Composites Market Overview:
Global Composites Market size and share is currently valued at USD 94.16 billion in 2023 and is anticipated to generate an estimated revenue of USD 173.84 billion by 2032, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust 7.1% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2024 – 2032.
The composites market is witnessing robust growth due to their lightweight, high strength, and corrosion-resistant properties. Composites are extensively used in industries such as aerospace, automotive, construction, and renewable energy, driving their widespread adoption.
Key Market Drivers:
- Increasing Demand for Lightweight Materials: The push for fuel efficiency in automotive and aerospace industries is driving demand for composites to reduce vehicle and aircraft weight.
- Expansion in Renewable Energy Sector: The use of composites in wind turbine blades and solar panels is growing, driven by the rapid expansion of renewable energy projects.
- Advancements in Manufacturing Technologies: Innovations such as 3D printing and automated manufacturing processes are enhancing the production efficiency and design capabilities of composite materials.
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Key Companies in Composites Market:
- Compagnie de Saint-Gobain S.A.
- Gurit Holding AG
- Hexcel Corporation
- Hexion Inc.
- Huntsman Corporation
- Mitsubishi Chemical Corporation
- Owens Corning
- SGL Carbon SE
- Solvay S.A.
- Teijin Limited
- Toray Industries, Inc.
- Weyerhaeuser Company
Industry Developments
The market is seeing a shift toward sustainable composites, including bio-based and recycled materials, to meet environmental standards. Key players are investing in advanced production technologies and forming strategic alliances to expand their product offerings and market presence.
Challenges and Opportunities
Challenges include high production costs and the complexity of recycling composite materials, which may hinder broader adoption. However, opportunities lie in the growing use of composites in electric vehicles, construction of smart cities, and aerospace applications, where durability and performance are critical.
Composites Market Segmentation:
Polaris Market Research has segmented the composites market report based on material type, application, manufacturing process, end-use industry, and region, providing comprehensive insights into market trends and growth opportunities.
Composites, Fiber Type Outlook (Revenue – USD Billion, 2019 – 2032)
- Glass Fiber
- Carbon Fiber
- Others
Composites, Resin Type Outlook (Revenue – USD Billion, 2019 – 2032)
- Thermoplastic Composites
- Thermoset Composites
Composites, Manufacturing Process Outlook (Revenue – USD Billion, 2019 – 2032)
- Injection Molding Process
- Layup Process
- Compression Molding Process
- Filament Winding Process
- Pultrusion Process
- Resin Transfer Molding Process
- Others
Composites, End Use Outlook (Revenue – USD Billion, 2019 – 2032)
- Construction and Infrastructure
- Automotive & Transportation
- Aerospace & Defense
- Marine
- Wind Energy
- Electrical & Electronics
- Others
The composites market is set for significant growth, driven by rising demand in key industries and ongoing innovations. Addressing sustainability challenges and leveraging emerging applications will be vital for unlocking the market’s full potential.