Burlingame, Jan. 19, 2024 (GLOBE NEWSWIRE) -- The global Composites Market is expected to be valued at US$ 93.4 billion in 2023 and is projected to reach USD 164.6 billion by 2031; it is expected to grow at a CAGR of 47.7% from 2024 to 2031 according to a new report by Coherent Market Insights. Composites are materials made from two or more constituent materials with significantly different physical or chemical properties that, when combined, produce a material with characteristics different from the individual components. Composites are increasingly used in automotive, aerospace, construction and other industries owing to their high strength-to-weight ratio and corrosion resistance.
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Market Dynamics:
The Global Composites Market is driven by several factors. One of the major drivers is the increasing demand for composites from various end-use industries such as automotive, aerospace, construction, and wind energy. Composites offer several advantages over traditional materials, such as high strength-to-weight ratio, corrosion resistance, and design flexibility. This has led to their widespread adoption in various industries, driving the market growth.
Composite Market Report Coverage
| Report Coverage | Details |
| Market Revenue in 2023 | $93.4 billion |
| Estimated Value by 2031 | $164.6 billion |
| Growth Rate | Poised to grow at a CAGR of 7.3% |
| Historical Data | 2017–2021 |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million/Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product, By Manufacturing Process, By End-Use |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
| Restraints & Challenges | • High manufacturing and processing cost |
| Growth Drivers | • Increasing demand for lightweight materials in automotive industry • Growing utilization of composites in industrial sectors |
Another driver for the market is the growing focus on lightweight and fuel-efficient vehicles. Composites are extensively used in the automotive industry to reduce the weight of vehicles, improve fuel efficiency, and enhance overall performance. The increasing demand for electric and hybrid vehicles is further fueling the growth of the composites market.
Market Trends:
There are two key trends observed in the Global Composites Market. Firstly, there is a growing trend of using sustainable and bio-based composites. With increasing environmental concerns and regulations, manufacturers are focusing on developing composites using renewable and biodegradable materials. This trend is driven by the need for eco-friendly and sustainable products across various industries.
Secondly, there is a rising trend of utilizing composites in the construction industry. Composites are being increasingly used in applications such as bridges, buildings, and infrastructure for their high strength, durability, and resistance to harsh environmental conditions. The construction industry is embracing composites as a cost-effective and long-lasting alternative to traditional materials.
Growing Demand for Lightweight and High-strength Materials in Automotive & Transportation Industry
The global composites market is expected to witness a significant opportunity due to the growing demand for lightweight and high-strength materials in the automotive and transportation industry. Carbon fiber, a product in the composites market, is expected to dominate this segment due to its superior properties such as high tensile strength, low weight, and corrosion resistance. Carbon fiber composites are extensively used in the manufacturing of lightweight components in automobiles, such as body panels, chassis, and interior parts.
Additionally, the increasing focus on reducing carbon emissions and improving fuel efficiency in vehicles is driving the adoption of composites in the automotive industry. Composites help in reducing the overall weight of vehicles, which ultimately leads to improved fuel economy. This factor is further propelling the demand for composites in the automotive and transportation sector.
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Key Market Takeaways:
The global composites market is anticipated to witness a CAGR of 7.3% during the forecast period 2024-2031, owing to the growing demand for lightweight and high-strength materials in industries such as automotive, wind energy, and construction.
On the basis of product, the carbon fiber segment is expected to hold a dominant position, owing to its superior properties and increasing adoption in lightweight automotive components. In the manufacturing process segment, the layup process is expected to dominate, due to its versatility and wide application in various industries.
In terms of end-use, the automotive and transportation segment is expected to hold a dominant position, driven by the increasing demand for lightweight materials and improved fuel efficiency in vehicles.
By region, Asia Pacific is expected to hold a dominant position over the forecast period, due to the rapid industrialization and infrastructure development in countries like China and India.
Key players operating in the global composites market include Companies de, Saint-Gobain S.A., Momentive Performance Materials, Inc., Kineco Limited, Veplas Group, China Jushi Group Co., Ltd., Braj Binani Group, and Guardian Fibre Glass. These companies are focusing on product innovation, strategic collaborations, and expansion to strengthen their market presence.
Read complete market research report, "Composite Market, By Product, By Manufacturing Process, By End-Use, By Geography, Market Size And Share Analysis - Growth Trends And Forecasts 2024-2031", Published by Coherent Market Insights.
Recent development:
In December 2022, in order to secure exclusive distribution agreement rights for its goods in North America, Solvay SA teamed up with Electronics Fluorocarbons.
In October 2022, today, specialist material and advanced composites reinforced their business relationship.
Rising Renewable Energy Installations and Wind Energy Projects
Another significant market opportunity for composites lies in the wind energy sector. The global focus on renewable energy sources and increasing investments in wind energy projects are driving the demand for composites in the manufacturing of wind turbine blades. Glass fiber composites are commonly used in the production of wind turbine blades due to their excellent stiffness, high tensile strength, and resistance to environmental conditions.
With the growing number of wind energy installations worldwide, especially in regions like North America and Europe, the demand for composites in the wind energy sector is expected to witness a substantial growth. Composites not only provide durability and strength to wind turbine blades but also help in reducing the weight, resulting in increased energy efficiency. This trend is likely to create lucrative opportunities for the composites market in the coming years.
In conclusion, the global composites market is witnessing significant opportunities in the automotive and transportation industry, driven by the demand for lightweight and high-strength materials. Additionally, the rising installations of wind energy projects are creating lucrative opportunities for composites, particularly in the manufacturing of wind turbine blades. The market is expected to grow at a healthy CAGR, with Asia Pacific leading the market in terms of region. Key players in the market are actively investing in research and development to cater to the increasing demand and gain a competitive edge in the market.
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Detailed Segmentation:
- Global Composite Market, By Product
- Carbon Fiber
- Glass Fiber
- Others
- Global Composite Market, By Manufacturing Process
- Layup Process
- Filament Winding Process
- Injection Molding Process
- Pultrusion Process
- Compression Molding Process
- Resin Transfer Molding Process
- Others
- Global Composite Market, By End-Use
- Automotive & Transportation
- Electrical & Electronics
- Wind Energy
- Construction & Infrastructure
- Pipes & Tanks
- Marine
- Others
- Global Composite Market, By Region
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East & Africa
- North America
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