Composite Materials Market
Composite Materials Market Forecasts to 2030 - Global Analysis By Type (Polymer Matrix Composites (PMCs), Metal Matrix Composites (MMCs), Ceramic Matrix Composites (CMCs) and Other Types), Resin Type, Fiber Type, Manufacturing Process, End User and By Geography
According to Stratistics MRC, the Global Composite Materials Market is accounted for $111.6 billion in 2024 and is expected to reach $189.2 billion by 2030 growing at a CAGR of 9.2% during the forecast period. Composite materials are engineered substances made from two or more distinct materials that, when combined, create a new material with enhanced properties. Typically, a composite material includes a matrix (such as a resin or metal) and reinforcing fibers (like glass or carbon) that work together to provide superior strength, durability, and lightweight characteristics compared to individual components. This combination allows for customized performance and functionality, making composites ideal for applications in aerospace, automotive, construction, and various other industries.
According to OICA, global automotive production increased from 84.83 million units in 2022 to 93.54 million units in 2023 with a y-o-y growth of 10.3%.
Market Dynamics:
Driver:
Increasing demand for high-performance materials
Demand for high-performance materials is increasing as technology advances and applications across numerous industries growth. These materials, known for their superior strength, lightweight properties, and durability, are essential in sectors such as aerospace, automotive, and construction. The need for enhanced performance and efficiency, coupled with the growing emphasis on sustainability, is fueling the adoption of advanced composites, driving market growth and innovation in the field.
Restraint:
Long-term durability concerns
Long-term durability remains a significant challenge in the market, as these materials are increasingly utilized in various demanding applications such as aerospace, automotive, and civil engineering. Despite their lightweight and high-strength advantages, composites can suffer from issues like degradation due to environmental factors, fatigue, and mechanical damage over time. UV radiation, moisture, and temperature fluctuations can weaken the matrix and reduce overall material performance.
Opportunity:
Advancements in manufacturing technologies
Recent advancements in manufacturing technologies for composite materials are revolutionizing the industry. The integration of automated fiber placement (AFP) technologies has enhanced precision and efficiency, enabling the production of complex geometries with reduced labor costs. Additionally, advancements in 3D printing have introduced new possibilities for creating intricate composite structures with minimized material waste. These technologies are driving significant growth and diversification in the market.
Threat:
Recycling challenges
Recycling composite materials presents significant challenges due to their complex structure, which typically combines multiple materials such as fibers and resins. The primary difficulty lies in separating these components effectively, traditional recycling methods often struggle with the strong adhesion between fibers and matrices. The lack of standardized recycling protocols and infrastructure further impedes growth. Furthermore, the diversity of composite types necessitates tailored recycling solutions, increasing complexity and costs.
Covid-19 Impact:
The COVID-19 pandemic significantly disrupted the market, leading to a sharp decline in demand due to halted manufacturing processes and delays in construction and aerospace projects. Supply chain interruptions and reduced workforce availability further exacerbated production challenges. However, the market showed signs of recovery as industries adapted to new safety protocols and resumed activities. Increased focus on lightweight, durable materials for medical and protective equipment also contributed to a gradual rebound in demand.
The carbon fiber segment is expected to be the largest during the forecast period
The carbon fiber is expected to be the largest during the forecast period. Carbon fiber composites are increasingly used in aerospace, automotive, and sports equipment due to their superior performance compared to traditional materials. The market is driven by rising demand for lightweight, high-strength materials that improve fuel efficiency and reduce emissions. Innovations in manufacturing processes and applications are expanding the market, with increased adoption in various industrial sectors.
The filament winding segment is expected to have the highest CAGR during the forecast period
The filament winding segment is expected to have the highest CAGR during the forecast period. Filament winding is a technique used in the composite materials market for producing high-strength, lightweight structures. This method involves wrapping fibers around a mandrel in a precise pattern, which are then impregnated with resin and cured. It’s widely utilized in industries such as aerospace and sports equipment due to its ability to create complex shapes with excellent mechanical properties.
Region with largest share:
North America is projected to hold the largest market share during the forecast period. Advanced composites, such as carbon fiber and fiberglass, are being increasingly adopted for their high strength-to-weight ratio and durability. Innovations in manufacturing processes and the push for sustainable materials further propel the market. The region's well-established manufacturing infrastructure and technological advancements also contribute to the market's expansion.
Region with highest CAGR:
Asia Pacific is projected to hold the highest CAGR over the forecast period driven by rising adoption of lightweight materials for fuel efficiency and performance improvement. Key drivers include the rise in infrastructure projects, automotive innovations, and the push for renewable energy solutions. With significant investments in research and development, the region is becoming a major hub for composite material production and application, positioning itself as a leader in the global market.
Key players in the market
Some of the key players in Composite Materials market include Toray Industries, Inc., Teijin Limited, Hexcel Corporation, SGL Carbon SE, DSM N.V., Mitsubishi Chemical Corporation, Solvay, Cytec Industries Inc., Huntsman Corporation, DuPont, Weyerhaeuser Company, Zoltek Companies, Inc., Lanxess AG, 3A Composites, Hexagon Composites ASA, Celanese Corporation, Plasan Carbon Composites, Rockwood Composites and Owens Corning.
Key Developments:
In February 2024, Owens Corning acquired USD 3.9 billion of Masonite. This acquisition would strengthen the company's position in building and construction materials and the glass reinforcement business within its Composites segment.
In June 2023, Solvay is collaborating with Spirit AeroSystems. Both companies will engage in composite development. This merger would lead to collaborative research into sustainable aircraft technologies and processes with Spirit’s industrial, academic, and supply-chain partners.
Types Covered:
• Polymer Matrix Composites (PMCs)
• Metal Matrix Composites (MMCs)
• Ceramic Matrix Composites (CMCs)
• Other Types
Resin Types Covered:
• Thermoset Composites
• Thermoplastic Composites
Fiber Types Covered:
• Glass Fiber
• Carbon Fiber
• Aramid Fiber
• Other Fiber Types
Manufacturing Processes Covered:
• Layup
• Filament Winding
• Injection Molding
• Pultrusion
• Compression Molding
• Resin Transfer Molding (RTM)
End Users Covered:
• Aerospace & Defense
• Automotive
• Construction
• Electrical & Electronics
• Wind Energy
• Marine
• Consumer Goods
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 End User Analysis
3.7 Emerging Markets
3.8 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Composite Materials Market, By Type
5.1 Introduction
5.2 Polymer Matrix Composites (PMCs)
5.3 Metal Matrix Composites (MMCs)
5.4 Ceramic Matrix Composites (CMCs)
5.5 Other Types
6 Global Composite Materials Market, By Resin Type
6.1 Introduction
6.2 Thermoset Composites
6.2.1 Epoxy
6.2.2 Polyester
6.2.3 Vinyl Ester
6.3 Thermoplastic Composites
6.3.1 Polypropylene (PP)
6.3.2 Polyamide (PA)
6.3.3 Polyetheretherketone (PEEK)
7 Global Composite Materials Market, By Fiber Type
7.1 Introduction
7.2 Glass Fiber
7.3 Carbon Fiber
7.4 Aramid Fiber
7.5 Other Fiber Types
8 Global Composite Materials Market, By Manufacturing Process
8.1 Introduction
8.2 Layup
8.3 Filament Winding
8.4 Injection Molding
8.5 Pultrusion
8.6 Compression Molding
8.7 Resin Transfer Molding (RTM)
9 Global Composite Materials Market, By End User
9.1 Introduction
9.2 Aerospace & Defense
9.3 Automotive
9.4 Construction
9.5 Electrical & Electronics
9.6 Wind Energy
9.7 Marine
9.8 Consumer Goods
9.9 Other End Users
10 Global Composite Materials Market, By Geography
10.1 Introduction
10.2 North America
10.2.1 US
10.2.2 Canada
10.2.3 Mexico
10.3 Europe
10.3.1 Germany
10.3.2 UK
10.3.3 Italy
10.3.4 France
10.3.5 Spain
10.3.6 Rest of Europe
10.4 Asia Pacific
10.4.1 Japan
10.4.2 China
10.4.3 India
10.4.4 Australia
10.4.5 New Zealand
10.4.6 South Korea
10.4.7 Rest of Asia Pacific
10.5 South America
10.5.1 Argentina
10.5.2 Brazil
10.5.3 Chile
10.5.4 Rest of South America
10.6 Middle East & Africa
10.6.1 Saudi Arabia
10.6.2 UAE
10.6.3 Qatar
10.6.4 South Africa
10.6.5 Rest of Middle East & Africa
11 Key Developments
11.1 Agreements, Partnerships, Collaborations and Joint Ventures
11.2 Acquisitions & Mergers
11.3 New Product Launch
11.4 Expansions
11.5 Other Key Strategies
12 Company Profiling
12.1 Toray Industries, Inc.
12.2 Teijin Limited
12.3 Hexcel Corporation
12.4 SGL Carbon SE
12.5 DSM N.V.
12.6 Mitsubishi Chemical Corporation
12.7 Solvay
12.8 Cytec Industries Inc.
12.9 Huntsman Corporation
12.10 DuPont
12.11 Weyerhaeuser Company
12.12 Zoltek Companies, Inc.
12.13 Lanxess AG
12.14 3A Composites
12.15 Hexagon Composites ASA
12.16 Celanese Corporation
12.17 Plasan Carbon Composites
12.18 Rockwood Composites
12.19 Owens Corning
List of Tables
1 Global Composite Materials Market Outlook, By Region (2022-2030) ($MN)
2 Global Composite Materials Market Outlook, By Type (2022-2030) ($MN)
3 Global Composite Materials Market Outlook, By Polymer Matrix Composites (PMCs) (2022-2030) ($MN)
4 Global Composite Materials Market Outlook, By Metal Matrix Composites (MMCs) (2022-2030) ($MN)
5 Global Composite Materials Market Outlook, By Ceramic Matrix Composites (CMCs) (2022-2030) ($MN)
6 Global Composite Materials Market Outlook, By Other Types (2022-2030) ($MN)
7 Global Composite Materials Market Outlook, By Resin Type (2022-2030) ($MN)
8 Global Composite Materials Market Outlook, By Thermoset Composites (2022-2030) ($MN)
9 Global Composite Materials Market Outlook, By Epoxy (2022-2030) ($MN)
10 Global Composite Materials Market Outlook, By Polyester (2022-2030) ($MN)
11 Global Composite Materials Market Outlook, By Vinyl Ester (2022-2030) ($MN)
12 Global Composite Materials Market Outlook, By Thermoplastic Composites (2022-2030) ($MN)
13 Global Composite Materials Market Outlook, By Polypropylene (PP) (2022-2030) ($MN)
14 Global Composite Materials Market Outlook, By Polyamide (PA) (2022-2030) ($MN)
15 Global Composite Materials Market Outlook, By Polyetheretherketone (PEEK) (2022-2030) ($MN)
16 Global Composite Materials Market Outlook, By Fiber Type (2022-2030) ($MN)
17 Global Composite Materials Market Outlook, By Glass Fiber (2022-2030) ($MN)
18 Global Composite Materials Market Outlook, By Carbon Fiber (2022-2030) ($MN)
19 Global Composite Materials Market Outlook, By Aramid Fiber (2022-2030) ($MN)
20 Global Composite Materials Market Outlook, By Other Fiber Types (2022-2030) ($MN)
21 Global Composite Materials Market Outlook, By Manufacturing Process (2022-2030) ($MN)
22 Global Composite Materials Market Outlook, By Layup (2022-2030) ($MN)
23 Global Composite Materials Market Outlook, By Filament Winding (2022-2030) ($MN)
24 Global Composite Materials Market Outlook, By Injection Molding (2022-2030) ($MN)
25 Global Composite Materials Market Outlook, By Pultrusion (2022-2030) ($MN)
26 Global Composite Materials Market Outlook, By Compression Molding (2022-2030) ($MN)
27 Global Composite Materials Market Outlook, By Resin Transfer Molding (RTM) (2022-2030) ($MN)
28 Global Composite Materials Market Outlook, By End User (2022-2030) ($MN)
29 Global Composite Materials Market Outlook, By Aerospace & Defense (2022-2030) ($MN)
30 Global Composite Materials Market Outlook, By Automotive (2022-2030) ($MN)
31 Global Composite Materials Market Outlook, By Construction (2022-2030) ($MN)
32 Global Composite Materials Market Outlook, By Electrical & Electronics (2022-2030) ($MN)
33 Global Composite Materials Market Outlook, By Wind Energy (2022-2030) ($MN)
34 Global Composite Materials Market Outlook, By Marine (2022-2030) ($MN)
35 Global Composite Materials Market Outlook, By Consumer Goods (2022-2030) ($MN)
36 Global Composite Materials Market Outlook, By Other End Users (2022-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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