The global composites market was valued at USD 125.51 billion in 2019. The market is attributed to grow at a CAGR of 7.4% over the forecast period of 2019 to 2025. The growing need for high-performance products has risen the demand in the composites industry globally. Moreover, the rising solutions provided by the lightweight materials products has increased the sales across the various end use industries.
Rapid industrialization in the emerging economies of the Asia Pacific and the growing demand for wind power are projected to accelerate the sales in the market.
The global Composites market size is expected to reach close to US$ 163.14 billion by 2029 with an annualized growth rate of 6.3% through the projected period.
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"The Global Composites Market 2019-2029 (USD Billion)")
It is expected that a strong demand from the automobile sector would also drive the development of the industry over the forecast period. Growing fuel prices have sparked the need for automobiles which are fuel additives intensive. In the immediate term, this trend is expected to have a significant impact on the growth of the industry. However, the higher strength to weight ratio of composites are more commonly used as a substitute for steel. A large number of cars already use modern fuel technology such as diesel and gasoline.
The global composites market is categorized based on fiber type, resin type, manufacturing process and end use. Region wise, Asia Pacific was the largest market in 2018, and is anticipated to grow at a significant CAGR over the forecast period. North America is expected to grow at a significant rate over the coming years.
Key players serving the global Composites market include Teijin Limited; Owens Corning; Toray Industries, Inc.; PPG Industries, Inc.; Hexcel Corporation; Huntsman Corporation; and E. I. DuPont Nemours & Co. among others.
Composites Market Scope
| Metrics | Details |
| Base Year | 2023 |
| Historic Data | 2018-2022 |
| Forecast Period | 2024-2029 |
| Study Period | 2018-2029 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2029 | US$ 163.14 billion |
| Growth Rate | CAGR of 6.3 % during 2019-2029 |
| Segment Covered | by Product, By Manufacturing Process, Region. |
| Regions Covered | North America, Europe, Asia Pacific, South America, Middle East and Africa |
| Key Players Profiled | Huntsman Corporation LLC, SGL Group, Teijin Ltd, PPG Industries, Inc., Toray Industries, Inc., Owens Corning |
By Product Type, (USD Million)
• Glass Fiber
• Carbon Fiber
• Others
By Resin Type, (USD Million)
• Thermoplastic
• Thermosetting
• Others
By Manufacturing Process Type, (USD Million)
• Injection Molding Process
• Resin Transfer Molding Process
• Pultrusion Process
• Layup Process
• Filament Winding Process
• Compression Molding Process
• Others
By End Use, (USD Million)
• Electrical & Electronics
• Automotive & Transportation
• Wind Energy
• Aerospace & Defense
• Pipes & Tanks
• Construction & Infrastructure
• Marine
• Others
Regional Overview, (USD Million)
North America
• US
• Canada
Europe
• Germany
• France
• UK
• Rest of Europe
Asia Pacific
• China
• India
• Japan
• Rest of Asia Pacific
South America
• Mexico
• Brazil
• Rest of South America
Middle East and South Africa
Frequently Asked Questions (FAQ) :
The market value of composites market in 2029 was US$ 163.14 billion
The base year for the report is 2023 in composites market
Asia Pacific dominated the market for composites market and accounted for the largest revenue share.
- global composites market has seen strong development over the past couple of years with its end-business, and is anticipated to continue in the coming years. The main driving factor would be a rise in demand for product in various end-industries such as wind energy, transportation, aerospace & defense, construction & infrastructure, marine, pipe & tank, electrical & electronics.
The rise in the production of propylene has driven demand for polyacrylonitrile, a primary raw material for the production of carbon fiber reinforced plastic (CFRP). Extensive R&D efforts have contributed to the rise of various industry players in Europe and Japan, which has been projected to fuel the consumer demand over the coming years. For example, the involvement in Japan of key market players such as Teijin Restricted, Toray Industries Inc., and Mitsubishi Rayon Co., Ltd. has boosted regional demand for the composites over the forecast period.
Increasing aerospace industry is also projected to drive the demand in North America and in Europe. Increasing demand for commercial aviation as a result of increased disposable income and globalization in recent years has driven the aerospace industry. This primary pattern is also projected to persist throughout the forecast era. Increasing aircraft weight issues are projected to increase the market for composite from the aviation industry.
The global composites market has been segmented based on, fiber type, resin type, manufacturing process and end uses. Based on fiber type, the market is categorized into glass fiber composites, carbon fiber composites, and natural fiber composites. Based on end use, the market is categorized into aerospace & defense, wind energy, transportation, construction & infrastructure, marine, pipe & tank, electrical & electronics.
In terms of quantity and performance, glass fibre composites led the global composites market. The glass fibers are high in demand as they are low in cost and have superior physical and mechanical properties such as strength, versatility, resilience, toughness and lightweight. The glass fiber composites are primarily utilized in the divisions of wind energy, electrical & communications, pipes & reservoirs, and transportation & services.
Composites of thermoset resin type are durable and requires a very low maintenance. Thermoset resins often have low cost and good efficiency properties; hence, they are high in demand in global industry. Thermoset composites are commonly used in the end-use sectors including shipping, maritime, electrical & communications, aerospace & defense, and wind energy. These development in segment is projected to accelerate the demand over the forecast period.
The global composites market is cumulative to North America, Europe, Asia Pacific, Latin America and Middle East & Africa. Asia Pacific dominated the global composites market in 2018, however North America is expected to grow at a significant pace through the year 2025.
APAC accounts for the largest market share in the composites industry due to India and China as the growing economies, and the presence of some prominent players in the region. The expansion of the transport, wind, and construction & infrastructure industries in the countries has proliferated the demand over the forecast period. China is projected to grow at the fastest rate in APAC over the forecast period. China is the biggest composites industry in the Asia Pacific. The nation's economic development is the principal driver for strong composite usage. The transport and building & infrastructure industries are growing rapidly in the region, increasing demand for composites in the market.
.png "Global Composites Market Share by Region (CAGR)")