Composites Market Report 2023: Market Size, Key Segments And Regions

The Composites Global Market Report 2023 by The Business Research Company, provides composites market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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According to The Business Research Company’s Composites Global Market Report 2023, the market size will grow from $88.9 billion in 2022 to $98.91 billion in 2023 at a compound annual growth rate (CAGR) of 11.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the global composites is expected to grow to $154.39 billion in 2027 at a CAGR of 11.8%.

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.

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The composites market is segmented:

1) By Product: Carbon Fiber, Glass Fiber

2) By Manufacturing Process: Layup Process, Filament Winding Process, Injection Molding Process, Pultrusion Process, Compression Molding Process, Resin Transfer Molding Process, Other Processes

3) By Resin Type: Thermoset Composites, Thermoplastic Composites

4) By End-Use Industry: Aerospace and defense, Wind Energy, Automotive and Transportation, Construction & Infrastructure, Marine, Pipe and Tank, Electrical and Electronics, Other End-Users

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.

The composites market report table of contents includes:

1. Executive Summary
2. Report Structure
3. Composites Market Characteristics
4. Composites Market Product Analysis
5. Composites Market Supply Chain

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21. Composites Market Competitive Landscape
22. Key Mergers And Acquisitions In The Composites Market
23. Market Background: Machinery Manufacturing Market
24. Recommendations
25. Appendix

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