is need to rehabilitate and replace structure such as bridge, waterfront among others due to deterioration of infrastructure. These properties make a composite less expensive over the relative life span in regard to structures because it costs less to maintain and require less rehabilitation than steel and concrete, which demand a lot of maintenance as well as frequent rehabilitation due to corrosion. A lot of industrial and material promoters within the scope of composites industries, starting from suppliers up to fabricators, are trying to spread the word about benefits of updated composite materials for upgrading worldwide infrastructures. Beside structures applications, in architecture the two main uses of composites are as cladding and roofing, with other applications being domes, structures, bridge decks and full-bridge, bridge enclosures, masts/towers, pipes, modular structures, tanks and access covers, water control structures, housings and refurbishment.
• The availability of demand for construction solutions from construction industries in developing nations, allied to the expanding construction industry in developed nations, rise in investments on constructions especially in the residential constructions and infrastructural developments. These are issues pertaining to this market growth which can be neatly tied to the escalating construction of homes possibly due to the ever rising need for single one-family units. In addition, with a number of European construction companies vertical integrating concentrating on obtaining competitory advantage and increasing their interpolation in other topographic points the construction sector is anticipated to grow dramatically by the end of the review period. Growth of the construction industry will be favorable for the Composites Market revenue growth, hence will act as the key driver to the Composites Market’s growth.

Composites Market Segment Analysis:

Composites Market Segmented based on Product, Manufacturing, and End Use.

By Product, Glass fiber segment is expected to dominate the market during the forecast period

• Glass fibre emerged as the leading product type in the market owing to maximum sales and market share in 2022. The primary application of glass fibers is in the form of a composite material, because of its excellent strength, stiffness and lightweight. Also, it possesses immense impact strength because of which glass fiber finds its application in composite creation.
• Advancements in technology for improvement in the properties such as strength and toughness for these composites has led enhanced penetration for the application in pipe manufacturing. Furthermore, the demand for these high-strength materials mainly for automotive and aerospace applications is likely to help continue supporting the market over the estimated timeframe.
• Other composite products which are used conveniently include silicon carbide fiber, aromatic polyamide fiber, and hybrid fiber. Silicon carbide fiber is an equal compound of two elements, which are silicon and graphite. In its natural form it is a very rare mineral known as moissanite and some properties of this material include its ability to deal with high temperature, high modulus, high tensile strength and good heat capacity.

By Manufacturing Process, layup process segment held the largest share in 2023

• The layup process was the largest segment in the market and still holds about 34.9% of the overall market revenue in 2022. The development of boats, turbine blades, and other architectural moldings would definitely increase the demand for the layup process segment in the global composites market in the forecasted period.
• The wet layup processes assist in the creation of different shape and dimensions of composite products that are deployed in various applications such as generation of prototypes of boats and storage tanks at relatively low production cost. Dry layup processes involve the use of prepregs, that is materials whereby the resins are woven in the fibers and after that get moulded in a cavity at high temperature and pressure.
• By filament winding process, one gets air cored, circular components like pipes and tanks which are used to make a number of products. Continuous filamentary fibers, either drawn or being extruded through a resin bath, are wound over a core. The products generated through this process are used across sectors like energy and consumer products.
• A very effective process of manufacturing fiber reinforced composite products is through pultrusion process. It enabled the manufacturers to form a single run of the fiber-reinforced polymer with no joinery in the structure. This process involves pulling or extruding fiberglass through a liquid resin that impregnates the glass reinforcement. The pultrusion process to manufacture fiber composites with polymer matrix is effective and refrained from wastage of materials.

Composites Market Regional Insights:

Asia Pacific is Expected to Dominate the Market Over the Forecast period

• APAC held the largest market share in terms of market demand for composite materials in 2022, and it is expected to maintain this trend over the coming years as well. Other regions to grow at fast pace are Asia Pacific composite market expected to rise in the coming few years. It remains among the most promising markets for automotive and construction industries, aerospace and electronics manufacturing companies because of prominent manufacturers in the key economies of China, India and Japan.

Active Key Players in the Composites Market

• Teijin Ltd.
• Toray Industries, Inc.
• Owens Corning
• PPG Industries, Inc.
• Huntsman Corporation LLC
• SGL Group
• Hexcel Corporation
• DuPont
• Compagnie de Saint-Gobain S.A.
• Weyerhaeuser Company
• Momentive Performance Materials, Inc.
• Cytec Industries (Solvay, S.A.)
• China Jushi Co., Ltd.
• Kineco Limited
• Veplas Group
• Other Key Players

Chapter 1: Introduction
 1.1 Scope and Coverage

Chapter 2:Executive Summary

Chapter 3: Market Landscape
 3.1 Market Dynamics
  3.1.1 Drivers
  3.1.2 Restraints
  3.1.3 Opportunities
  3.1.4 Challenges
 3.2 Market Trend Analysis
 3.3 PESTLE Analysis
 3.4 Porter's Five Forces Analysis
 3.5 Industry Value Chain Analysis
 3.6 Ecosystem
 3.7 Regulatory Landscape
 3.8 Price Trend Analysis
 3.9 Patent Analysis
 3.10 Technology Evolution
 3.11 Investment Pockets
 3.12 Import-Export Analysis

Chapter 4: Composites Market by Product Type
 4.1 Composites Market Snapshot and Growth Engine
 4.2 Composites Market Overview
 4.3 Carbon Fiber
  4.3.1 Introduction and Market Overview
  4.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  4.3.3 Key Market Trends, Growth Factors and Opportunities
  4.3.4 Carbon Fiber: Geographic Segmentation Analysis
 4.4 Glass Fiber
  4.4.1 Introduction and Market Overview
  4.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  4.4.3 Key Market Trends, Growth Factors and Opportunities
  4.4.4 Glass Fiber: Geographic Segmentation Analysis

Chapter 5: Composites Market by Manufacturing Process
 5.1 Composites Market Snapshot and Growth Engine
 5.2 Composites Market Overview
 5.3 Layup
  5.3.1 Introduction and Market Overview
  5.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.3.3 Key Market Trends, Growth Factors and Opportunities
  5.3.4 Layup: Geographic Segmentation Analysis
 5.4 Filament
  5.4.1 Introduction and Market Overview
  5.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.4.3 Key Market Trends, Growth Factors and Opportunities
  5.4.4 Filament: Geographic Segmentation Analysis
 5.5 Injection Molding
  5.5.1 Introduction and Market Overview
  5.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.5.3 Key Market Trends, Growth Factors and Opportunities
  5.5.4 Injection Molding: Geographic Segmentation Analysis
 5.6 Pultrusion
  5.6.1 Introduction and Market Overview
  5.6.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.6.3 Key Market Trends, Growth Factors and Opportunities
  5.6.4 Pultrusion: Geographic Segmentation Analysis
 5.7 Compression Molding
  5.7.1 Introduction and Market Overview
  5.7.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.7.3 Key Market Trends, Growth Factors and Opportunities
  5.7.4 Compression Molding: Geographic Segmentation Analysis
 5.8 Resin Transfer Molding
  5.8.1 Introduction and Market Overview
  5.8.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.8.3 Key Market Trends, Growth Factors and Opportunities
  5.8.4 Resin Transfer Molding: Geographic Segmentation Analysis
 5.9 Others
  5.9.1 Introduction and Market Overview
  5.9.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.9.3 Key Market Trends, Growth Factors and Opportunities
  5.9.4 Others: Geographic Segmentation Analysis

Chapter 6: Composites Market by End-use
 6.1 Composites Market Snapshot and Growth Engine
 6.2 Composites Market Overview
 6.3 Automotive & Transportation
  6.3.1 Introduction and Market Overview
  6.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  6.3.3 Key Market Trends, Growth Factors and Opportunities
  6.3.4 Automotive & Transportation: Geographic Segmentation Analysis
 6.4 Wind Energy
  6.4.1 Introduction and Market Overview
  6.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  6.4.3 Key Market Trends, Growth Factors and Opportunities
  6.4.4 Wind Energy: Geographic Segmentation Analysis
 6.5 Electrical & Electronics
  6.5.1 Introduction and Market Overview
  6.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  6.5.3 Key Market Trends, Growth Factors and Opportunities
  6.5.4 Electrical & Electronics: Geographic Segmentation Analysis
 6.6 Construction & Infrastructure
  6.6.1 Introduction and Market Overview
  6.6.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  6.6.3 Key Market Trends, Growth Factors and Opportunities
  6.6.4 Construction & Infrastructure: Geographic Segmentation Analysis
 6.7 Pipes & Tanks
  6.7.1 Introduction and Market Overview
  6.7.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  6.7.3 Key Market Trends, Growth Factors and Opportunities
  6.7.4 Pipes & Tanks: Geographic Segmentation Analysis
 6.8 Marine&Others Active Players
  6.8.1 Introduction and Market Overview
  6.8.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  6.8.3 Key Market Trends, Growth Factors and Opportunities
  6.8.4 Marine&Others Active Players: Geographic Segmentation Analysis

Chapter 7: Company Profiles and Competitive Analysis
 7.1 Competitive Landscape
  7.1.1 Competitive Benchmarking
  7.1.2 Composites Market Share by Manufacturer (2023)
  7.1.3 Industry BCG Matrix
  7.1.4 Heat Map Analysis
  7.1.5 Mergers and Acquisitions
  
 7.2 TEIJIN LTD
  7.2.1 Company Overview
  7.2.2 Key Executives
  7.2.3 Company Snapshot
  7.2.4 Role of the Company in the Market
  7.2.5 Sustainability and Social Responsibility
  7.2.6 Operating Business Segments
  7.2.7 Product Portfolio
  7.2.8 Business Performance
  7.2.9 Key Strategic Moves and Recent Developments
  7.2.10 SWOT Analysis
 7.3 TORAY INDUSTRIES INC
 7.4 OWENS CORNING
 7.5 PPG INDUSTRIES INC
 7.6 HUNTSMAN CORPORATION LLC
 7.7 SGL GROUP
 7.8 HEXCEL CORPORATION
 7.9 DUPONT
 7.10 COMPAGNIE DE SAINT-GOBAIN SA
 7.11 WEYERHAEUSER COMPANY
 7.12 MOMENTIVE PERFORMANCE MATERIALS INC
 7.13 CYTEC INDUSTRIES
 7.14 CHINA JUSHI CO LTD
 7.15 KINECO LIMITED
 7.16 VEPLAS GROUP
 7.17 OTHER ACTIVE KEY PLAYERS

Chapter 8: Global Composites Market By Region
 8.1 Overview
 8.2. North America Composites Market
  8.2.1 Key Market Trends, Growth Factors and Opportunities
  8.2.2 Top Key Companies
  8.2.3 Historic and Forecasted Market Size by Segments
  8.2.4 Historic and Forecasted Market Size By Product Type
   8.2.4.1 Carbon Fiber
   8.2.4.2 Glass Fiber
  8.2.5 Historic and Forecasted Market Size By Manufacturing Process
   8.2.5.1 Layup
   8.2.5.2 Filament
   8.2.5.3 Injection Molding
   8.2.5.4 Pultrusion
   8.2.5.5 Compression Molding
   8.2.5.6 Resin Transfer Molding
   8.2.5.7 Others
  8.2.6 Historic and Forecasted Market Size By End-use
   8.2.6.1 Automotive & Transportation
   8.2.6.2 Wind Energy
   8.2.6.3 Electrical & Electronics
   8.2.6.4 Construction & Infrastructure
   8.2.6.5 Pipes & Tanks
   8.2.6.6 Marine&Others Active Players
  8.2.7 Historic and Forecast Market Size by Country
   8.2.7.1 US
   8.2.7.2 Canada
   8.2.7.3 Mexico
 8.3. Eastern Europe Composites Market
  8.3.1 Key Market Trends, Growth Factors and Opportunities
  8.3.2 Top Key Companies
  8.3.3 Historic and Forecasted Market Size by Segments
  8.3.4 Historic and Forecasted Market Size By Product Type
   8.3.4.1 Carbon Fiber
   8.3.4.2 Glass Fiber
  8.3.5 Historic and Forecasted Market Size By Manufacturing Process
   8.3.5.1 Layup
   8.3.5.2 Filament
   8.3.5.3 Injection Molding
   8.3.5.4 Pultrusion
   8.3.5.5 Compression Molding
   8.3.5.6 Resin Transfer Molding
   8.3.5.7 Others
  8.3.6 Historic and Forecasted Market Size By End-use
   8.3.6.1 Automotive & Transportation
   8.3.6.2 Wind Energy
   8.3.6.3 Electrical & Electronics
   8.3.6.4 Construction & Infrastructure
   8.3.6.5 Pipes & Tanks
   8.3.6.6 Marine&Others Active Players
  8.3.7 Historic and Forecast Market Size by Country
   8.3.7.1 Bulgaria
   8.3.7.2 The Czech Republic
   8.3.7.3 Hungary
   8.3.7.4 Poland
   8.3.7.5 Romania
   8.3.7.6 Rest of Eastern Europe
 8.4. Western Europe Composites Market
  8.4.1 Key Market Trends, Growth Factors and Opportunities
  8.4.2 Top Key Companies
  8.4.3 Historic and Forecasted Market Size by Segments
  8.4.4 Historic and Forecasted Market Size By Product Type
   8.4.4.1 Carbon Fiber
   8.4.4.2 Glass Fiber
  8.4.5 Historic and Forecasted Market Size By Manufacturing Process
   8.4.5.1 Layup
   8.4.5.2 Filament
   8.4.5.3 Injection Molding
   8.4.5.4 Pultrusion
   8.4.5.5 Compression Molding
   8.4.5.6 Resin Transfer Molding
   8.4.5.7 Others
  8.4.6 Historic and Forecasted Market Size By End-use
   8.4.6.1 Automotive & Transportation
   8.4.6.2 Wind Energy
   8.4.6.3 Electrical & Electronics
   8.4.6.4 Construction & Infrastructure
   8.4.6.5 Pipes & Tanks
   8.4.6.6 Marine&Others Active Players
  8.4.7 Historic and Forecast Market Size by Country
   8.4.7.1 Germany
   8.4.7.2 UK
   8.4.7.3 France
   8.4.7.4 Netherlands
   8.4.7.5 Italy
   8.4.7.6 Russia
   8.4.7.7 Spain
   8.4.7.8 Rest of Western Europe
 8.5. Asia Pacific Composites Market
  8.5.1 Key Market Trends, Growth Factors and Opportunities
  8.5.2 Top Key Companies
  8.5.3 Historic and Forecasted Market Size by Segments
  8.5.4 Historic and Forecasted Market Size By Product Type
   8.5.4.1 Carbon Fiber
   8.5.4.2 Glass Fiber
  8.5.5 Historic and Forecasted Market Size By Manufacturing Process
   8.5.5.1 Layup
   8.5.5.2 Filament
   8.5.5.3 Injection Molding
   8.5.5.4 Pultrusion
   8.5.5.5 Compression Molding
   8.5.5.6 Resin Transfer Molding
   8.5.5.7 Others
  8.5.6 Historic and Forecasted Market Size By End-use
   8.5.6.1 Automotive & Transportation
   8.5.6.2 Wind Energy
   8.5.6.3 Electrical & Electronics
   8.5.6.4 Construction & Infrastructure
   8.5.6.5 Pipes & Tanks
   8.5.6.6 Marine&Others Active Players
  8.5.7 Historic and Forecast Market Size by Country
   8.5.7.1 China
   8.5.7.2 India
   8.5.7.3 Japan
   8.5.7.4 South Korea
   8.5.7.5 Malaysia
   8.5.7.6 Thailand
   8.5.7.7 Vietnam
   8.5.7.8 The Philippines
   8.5.7.9 Australia
   8.5.7.10 New Zealand
   8.5.7.11 Rest of APAC
 8.6. Middle East & Africa Composites Market
  8.6.1 Key Market Trends, Growth Factors and Opportunities
  8.6.2 Top Key Companies
  8.6.3 Historic and Forecasted Market Size by Segments
  8.6.4 Historic and Forecasted Market Size By Product Type
   8.6.4.1 Carbon Fiber
   8.6.4.2 Glass Fiber
  8.6.5 Historic and Forecasted Market Size By Manufacturing Process
   8.6.5.1 Layup
   8.6.5.2 Filament
   8.6.5.3 Injection Molding
   8.6.5.4 Pultrusion
   8.6.5.5 Compression Molding
   8.6.5.6 Resin Transfer Molding
   8.6.5.7 Others
  8.6.6 Historic and Forecasted Market Size By End-use
   8.6.6.1 Automotive & Transportation
   8.6.6.2 Wind Energy
   8.6.6.3 Electrical & Electronics
   8.6.6.4 Construction & Infrastructure
   8.6.6.5 Pipes & Tanks
   8.6.6.6 Marine&Others Active Players
  8.6.7 Historic and Forecast Market Size by Country
   8.6.7.1 Turkey
   8.6.7.2 Bahrain
   8.6.7.3 Kuwait
   8.6.7.4 Saudi Arabia
   8.6.7.5 Qatar
   8.6.7.6 UAE
   8.6.7.7 Israel
   8.6.7.8 South Africa
 8.7. South America Composites Market
  8.7.1 Key Market Trends, Growth Factors and Opportunities
  8.7.2 Top Key Companies
  8.7.3 Historic and Forecasted Market Size by Segments
  8.7.4 Historic and Forecasted Market Size By Product Type
   8.7.4.1 Carbon Fiber
   8.7.4.2 Glass Fiber
  8.7.5 Historic and Forecasted Market Size By Manufacturing Process
   8.7.5.1 Layup
   8.7.5.2 Filament
   8.7.5.3 Injection Molding
   8.7.5.4 Pultrusion
   8.7.5.5 Compression Molding
   8.7.5.6 Resin Transfer Molding
   8.7.5.7 Others
  8.7.6 Historic and Forecasted Market Size By End-use
   8.7.6.1 Automotive & Transportation
   8.7.6.2 Wind Energy
   8.7.6.3 Electrical & Electronics
   8.7.6.4 Construction & Infrastructure
   8.7.6.5 Pipes & Tanks
   8.7.6.6 Marine&Others Active Players
  8.7.7 Historic and Forecast Market Size by Country
   8.7.7.1 Brazil
   8.7.7.2 Argentina
   8.7.7.3 Rest of SA

Chapter 9 Analyst Viewpoint and Conclusion
9.1 Recommendations and Concluding Analysis
9.2 Potential Market Strategies

Chapter 10 Research Methodology
10.1 Research Process
10.2 Primary Research
10.3 Secondary Research