Composites
Composites Market Forecasts to 2030 - Global Analysis By Type (Fiber-Reinforced Composites, Particle-Reinforced Composites and Structural Composites), Resin Type, Manufacturing Process, End User and By Geography
According to Stratistics MRC, the Global Composites Market is accounted for $42.57 billion in 2024 and is expected to reach $62.38 billion by 2030 growing at a CAGR of 7.2% during the forecast period. Composites are engineered materials made from two or more constituent materials with significantly different physical or chemical properties. When combined, they produce a material with characteristics different from the individual components. These materials consist of a matrix (often a polymer, metal, or ceramic) and a reinforcement (like fibers, particles, or flakes) that enhances specific properties such as strength, stiffness, or resistance to corrosion and fatigue.
According to CompositesWorld, China the supply of Carbon fiber, which is an advanced composite fiber, amounted to around 19,250 metric tonnes in the year 2021.
Market Dynamics:
Driver:
Growing demand in aerospace and automotive industries
In aerospace, composites are used for reducing aircraft weight, improving fuel efficiency, and enhancing structural integrity. Similarly, the automotive sector uses composites to reduce vehicle weight, leading to better fuel economy and lower emissions. Both industries are pushing for advanced composites to meet stringent performance standards and regulatory requirements. This surge in demand leads to increased investments in composite technologies, driving innovation and expanding market opportunities across the sector.
Restraint:
Limited awareness and expertise
Limited awareness and expertise in composites arise from the complex nature of these materials and their specialized applications. Many industries lack in-depth knowledge and skilled professionals required for effective integration and innovation with composites. Furthermore, insufficient training and awareness can lead to suboptimal use, higher costs, and reduced efficiency, inhibiting the overall potential of composites in various sectors and stalling market expansion.
Opportunity:
Rising infrastructure development
Composites offer superior strength-to-weight ratios, making them ideal for modern infrastructure projects such as bridges, roads, and buildings. Their resistance to environmental factors and reduced maintenance needs enhance the longevity and safety of infrastructure. Additionally, the trend towards sustainable construction practices drives the adoption of composites, which contribute to energy efficiency and lower carbon footprints. As urbanization and infrastructure investment expand, the need for advanced composite materials continues to grow, driving market expansion.
Threat:
Complex recycling processes
Complex recycling processes in composites stem from the difficulty of separating and reprocessing the matrix and reinforcement materials, which are often intricately bonded. This complexity arises from the high strength and durability of composites, making them challenging to break down and repurpose. As a result, limited recycling options and higher disposal costs hamper market growth by discouraging adoption and increasing the overall lifecycle costs of composite materials.
Covid-19 Impact
The covid-19 pandemic significantly impacted the composites market, causing disruptions in supply chains, production halts, and reduced demand in key industries like aerospace, automotive, and construction. Lockdowns and restrictions led to labor shortages and delayed projects, while economic uncertainty affected investment in new technologies. Post-pandemic, the industry is witnessing a recovery with increased focus on sustainable materials and innovative manufacturing techniques to address future challenges.
The injection molding segment is expected to be the largest during the forecast period
The injection molding segment is estimated to have a lucrative growth. Injection molding of composites involves melting a composite material, typically a polymer matrix reinforced with fibers, and injecting it into a mold cavity under high pressure. The process starts with heating the composite material until it reaches a molten state, then injecting it into a precisely designed mold to shape the part. This method is efficient for producing complex, high-strength components with consistent quality and is widely used in industries like automotive and aerospace.
The automotive segment is expected to have the highest CAGR during the forecast period
The automotive segment is anticipated to witness the highest CAGR growth during the forecast period, due to its enhanced vehicle performance, safety, and efficiency. They are used in various components, such as body panels, bumpers, and interior parts, to reduce weight and improve fuel efficiency. Their use also enables innovative design possibilities and better crashworthiness. As automotive manufacturers push for more sustainable solutions, composites contribute to lower emissions and increased recyclability, aligning with industry trends toward greener, more efficient vehicles.
Region with largest share:
Asia Pacific is projected to hold the largest market share during the forecast period driven by increasing demand in automotive, aerospace, construction, and electronics sectors. Countries like China, India, and Japan are leading in production and consumption due to their robust manufacturing bases and expanding infrastructure projects. Technological advancements and investments in research and development are boosting market growth. Additionally, the region's focus on renewable energy, such as wind power, is increasing the use of composites.
Region with highest CAGR:
North America is projected to have the highest CAGR over the forecast period. The U.S. and Canada lead in advanced manufacturing and technological innovation, with a focus on lightweight and high-performance materials. Growing interest in lightweight, fuel-efficient materials for transportation and increased infrastructure projects drive market expansion. Additionally, the renewable energy sector, government support and technological advancements, fuels demand for composite materials in the region.
Key players in the market
Some of the key players profiled in the Composites Market include Hexcel Corporation, Toray Industries Inc., SGL Carbon SE, Teijin Limited, Mitsubishi Chemical Corporation, Owens Corning, Solvay S.A., Huntsman Corporation, Albany International Corporation, Gurit Holding AG, Sinonus, Aerospace Composite Products Inc., Hexagon Composites ASA and Renegade Materials Corporation.
Key Developments:
In June 2024, Sinonus has launched a groundbreaking multifunctional carbon fiber that serves as both a structural component and an energy storage medium. This innovation builds upon research conducted at Sweden's Chalmers University of Technology. The technology aims to reduce the weight and size of battery systems in various applications by integrating energy storage directly into the structural components made of carbon fiber.
In February 2024, Solvay Group has announced the launch of Swyft-Ply™, a new composite material brand that enhances design options for the electronic and smart devices market. ‘Swyft’ emphasizes the fast-curing nature of the company’s strong and lightweight composites, and ‘Ply’ reflects the use of multiple material layers in the design of composite parts.
Types Covered:
• Fiber-Reinforced Composites
• Particle-Reinforced Composites
• Structural Composites
Resin Types Covered:
• Thermoset Composites
• Thermoplastic Composites
Manufacturing Processes Covered:
• Lay-Up Process
• Filament Winding
• Injection Molding
• Pultrusion
• Compression Molding
• Resin Transfer Molding (RTM)
• Other Manufacturing Processes
End Users Covered:
• Aerospace
• Automotive
• Construction & Infrastructure
• Electronics
• Consumer Goods
• Healthcare
• Oil & Gas
• 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 Composites Market, By Type
5.1 Introduction
5.2 Fiber-Reinforced Composites
5.2.1 Glass Fiber-Reinforced Polymer (GFRP)
5.2.2 Carbon Fiber-Reinforced Polymer (CFRP)
5.2.3 Aramid Fiber-Reinforced Polymer (AFRP)
5.3 Particle-Reinforced Composites
5.3.1 Concrete
5.3.2 Metal matrix composites (MMC)
5.4 Structural Composites
5.4.1 Laminates
5.4.2 Sandwich structures
6 Global Composites Market, By Resin Type
6.1 Introduction
6.2 Thermoset Composites
6.2.1 Epoxy Resin
6.2.2 Polyester Resin
6.2.3 Vinyl Ester Resin
6.2.4 Phenolic Resin
6.3 Thermoplastic Composites
6.3.1 Polypropylene (PP)
6.3.2 Polyethylene (PE)
6.3.3 Polyamide (PA)
6.3.4 Polycarbonate (PC)
7 Global Composites Market, By Manufacturing Process
7.1 Introduction
7.2 Lay-Up Process
7.3 Filament Winding
7.4 Injection Molding
7.5 Pultrusion
7.6 Compression Molding
7.7 Resin Transfer Molding (RTM)
7.8 Other Manufacturing Processes
8 Global Composites Market, By End User
8.1 Introduction
8.2 Aerospace
8.3 Automotive
8.4 Construction & Infrastructure
8.5 Electronics
8.6 Consumer Goods
8.7 Healthcare
8.8 Oil & Gas
8.9 Other End Users
9 Global Composites Market, By Geography
9.1 Introduction
9.2 North America
9.2.1 US
9.2.2 Canada
9.2.3 Mexico
9.3 Europe
9.3.1 Germany
9.3.2 UK
9.3.3 Italy
9.3.4 France
9.3.5 Spain
9.3.6 Rest of Europe
9.4 Asia Pacific
9.4.1 Japan
9.4.2 China
9.4.3 India
9.4.4 Australia
9.4.5 New Zealand
9.4.6 South Korea
9.4.7 Rest of Asia Pacific
9.5 South America
9.5.1 Argentina
9.5.2 Brazil
9.5.3 Chile
9.5.4 Rest of South America
9.6 Middle East & Africa
9.6.1 Saudi Arabia
9.6.2 UAE
9.6.3 Qatar
9.6.4 South Africa
9.6.5 Rest of Middle East & Africa
10 Key Developments
10.1 Agreements, Partnerships, Collaborations and Joint Ventures
10.2 Acquisitions & Mergers
10.3 New Product Launch
10.4 Expansions
10.5 Other Key Strategies
11 Company Profiling
11.1 Hexcel Corporation
11.2 Toray Industries Inc.
11.3 SGL Carbon SE
11.4 Teijin Limited
11.5 Mitsubishi Chemical Corporation
11.6 Owens Corning
11.7 Solvay S.A.
11.8 Huntsman Corporation
11.9 Albany International Corporation
11.10 Gurit Holding AG
11.11 Sinonus
11.12 Aerospace Composite Products Inc.
11.13 Hexagon Composites ASA
11.14 Renegade Materials Corporation
List of Tables
1 Global Composites Market Outlook, By Region (2022-2030) ($MN)
2 Global Composites Market Outlook, By Type (2022-2030) ($MN)
3 Global Composites Market Outlook, By Fiber-Reinforced Composites (2022-2030) ($MN)
4 Global Composites Market Outlook, By Glass Fiber-Reinforced Polymer (GFRP) (2022-2030) ($MN)
5 Global Composites Market Outlook, By Carbon Fiber-Reinforced Polymer (CFRP) (2022-2030) ($MN)
6 Global Composites Market Outlook, By Aramid Fiber-Reinforced Polymer (AFRP) (2022-2030) ($MN)
7 Global Composites Market Outlook, By Particle-Reinforced Composites (2022-2030) ($MN)
8 Global Composites Market Outlook, By Concrete (2022-2030) ($MN)
9 Global Composites Market Outlook, By Metal matrix composites (MMC) (2022-2030) ($MN)
10 Global Composites Market Outlook, By Structural Composites (2022-2030) ($MN)
11 Global Composites Market Outlook, By Laminates (2022-2030) ($MN)
12 Global Composites Market Outlook, By Sandwich structures (2022-2030) ($MN)
13 Global Composites Market Outlook, By Resin Type (2022-2030) ($MN)
14 Global Composites Market Outlook, By Thermoset Composites (2022-2030) ($MN)
15 Global Composites Market Outlook, By Epoxy Resin (2022-2030) ($MN)
16 Global Composites Market Outlook, By Polyester Resin (2022-2030) ($MN)
17 Global Composites Market Outlook, By Vinyl Ester Resin (2022-2030) ($MN)
18 Global Composites Market Outlook, By Phenolic Resin (2022-2030) ($MN)
19 Global Composites Market Outlook, By Thermoplastic Composites (2022-2030) ($MN)
20 Global Composites Market Outlook, By Polypropylene (PP) (2022-2030) ($MN)
21 Global Composites Market Outlook, By Polyethylene (PE) (2022-2030) ($MN)
22 Global Composites Market Outlook, By Polyamide (PA) (2022-2030) ($MN)
23 Global Composites Market Outlook, By Polycarbonate (PC) (2022-2030) ($MN)
24 Global Composites Market Outlook, By Manufacturing Process (2022-2030) ($MN)
25 Global Composites Market Outlook, By Lay-Up Process (2022-2030) ($MN)
26 Global Composites Market Outlook, By Filament Winding (2022-2030) ($MN)
27 Global Composites Market Outlook, By Injection Molding (2022-2030) ($MN)
28 Global Composites Market Outlook, By Pultrusion (2022-2030) ($MN)
29 Global Composites Market Outlook, By Compression Molding (2022-2030) ($MN)
30 Global Composites Market Outlook, By Resin Transfer Molding (RTM) (2022-2030) ($MN)
31 Global Composites Market Outlook, By Other Manufacturing Processes (2022-2030) ($MN)
32 Global Composites Market Outlook, By End User (2022-2030) ($MN)
33 Global Composites Market Outlook, By Aerospace (2022-2030) ($MN)
34 Global Composites Market Outlook, By Automotive (2022-2030) ($MN)
35 Global Composites Market Outlook, By Construction & Infrastructure (2022-2030) ($MN)
36 Global Composites Market Outlook, By Electronics (2022-2030) ($MN)
37 Global Composites Market Outlook, By Consumer Goods (2022-2030) ($MN)
38 Global Composites Market Outlook, By Healthcare (2022-2030) ($MN)
39 Global Composites Market Outlook, By Oil & Gas (2022-2030) ($MN)
40 Global Composites 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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