Composites Global Market Report 2024

Composites refer to the material as a combination of two materials with different physical and chemical properties that have excellent strength-to-weight ratios and durability, are stronger than those individual materials by themselves, are corrosion resistant, durable, and have a lighter weight than most metals.

The components of the composites market are carbon fiber and glass fiber. Carbon fibre is a lightweight but very strong material. Carbon fibre is more firm than steel and five times stronger than it. The manufacturing process for these composites includes the layup process; filament winding process; injection moulding process; pultrusion process; compression moulding process; resin transfer moulding process; and others. They are divided based on resin type into thermoset composites and thermoplastic composites. Composites are used by various end users, such as aerospace and defense, wind energy, automotive and transportation, construction and infrastructure, marine, pipe and tank, electrical and electronics, and others.

The composites market research report is one of a series of new reports that provides composites market statistics, including composites market industry global market size, regional shares, competitors with composites market share, detailed composites market segments, market trends and opportunities, and any further data you may need to thrive in the composites market industry. This composites market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The composites market size has grown rapidly in recent years. It will grow from $97.06 billion in 2023 to $107.19 billion in 2024 at a compound annual growth rate (CAGR) of 10.4%. The growth in the historic period can be attributed to growing awareness of the environmental benefits of using composites, increased demand for fuel-efficient vehicles, rise in demand for composites in the construction industry, wind energy growth, corrosion resistance in chemical industry.

The composites market size is expected to see strong growth in the next few years. It will grow to $154.82 billion in 2028 at a compound annual growth rate (CAGR) of 9.6%. The growth in the forecast period can be attributed to electric vehicles expansion, infrastructure renewal, increasing use in marine industry, space exploration initiatives, increasing demand for composites in the defense industry. Major trends in the forecast period include bio-based composites, smart composites, recycling and circular economy, digital twin technology, hybrid composites.

Growth in the automotive and aerospace sectors is expected to propel the growth of the composites market. In the automotive and aerospace industries, composites are used to provide improved performance, corrosion resistance, and fuel savings. For instance, in November 2022, according to the Aerospace Industries Association (AIA), a US-based trade association for makers and distributors of civil, military, and business aircraft, helicopters, unmanned aerial vehicles (UAVs), space systems, and aircraft, exports from the A&D business increased by 11.2 % to an overall value of $100.4 billion in 2022. Also, according to IBEF, Indian automobile exports stood at 1,419,430 units from April 2021 to June 2021 as compared to 436,500 units from previous year same period. Therefore, the growth in the automotive and aerospace sectors is driving the growth of the composites market.

The increasing demand for renewable energy is expected to propel the growth of the composites market in the coming years. Renewable energy is power produced from environmentally replenished and non-depleting sources such as sunshine, water, wind, geothermal heat, and biomass. Composites' distinct traits, such as excellent strength, corrosion resistance, lightweight attributes, and longevity, make them an attractive alternative for different components and structures in renewable energy sources. For instance, in March 2023, according to the International Renewable Energy Agency (IRENA), a UAE-based international body tasked with encouraging collaboration, developing understanding, and promoting the use and long-term usage of renewable energy, the capacity of renewable energy worldwide rose by 10% in 2022, a 0.4% increase over 9.6% in the previous year. Therefore, the increasing demand for renewable energy is driving the composites market.

Technological advancements are a key trend gaining popularity in the composites market. Technological advancements to reduce composite structural mass are a type of knowledge discovery that advances technology. For instance, in June 2021, Hexcel Corporation, a US-based manufacturer of reinforcement products, composite materials, and engineered products, successfully launched the first successful maiden flight of a lightweight camera drone, using Hexcel HexPly carbon fibre prepregs. The composite drone was created by a group of students from the University of Applied Sciences Upper Austria in Wels using composite materials provided by Hexcel. The material allowed the team to lower the composite structural mass by 42% when compared to similar drones.

Major companies operating in the composites market are focusing on developing innovative products, such as thermoplastic composites, to better meet the needs of their existing consumers. Thermoplastic composites are sophisticated materials composed of thermoplastic polymers and reinforcing elements such as fibers or fillers. For instance, in October 2022, Avient Corporation, a US-based manufacturing company of specialized polymer materials and composites, launched Polystrand continuous fiber-reinforced thermoplastic composites. Polystrand continuous fiber-reinforced thermoplastic composites are an innovative formulation derived from more than 95% recycled PET (rPET) resin. This expansion of the Polystrand offering into recycled content solutions is accessible in unidirectional tape and multi-axial laminates. The minimal weight, superior strength, and impact resistance of continuous glass fiber-reinforced rPET benefit applications ranging from transportation and trailers to pipeline reinforcement. The performance is comparable to that of normal PET formulations made with virgin resin.

In January 2022, JGC Holdings Corporation, a Japan-based engineering company, acquired ceramic composite products from Showa Denko Materials Co., Ltd. for an undisclosed amount. Through this acquisition, this current business is complemented by the one acquired from SDMC to strengthen its position in automotive, semiconductor, and industrial equipment applications. It consists of high-density silicon carbide ceramics, alumina ceramics, and zirconia-toughened alumina ceramics, as these goods are employed in coolant pump seals for automobile engines and require precise positioning. Showa Denko Materials Co., Ltd. is a Japan-based material technology company pioneering in the manufacturing and commercialization of chemical products for various industries.

Major companies operating in the in the composites market report are General Electric Company, Rolls-Royce plc, SGL Carbon Graphite Technic Co. Ltd., Axiom Materials Inc., United Technologies Corporation, Minnesota Mining and Manufacturing Company, COI Ceramics Inc., Lancer Partnership Ltd., CoorsTek Inc., Applied Thin Films Inc., Ultramet Technologies Limited, CFC Carbon Co. Ltd., UBE Industries Ltd., Kyocera Corporation, Speciality Materials Inc., Safran SA, Mitsubishi Rayon Carbon Fiber & Composites Inc., Johns Manville International Inc., Asahi Fibreglass Company, Guardian Fibre Corp., Owens Corning Fiberglass Company, China Fibreglass Company, Teijin Limited, Taishan Fibreglass SA, Kurarey Co. Ltd., Formosa Plastic Corp., Toray Industries Inc., DuPont de Nemours Inc., Nippon Sheet Glass Co. Ltd., Korea Nylon Inc., KCC Corporation, SAERTEX Wagener GmbH & Co. KG, Pittsburgh Plate Glass Company, Taiwan Glass Industry Corporation, Solvay SA, BASF SE, Huntsman Corporation LLC, SGL Carbon SE, TPI Composites Inc., Gurit Holding AG

Asia-Pacific was the largest region in the composites market in 2023 and is also expected to be the fastest-growing region in the forecast period. The regions covered in the composites market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the composites market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The composites market consists of sales of natural fiber, aramid fiber, ceramic fiber, and metal fiber. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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