New York, USA, Aug. 05, 2024 (GLOBE NEWSWIRE) -- Market Overview:
The global composites market size is predicted to grow from USD 94.16 billion in 2023 to USD 173.84 billion by 2032. It is anticipated to grow at a compound annual growth rate (CAGR) of 7.1% from 2024 to 2032, according to the latest research report by Polaris Market Research.
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Market Introduction:
What are Composites?
Composites are a merger of two or more component substances with varied tangible and chemical attributes. When integrated, they produce a substance with attributes varied from their primary attributes. The two predominant constituents within a composite are matrix and fiber. The matrix is the foundation substance, while the fiber is what strengthens the substance. At the apex of the fiber supplementation and matrix, composites can also involve core substances, fillers, accompaniment, and surface finishes to offer distinctive performance traits.
The composites market is witnessing substantial demand owing to its flexibility that administers manifold industries such as automotive, aerospace, construction, and marine, where tailored solutions are important. Additionally, the weightless attributes of composites improve their attraction, encouraging fuel productivity in conveyance and enabling inventive architectural outlines. As industries organize invention and disparity, the outline workability of composites becomes growingly treasured, pushing market expansion and propelling progressions in material science and engineering.
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Composites Market Report Attributes
| Report Attributes | Details |
| Market value in 2023 | USD 94.16 billion |
| Market value in 2032 | USD 173.84 billion |
| CAGR | 7.1% from 2024-2032 |
| Base year | 2023 |
| Historical data | 2019-2022 |
| Forecast period | 2024-2032 |
Key Highlights of the Report:
- Funding in research and development is driving notable progressions in the market size.
- The market is primarily segmented based on fiber type, resin type, manufacturing process, end-use, and region.
- Asia Pacific dominated the market with the largest composites market share.
Composites Market Key Players:
- Compagnie de Saint-Gobain S.A.
- Gurit Holding AG
- Hexcel Corporation
- Hexion Inc.
- Huntsman Corporation
- Mitsubishi Chemical Corporation
- Owens Corning
- SGL Carbon SE
Top Market Developments:
Growth Drivers and Trends:
- Growing R&D Endeavors: R&D endeavors concentrate on enhancing composite attributes, performance, and production procedures. Contemporary expressions such as nanocomposites and bio-dependent composites have surfaced from these enterprises, providing improved robustness and sustainability.
- Escalating Need for Weightless Attributes: Growing requirement for weightless attributes covering industries and weightless substances such as carbon fiber reinforced polymers (CFRP) and glass fiber reinforced polymers (GFRP) provide outstanding strength to weight quotient improving fuel productivity and performance in conveyance, aerospace, and automotive sectors supports the composites market growth.
- Growing Concerns about Environmental Sustainability: Growing worries about environmental sustainability and endeavors to decrease carbon footprints are pushing toward market expansion. Industries and customers are approving composites over conventional materials because of their weightless, durable, and green attributes.
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Challenges:
- High Costs: High manufacturing prices portray a provocation for the composites market. In spite of their advantages, such as weightless attributes and robustness, composite production includes complicated and costly procedures. Specific equipment, substances, and proficient labor are needed, causing escalated prices.
- Which Region Leads the Composites Sector?
- Asia Pacific: The Asia Pacific region dominated the composites industry with the largest revenue share. The region's dominance in the market can be attributed to speedy industrialization, together with a robust manufacturing base and adept labor, pushing the demand covering several sectors such as construction, automotive, and aerospace.
- North America: North America is anticipated to witness the fastest growth in the composites market over the estimated period. This is due to a progressive manufacturing framework, technological progressions, and strong R&D potential. The aerospace industry, spearheaded by mammoths such as Boeing and Lockheed Martin, considerably engages composites to improve aircraft performance and fuel efficacy.
Segmental Overview
By Fiber Type Outlook:
- Glass Fiber
- Carbon Fiber
- Others
By Resin Type Outlook:
- Thermoplastic Composites
- Thermoset Composites
By Manufacturing Process Outlook:
- Injection Molding Process
- Layup Process
- Compression Molding Process
- Filament Winding Process
- Pultrusion Process
- Resin Transfer Molding Process
- Others
By End Use Outlook:
- Construction and Infrastructure
- Automotive & Transportation
- Aerospace & Defense
- Marine
- Wind Energy
- Electrical & Electronics
- Others
By Region Outlook:
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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About Polaris Market Research:
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR’s clientele spread across different enterprises. We at Polaris are obliged to serve PMR’s diverse customer base present across the industries of healthcare, technology, semiconductors, and chemicals among various other industries present around the world. We strive to provide PMR’s customers with updated information on innovative technologies, high-growth markets, emerging business environments, and the latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced, and extremely qualified team of experts comprising SMEs, analysts, and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR’s customers.
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