Composites Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - By Product, Technology, Grade, Application, End-user and Region

The global composites market is experiencing significant growth across various industries, presenting new opportunities for manufacturers. Ongoing research is exploring the potential of new composite materials, while existing applications continue to dominate. The use of composites in infrastructure, aerospace, and electric vehicles has unleashed the market's growth potential. Additionally, advancements in artificial intelligence (AI) are reinforcing composite materials, leading to improved manufacturing processes. Key players in the market are leveraging IT and technology to enhance manufacturing techniques. Toray Industries, Mitsubishi Chemical Holdings Corporation, Teijin Limited, Hexcel Corporation, and SGL Group are among the notable companies operating in the composites market.

Aerospace Industry Drives Composites Adoption:

Major aerospace companies such as Boeing and Airbus heavily utilize composites in their manufacturing operations. This plays a crucial role in predicting and evaluating the growth dynamics of the global composites market. Original equipment manufacturers (OEMs) are expected to be key consumers of composites. Collaborations between competitive composite manufacturers and NASA to develop space solutions further drive market growth.

Advancements in Electric Vehicle Technology Boost Composites Market:

Composites have become integral to the automotive industry, providing strength while ensuring lightweight and agile vehicles. In Europe, the electric vehicle sector benefits from composites, enabling the development of lightweight and high-power vehicles. As new players enter the electric vehicle market, the demand for composites is expected to increase significantly.

Artificial Intelligence Enhances Composite Manufacturing:

Artificial intelligence has made significant advancements across industries, including manufacturing. The Augsburg Production Network in Germany is collaborating with key entities to develop AI-based production processes for composites, strengthening their manufacturing capabilities. AI intervention in composite manufacturing offers better development opportunities for market vendors.

Market Maturity through IT and Technological Innovations:

Leading vendors in the composites market are leveraging the IT and technology space to explore new concepts in materials manufacturing. This contributes to the maturity of manufacturing techniques employed by local and global manufacturers.

Notable Market Players

The global composites market is experiencing growth driven by expanding applications in aerospace, electric vehicles, and infrastructure. Advancements in AI-based manufacturing processes strengthen the development of composites. Notable players such as Toray Industries, Mitsubishi Chemical Holdings Corporation, Teijin Limited, Hexcel Corporation, and SGL Group are at the forefront of this market, utilizing IT and technology to enhance manufacturing techniques.