Vancouver, Nov. 13, 2023 (GLOBE NEWSWIRE) -- The global composites market has reached a significant milestone, with a market size of USD 185.36 Billion in 2032 and a projected rapid revenue Compound Annual Growth Rate (CAGR) of 7.1% during the forecast period. The global composites market has reached a significant milestone, with a market size of USD 185.36 Billion in 2032 and a projected rapid revenue Compound Annual Growth Rate (CAGR) of 7.1% during the forecast period. The market's robust growth is attributed to the continuous advancements in composites manufacturing technology and their increasing use in various industries, including textiles, construction, automotive, defense, sports, and aerospace.
Composites, materials made by combining two or more elements with different properties, offer efficiency, strength, durability, high stiffness, and adaptability compared to traditional materials. The surge in demand for composites is driven by urbanization, technological advancements, and the need for green structures. According to the World Bank group, there is an estimated investment opportunity of USD 16 trillion by 2030 for the advancement of green structures, particularly in Paris.
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The aerospace industry is a significant driver of composites market growth, with fiber-reinforced composite materials being the preferred choice for manufacturing components such as wings, tails, propellers, fuselages, and spacecraft equipment. Major players are continually upgrading their product portfolios, such as Mussel Polymers' announcement of a new multi-functional carbon and aramid fiber coating for stronger and lighter reinforced composites.
A notable trend in the market is the increasing use of composites in the manufacturing of nylon wearables. While nylon wearables were initially designed for complete waterproofing, advancements now include breathable textures that are both waterproof and breathable. MIT Media Lab's innovation in creating moisture and intensity-responsive gym wear using composites further showcases the versatility of these materials.
The automotive and transportation segment is expected to account for the largest revenue share in the global composites market, driven by applications in various sectors, including wind energy, electrical and electronics, construction, marine, transportation, and aviation. Notable vehicle manufacturers are investing in composite materials technology to reduce weight and achieve carbon emission reduction goals.
The Asia Pacific market led the global composites market in 2022, driven by rapid industrialization in countries like China, India, and Japan. Rising investments in infrastructure development and increasing consumer disposable income levels contribute to the demand for composites in various sectors. Europe is expected to register the fastest revenue growth rate, driven by the automotive, aerospace, and construction industries' preference for composites due to their lightweight and high-strength properties. In North America, the demand for composites in automotive and aviation industries is prominent, with significant investments and expansions by key market players.
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Scope of Research
| Report Details | Outcome |
| Market Size in 2022 | USD 91.29 Billion |
| CAGR (2023–2032) | 7.1% |
| Revenue Forecast To 2032 | USD 185.36 Billion |
| Base Year For Estimation | 2022 |
| Historical Data | 2019-2021 |
| Forecast Period | 2023–2032 |
| Quantitative Units | Revenue in USD Billion, Volume Kilotons, and CAGR in % from 2023 to 2032 |
| Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments Covered | Product, manufacturing, end-use, and region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Country Scope | U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa |
| Key Companies Profiled | 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, Carbot Corporation.3M, Quadrant Group of Companies, TPI Composites, Inc., and Mitsubishi Chemical Holdings Corporation |
| Customization Scope | 10 hours of free customization and expert consultation |
Major Companies and Competitive Landscape
The global composites market is fairly fragmented, with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective composites solutions. Some major players included in the global composites market report are:
- Teijin Ltd
- Toray Industries, Inc.
- Owens Corning
- PPG Industries, Inc.
- 3M
- Carbot Corporation
- China Jushi Co., Ltd.
- Compagnie de Saint-Gobain S.A
- Cytec Industries
- DuPont
- Hexcel Corporation
- Huntsman Corporation LLC
- Jushi Group Co., Ltd.
- Kineco Limited
- Mitsubishi Chemical Holdings Corporation
- Momentive Performance Materials, Inc.
- Quadrant Group of Companies,
- SGL Group.
- TPI Composites, Inc.
- Veplas Group
- Weyerhaeuser Company
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Strategic Development
- On 24 June 2022, Hexcel Corporation secured a long-term contract from Sikorsky, a Lockheed Martin Company, to provide advanced composite structures for the CH-53K King Stallion heavy lift helicopter program. This agreement marks a substantial increase in Hexcel's composite contributions to the aircraft. Presently, Hexcel furnishes carbon fiber prepregs, honeycomb, and rotor blade elements for CH-53K. In addition to these, Hexcel will now also deliver composite structures for the production of cargo ramp and aft-kit components.
- On 8 June 2022, Owens Corning and Pultron Composites officially entered into a partnership to establish a joint venture dedicated to the production of top-tier fiberglass rebar. This collaboration underscores the companies' shared dedication to delivering eco-friendly product solutions and enhanced performance in concrete reinforcement. It also widens the availability of PINKBAR+ Fiberglas Rebar, utilized in flatwork and residential projects, as well as MATEENBAR Fiberglas Rebar, designed for applications involving heavy loads. Both products meet American Concrete Institute (ACI), American Society for Testing and Materials (ASTM), ICC-ES, and CSA Grade III standards, presenting a viable alternative to traditional steel rebar
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For the purpose of this report, Emergen Research has segmented the global composites market on the basis of product, manufacturing, end-use, and region:
- Product Outlook (Revenue, USD Billion; 2019-2032)
-
- Glass Fiber
- Carbon Fiber
- Others
- Manufacturing Outlook (Revenue, USD Billion; 2019-2032)
-
- Injection Molding Process
- Resin Transfer Molding Process
- Pultrusion Process
- Layup Process
- Filament Winding Process
- Compression Molding Process
- Others
- End-use Outlook (Revenue, USD Billion; 2019-2032)
- Electrical & Electronics
- Automotive & Transportation
- Wind Energy
- Aerospace & Defense
- Pipes & Tanks
- Construction & Infrastructure
- Marine
- Others
- Regional Outlook (Revenue, USD Billion; 2019-2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of Middle East & Africa
- North America
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