What Are The Current and Projected Market Sizes For The Composites Market?
The composites market has shown robust growth in recent years, with a market size of $105.74 billion in 2024, forecasted to expand to $116.25 billion in 2025 at a compound annual growth rate (CAGR) of 9.9%. This growth is attributed to the increased awareness of the environmental benefits of composites, elevated demand for fuel-efficient vehicles, the rising need for composites in the construction industry, wind energy growth, and corrosion resistance in the chemical industry.
Further, the composites market is predicted to witness substantial growth in the coming years, escalating to $169.92 billion in 2029 at a compound annual growth rate (CAGR) of 10.0%. This anticipated growth is due to factors such as the expansion of electric vehicles, infrastructure renewal, burgeoning use in the marine industry, space exploration initiatives, and a surging demand in the defense industry. Trends in the forecast period encompass bio-based composites, smart composites, recycling and circular economy, digital twin technology, and hybrid composites.
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What Is Driving The Growth of The Composites Market?
The composites market is experiencing significant growth due to the expansion of the automotive and aerospace sectors. Composites are used in these industries to provide improved performance, corrosion resistance, and fuel savings. For instance, in November 2022, the Aerospace Industries Association (AIA) reported that exports from the A&D business increased by 11.2 %, totaling $100. 4 billion in 2022. The Indian Brand Equity Foundation (IBEF) reported 1,419,430 units of automobile exports from April 2021 to June 2021 in contrast to 436,500 units in the same period during the previous year. This growth in the automotive and aerospace sectors is propelling the composites market.
Which Segments Make Up The Composites Market?
The composites market is divided into the following segments:
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
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What Major Companies Are Operating In The Composites Market?
Major companies operating in the composites market include General Electric Company, Rolls-Royce plc, SGL Carbon Graphite Technic Co. Ltd., Axiom Materials Inc., Minnesota Mining and Manufacturing Company, COI Ceramics Inc., 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, Owens Corning Fiberglass Company, China Fibreglass Company, Teijin Limited, Taishan Fibreglas 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, Taiwan Glass Industry Corporation, Solvay SA, BASF SE, Huntsman Corporation LLC, TPI Composites Inc., Gurit Holding AG.
What Are The Emerging Trends In The Composites Market?
Major companies in the composites market are focusing on technological advancements, such as lightweight and high-strength composite materials, for industries like aerospace, automotive, and renewable energy. An example of this is the high-performance composite material HexForce 1K woven reinforcement fabric, used in various industrial applications such as aerospace and automotive sectors. Hexcel Corporation, a US-based manufacturer of reinforcement products, composite materials, and engineered products, launched its new HexForce 1K woven reinforcement fabric in September 2024.
Which Region Is Set To Grow The Fastest In The Composites Market?
Asia-Pacific was the largest region in the composites market in 2024 and is expected to be the fastest-growing region in the forecast period. The composites market report covers regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Composites Market Report 2025 Offer?
Composites refer to materials that combine two different physical and chemical properties. They offer excellent strength-to-weight ratios and durability, and are stronger than the individual materials on their own. They are also corrosion-resistant, durable, and lighter than most metals. The Composites Market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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