Austin, Nov. 19, 2024 (GLOBE NEWSWIRE) -- The Composites Market Size Growth is expected to experience remarkable growth, with the market projected to reach a valuation of USD 231.2 billion by 2032, expanding at a CAGR of 9.2% from 2024 to 2032.
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Composites Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 104.6 Billion |
| Market Size by 2032 | USD 231.2 Billion |
| CAGR | CAGR of 9.2% by 2024-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Growth Drivers |
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| Major Regions Covered |
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Trends Influencing the Composites Market
A key trend in the composites market is the increasing adoption of carbon fiber-reinforced composites (CFRPs) in the aerospace and automotive industries. These materials offer superior strength-to-weight ratios, contributing to enhanced fuel efficiency and reduced emissions in vehicles and aircraft. This trend aligns with global sustainability goals, driving manufacturers to focus on innovative applications of composites.
Additionally, the construction industry is witnessing a surge in the use of composites, particularly glass fiber-reinforced polymers (GFRPs). These materials are increasingly preferred for their corrosion resistance, lightweight properties, and ease of installation, making them ideal for infrastructure projects such as bridges, facades, and pipelines.
The shift toward sustainable and recyclable composite materials is also notable. Manufacturers are investing in bio-based composites derived from renewable sources like flax and hemp fibers, reducing the environmental footprint of composite production and addressing rising consumer demand for eco-friendly alternatives.
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Which Fiber Type Dominated the Composites Market in 2023?
Glass fiber, which held a dominant market share of around 65% in the fiber segment in 2023, emerged as the leading material due to its affordability, versatility, and excellent mechanical properties. Glass fiber composites are widely used in construction, wind energy, and automotive applications for their durability and cost-effectiveness.
Glass fiber composites are known for their resistance to corrosion and environmental factors, making them suitable for demanding applications like wind turbine blades, where long service life is crucial. Additionally, their adaptability to various resin systems and processing techniques makes them a preferred choice across multiple industries.
Which End-Use Dominated the Composites Market in 2023?
As per the end-use industry-wise segmentation, out of which Automotive &Transportation has the maximum revenue share, 25.0% in 2023, to dominate the composites market. Composites found places in diverse transport modes, including cars, trucks, trailers, buses, trains, subways, and motorcycles. This is what makes it such an appealing alternative as they present a special ratio between value and esotericism, giving strong levity (And a mighty compliment to metals too). Although this weight savings doesn't directly translate to an equivalent increase in stiffness, composites can achieve similar or better strength than metals on a weight basis, which enables manufacturers to produce lower mass components. This means that the transport industry can start reaping the benefits.
Increasing application in the aerospace and automotive industries owing to strength-to-weight ratio, is one of the key drivers fueling the growth of the composites market.
CFRP and GFRPs are leading in the vehicle industry with their outstanding specific strength. They allow for large reductions in vehicle and aircraft weight while maintaining structural performance, resulting in fuel savings and lower emissions. This function is integral to compliance with stringent environmental standards and advanced sustainability targets set by the global industry. Composites are widely found in the aerospace sector, including fuselage sections, wings, and interior panels representing efforts to improve performance and reduce operational costs. Likewise, EV adoption is causing the use of composites in the automotive sector to rise, which may be found in more lightweight chassis, battery enclosures, and other structural components to enhance energy use and range. This utilization demonstrates the importance of composites as a key material in the field of contemporary transportation technologies.
Which Region Holds the Largest Market Share in the Composites Market?
In 2023, the Asia Pacific region occupied the largest share of the composites market, which accounted for more than 47.3% of global demand, reports the research firm's Global Market Outlook for Composites. The vast share is expected to be a feature for the coming years owing to its massive upcoming growth. Manufacturers in almost every sector from automotive, construction aerospace to electronics are attracted by one or more factors in the Asia Pacific region. Key composite manufacturers have a strong presence in growing economies such as China, India, and Japan, whereas the US market focuses on the automotive industry's increasing demand for lightweight materials. Moreover, growing electrical & electronics production capacity and stable automotive & aerospace sector growth are likely to drive further growth over the forecast period.
Furthermore, the growing production capabilities of electrical and electronics in the region is also playing a critical role in driving demand for composite over the forecast period as lightweight, highly durable materials are suitable for consumer electronic applications. Moreover, the change in infrastructure development in the region is followed by increased use of several construction applications such as bridges and green buildings, is also another reason for escalating the demand for composites. Asia Pacific is also estimated to preserve its comparatively higher share of the global composites market throughout the forecast period, attributed to the growing automotive and aerospace applications, and government initiatives toward green technology.
Recent Developments
- In 2023, Toray Industries introduced a new line of bio-based carbon fiber composites aimed at reducing environmental impact while maintaining performance standards. These composites are designed for applications in automotive and consumer electronics.
- In 2023, Hexcel Corporation announced the expansion of its production capacity for high-strength carbon fiber composites, targeting increased demand from aerospace and wind energy applications.
Conclusion
The composites market is poised for robust growth, driven by rising demand across aerospace, automotive, and construction applications. The market’s expansion is further supported by trends toward lightweight materials, advancements in fiber technologies, and increased investments in renewable energy projects.
With continued innovation and a focus on sustainability, the composites market is well-positioned for long-term growth through 2032. As industries prioritize efficiency, performance, and environmental responsibility, composite materials will play a pivotal role in shaping the future of manufacturing and infrastructure development.
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BENEFITS:
1 No. Of Pages: 350 Pages Report
2 Regions/Countries:
- North America (3 Countries)
- Europe (~15 Countries)
- Asia Pacific (~10 Countries)
- Latin America (~5 Countries)
- Middle East & Africa (~5 Countries) (Include Israel)
3 ME Sheet: Market Estimation in Excel Format
4 Company Analysis:
- Major 16 companies covered in final report.
- Additional 5 companies will be covered as per client demand complimentary.
5 Statistical Insights and Trends Reporting:
- Vehicle Production and Sales Volumes, 2020-2032, by Region
- Emission Standards Compliance, by Region
- Vehicle Technology Adoption, by Region
- Consumer Preferences, by Region
6 Buying Options
- Single User License: USD 3350
- Enterprise User License: USD 5350
- Excel Data Sheet: USD 2350
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