Market Overview

Global Composites Market size was valued at around 108.8 billion in 2023 and is expected to reach a value of USD 273.83 billion by 2032, at a CAGR of 10.8% over the forecast period (2024–2032).

The global Composites market is growing at a very fast rate, as demand for light-weight, high-strength, and strong material increases across industries. Composites, which are produced through the interaction of two or more materials, possess enhanced properties such as high mechanical strength, corrosion resistance, and higher design freedom. The materials are extensively applied across the aerospace, automotive, building, and wind energy industries, where cost-saving and high-performance alternatives are necessary.

Increasing demands for sustainability and carbon emissions reduction have also increased composites uptake, as composites decrease the weight of a vehicle and make energy generation more efficient. Apart from this, advancements in manufacturing technology and production of new composite materials will also drive market expansion. As research and development increases with more investments, the composites market will expand faster, with an enormous number of opportunities for end-users and manufacturers in all industries.

Market Drivers

Growing Demand for Lightweight Materials in the Automotive Industry

• one of the main factors pushing the global composites market is the increasing need for light materials in the car industry. As automobile manufacturers encounter strict standards concerning fuel economy and pollution, they are progressively resorting to composites to diminish vehicle mass. Lighter automobiles enhance gas mileage and lessen pollution, assisting builders to meet ecological mandates. Compounds, particularly carbon and glass-integrated substances, provide significant durability in terms of strength per unit weight, rendering them suitable for transportation elements like side covers, structural frameworks, and inside articles. This pattern is anticipated to speed up with the heightened output of electric cars, where lighter substances are essential for prolonging battery longevity and journey distance.

Increasing Use of Composites in Wind Energy Sector

• The wind power industry is an additional crucial force for the international composites trade. As renewable energy requirements expand, producers of wind power generators are inquiring for substances that endure severe climates and maintain both lightness and robustness. Wind turbine blades often use strong, light, and durable materials. Transition to more sizable wind propellers raises material requirement, as they preserve stability without substantial mass addition.

Market Opportunities

Development of Bio-based Composites

• An emerging a significant entryway in the composites market is the improvement of bio-based composites. With creating stresses over natural practicality and the weariness of oil-based commodities, there is growing interest in conveying composites from economical, bio-based materials like standard strands and biodegradable tars. These eco-obliging decisions offer relative execution credits as standard composites while decreasing the regular impression. The improvement of bio-based composites is standing apart from endeavours wanting to redesign their sensibility confirmations, particularly in packaging, auto, and customer items regions.

Advancements in Recycling Technologies for Composites

• Recycling composites has by and large been a test due to their complicated material plan. In any case, movements in reusing developments present a basic opportunity for the market. New systems for reusing thermoset and thermoplastic composites are making it possible to recover significant materials and abatement waste, agreeing with the creating interest for indirect economy practices. The ability to reuse composite materials can basically overhaul their charm, particularly in regions like flight, vehicle, and advancement, where practicality and waste organization are key concerns.

Market Restraining Factors

Limited Repairability and Difficulty in Recyclability

• Regardless of what the many benefits of composites, one of the major imperatives upsetting their boundless social occasion is the restricted repairability and burden in reusing unequivocal sorts of composites, particularly thermoset composites. These materials are challenging to reshape once moulded, making fixes testing and exorbitant. Plus, the mind-boggling material piece of composites consistently makes reusing a tangled cycle, restricting their reasonableness potential and impelling higher waste association costs.

Segmentation Analysis

The market scope is segmented because of by Product, by Manufacturing Process, by End-use.

• By Product

Based on the Product of the market is segmented into Glass Fiber, Carbon Fiber, Others.

Among the product segments, Glass Fiber dominated the global composites market, as it is extensively used in a wide range of industries with a relatively lower cost than other fibres. Glass fibre composites have unique properties which have made them useful in various fields including automotive, construction, marine and wind energy due to their strength, low weight, corrosion resistance and thermal stability. The reasonable cost of glass fibre compared to carbon fibre is the primary factor responsible for the dominance of glass fibre. Compared to metallic surfaces, carbon fibre provides better strength-to-weight ratios and performance, but its high production costs make it so that carbon fibre can only be used on high-end applications like aerospace, some sports equipment, and some automotive manufacturing.

Instead, glass fibres composites are much more economical for more "appropriate" big market segments such as construction materials, consumer products, normal automotive applications, etc. The proliferation of glass fibre composites across various industries has also been facilitated by their versatility and ease of production. Additionally, the rising need for renewable energy has also increased the adoption of glass fibre composites in wind turbines blades manufacturing, mainly due to the significance of their lightweight and durable material in the efficient generation of energy. Glass fibre is expected to remain the dominant market mega-trend for the composite materials market as industries seek lightweight durable, cost-effective materials in which carbon gains traction in niche, high-performance applications.

• By Manufacturing Process

Based on the Manufacturing Process of the market is segmented into Layup Process, Pultrusion Process, Filament Winding Process, Injection Molding Process, Compression Molding Process, Resin Transfer Molding Process, Others.

Among manufacturing processes, the Layup Process segment has led the global composites market. It owes itself to its ubiquitous implementation across many industries, most notably aerospace, marine and wind energies. The layup process is an umbrella term for many different methods such as hand layup and spray layup. It is simple, requires a low initial investment, and is highly flexible in terms of processing various types of reinforcement fibres and resins, making it a popular method for processing lightweight, high-strength composite components.

The layup process is widely used in the aerospace industry for the manufacturing of the fuselage, wings, and other structural components in aircraft where the mechanical strength and weight saving is a key consideration. Likewise, in wind energy, layup is by far the most widely used with the production of large wind turbine blades requiring a balance of strength, lightness and accurate design. Due to the process. Additional advantages include flexibility with large components and a competitor's ability to the layup process.

In addition, the process is much simpler than other advanced techniques including resin transfer molding or compression molding, enabling producers to fabricate quality composite components with less specialized equipment. Additionally, the dominance of the layup process in the global composites market can be attributed to the rising demand for lightweight materials in high-performance industries, coupled with the versatility and cost-effectiveness of the layup process.

• Regional Snapshots

By region, Insights into the markets in North America, Europe, Asia-Pacific, Latin America and MEA are provided by the study. The Asia-pacific has the largest share in the global composites market as the composites market in these regions is propelled by robust economic growth, rising industrialization and urbanization along with an increasing manufacturing base in emerging economies like China, India, and Japan. The domination of the region is due to the high demand of composites from end-use industries including automotive, aerospace, construction and wind energy. The composites industry, unlike many other sectors, has a very strong demand in China, because of high-growth automotive and construction sectors that are increasingly seeking to deliver better performance and longevity for their products. Additionally, he added, regional demand for wind turbine blade composites has increased as a result of a masterplan plan revolving around renewable-energy projects including wind energy. Japan's robust aerospace industry compared with India's growing focus on modernization, is also benefitting composites' performance in this territory.

Asia-Pacific is also expected to be the fastest-growing region in the composites market going forward. The growth is driven by the ongoing growth of the automotive sector as well as the adoption of electric vehicles (EVs) and huge investments in renewable energy projects. The need for lightweight, high-performance materials such as composites is driven by governments in the region actively encouraging sustainable practices and infrastructure projects. Furthermore, the rising investments towards development of electric and hybrid vehicles across the region will increase the usage of composites in industrial applications, making Asia-Pacific the fastest developing region during the forecast period.

List of Companies Profiled

• SGL Group
• Hexcel Corporation
• DuPont
• Compagnie de Saint-Gobain S.A.
• Weyerhaeuser Company
• Momentive Performance Materials, Inc.
• Cytec Industries (Solvay, S.A.)
• China Jushi Co., Ltd.
• Kineco Limited
• Veplas Group
• Teijin Ltd.
• Toray Industries, Inc.
• Owens Corning
• PPG Industries, Inc.
• Huntsman Corporation LLC

Key Industry Developments

• In February 2024, Owens Corning announced its decision to explore strategic alternatives for its global glass reinforcements (GR) business. However, the company's focus on building and construction materials is consistent with the move to explore alternatives for the GR business.
• On February 16, 2024, the parties announced that they had executed a definitive agreement, whereby Owens Corning would acquire all outstanding shares of Masonite for $133.00, in cash, per share of Masonite, representing a 38% premium over Masonite’s share price. Based on a projected opportunity value of approximately $3.9 billion, the purchase multiple is approximately 8.6 x 2023E adjusted EBITDA2 or 6.8x on a pro forma basis assuming $125 million of synergies take hold.
• In February 2024, two adhesives were added to PPG's aerospace portfolio. PPG PR-2940™ epoxy syntactic paste adhesive (ESPA) is applied to bond an aircraft's internal structures while PPG PR-2936™ provides the dual function of shim and sealant to attach an aircraft's outer skin to its internal structures.

Report Coverage

The report will cover the qualitative and quantitative data on the global Composites Market. The qualitative data includes latest trends, market players analysis, market drivers, market opportunity, and many others. Also, the report quantitative data includes market size for every region, country, and segments according to your requirements. We can also provide customize report in every industry vertical.

Report Scope and Segmentations

Global Composites Market Regional Analysis

North America accounted for the highest Composites Market% market share in terms of revenue in the Composites Market and is expected to expand at a CAGR of Composites Market% during the forecast period. This growth can be attributed to the growing adoption of Composites Market. The market in APAC is expected to witness significant growth and is expected to register a CAGR of Composites Market% over upcoming years, because of the presence of key Composites Market companies in economies such as Japan and China.

The objective of the report is to present comprehensive analysis of Global Composites Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language.

Composites Market Report is also available for below Regions and Country Please Ask for that

North America

• U.S.
• Canada

Europe

• Switzerland
• Belgium
• Germany
• France
• U.K.
• Italy
• Spain
• Sweden
• Netherland
• Turkey
• Rest of Europe

Asia-Pacific

• India
• Australia
• Philippines
• Singapore
• South Korea
• Japan
• China
• Malaysia
• Thailand
• Indonesia
• Rest Of APAC

Latin America

• Mexico
• Argentina
• Peru
• Colombia
• Brazil
• Rest of South America

Middle East and Africa

• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest Of MEA

Points Covered in the Report

• The points that are discussed within the report are the major market players that are involved in the market such as market players, raw material suppliers, equipment suppliers, end users, traders, distributors and etc.
• The complete profile of the companies is mentioned. And the capacity, production, price, revenue, cost, gross, gross margin, sales volume, sales revenue, consumption, growth rate, import, export, supply, future strategies, and the technological developments that they are making are also included within the report. This report analysed 5 years data history and forecast.
• The growth factors of the market are discussed in detail wherein the different end users of the market are explained in detail.
• Data and information by market player, by region, by type, by application and etc., and custom research can be added according to specific requirements.
• The report contains the SWOT analysis of the market. Finally, the report contains the conclusion part where the opinions of the industrial experts are included.

Key Questions

• How much the global Composites Market valued?
• Which region has the largest share in 2024 for the global Composites Market ?
• What are the driving factors for the market?
• Which is the leading segment in the global market?
• What are the major players in the market?

Research Scope of Composites Market

• Historic year: 2019- 2022
• Base year: 2023
• Forecast: 2024 to 2032
• Representation of Market revenue in USD Million

Composites Market Trends: Market key trends which include Increased Competition and Continuous Innovations Trends: