The global Composite Materials Market is valued at USD 108.9 Billion in 2022 and is projected to reach a value of USD 200.07 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 7.9% between 2023 and 2030.
The goal for zero emissions by 2050 is having a significant impact on the market for , especially in the automotive industry. Due to the urgent need to battle climate change, the quick research, invention, and manufacture of electric vehicles (EVs) are increasingly crucial. For instance, the UK government's recent pledge to cut CO2 emissions by 68% by 2030. The requirement that almost half of the UK's vehicles be electric by 2030 and the ban on the sale of new gasoline and diesel vehicles are essential stages in this ambitious project. This target is to replace 16.1 million conventional cars with electric vehicles, and the current number of about 200,000 EVs registered in the UK highlights the drastic change that is required in automotive industry.
Composite Materials Market Size, 2022 To 2030 (USD Billion)
- The demand for robust, lightweight materials is driving the market in a number of different sectors. New and inventive composites materials and manufacturing technologies are also having an impact on the market.
- Asia Pacific generated more than 44.8% of revenue share in 2022
- North America is expected to grow at the quickest rate from 2023 to 2030
- Glass Fiber Composites segment accounted for the largest market growth. It contributed over 52.5% of the total revenue share in 2022 due to its exceptional strength, versatility, and cost-effectiveness.
- Thermoset Composites segment revealed the most significant market growth, contributing more than 58.8% of the total revenue share in 2022
- Aerospace & defense segment accounts for largest revenue of 34.8% in 2022
- Resin Transfer Molding (RTM) segment dominated the market in 2022 with market share of 27.8%
The has grown significantly. A 1-2% increase in GDP was strongly correlated with increased demand in the building, transportation, and industrial sectors, which increased the use of composites by about 3-4% in a variety of applications including infrastructure, automotive, and aerospace. Production costs were directly impacted by fluctuations in raw material costs, including a potential 5-8% variance in the cost of carbon fibers, resins, and reinforcement materials. Concurrently, cost reductions of 10-15% through process innovation and improvements in production efficiency were essential for maintaining market competitiveness. Global supply networks may be disrupted by 5–10% as a result of trade policy and supply chain issues. Material decisions were influenced by sustainability regulations, which had an impact on 15-20% of decision-making processes.
Report Coverage & Deliverables
- Real-Time Data Updates:
- Competitor Benchmarking
- Market Trends Heatmap
- Custom Research Queries
- Market Sentiment Analysis
- Demographic and Geographic Insights
Top Market Trends
- Increased demand from the wind energy and automotive industries: composite materials are being employed more and more in wind turbine blades and other parts of the machines because of their excellent strength-to-weight ratio and resistance to corrosion. In order to increase fuel efficiency and lower emissions, they are also employed in automotive applications, such as lightweight body panels and structural components.
- Development of new and innovative materials: For composites, research and development are ongoing continuously, resulting in the creation of novel materials with enhanced qualities.
- Advancements in manufacturing technologies: A more cost-effective way to manufacture composites is now possible thanks to developments in manufacturing technology including out-of-autoclave (OOA) curing.
- Environmental issues and sustainability: There have been a drive for more eco-friendly materials across a range of businesses as sustainability and lowering the carbon footprint become more and more important. As replacements for traditional petroleum-based materials, composites, particularly bio-based and recyclable composites, have drawn interest.
- High-Performance Composites: The development of high-performance materials like carbon fiber reinforced polymers (CFRPs) and advanced ceramics is a result of the demand for composites with remarkable mechanical, thermal, and chemical qualities. Extreme settings including the aerospace, defense, and industrial industries find use for these materials.
The globel Composite Materials market can be categorized into Fiber Type , Resin Type , End-use , Manufacturing Process , Region . The Market can be categorized into Carbon Fiber Composites , Glass Fiber Composites, Natural Fiber Composites , Others based on Fiber Type . The Market can be categorized into Thermoset Composites , Thermoplastic Composites based on Resin Type . The Market can be categorized into Aerospace & defense, Wind Energy, Automotive & Transportation, Construction & Infrastructure, Marine , Pipe & Tank , Electrical & Electronics, Others based on End-use . The Market can be categorized into Layup Process, Filament Winding , Injection Molding , Pultrusion Process, Compression Molding, Resin Transfer Molding (RTM) , Others based on Manufacturing Process . The Market can be categorized into North America , Europe, Asia Pacific , Latin America, Middle East & Africa based on Region .
Below tree is interactive. You can click the nodes to get more information.
Based on Fiber Type
Glass Fiber Composites holds the largest share
Glass fiber composites hold the biggest market share and will account for 52.5% of the global market for in 2022 due to their remarkable strength-to-weight ratio, corrosion resistance, and affordability. They are widely useful in a variety of industries, including wind energy, aircraft, automotive, and the military. Glass fiber composites are extremely popular because of their exceptional qualities, including their high strength-to-weight ratio, which makes them suitable for weight-sensitive applications like aircraft and automotive components, resistance to corrosion, which makes them suitable for harsh environments like those in the chemical and marine sectors, and cost-efficiency, which makes them an attractive option for a variety of applications.
Based on Resin Type
Thermoset Composites will dominate the market during Forecast Period
The thermoset composites will dominate the market for Composite Materials during the forecast period because they are exceptionally strong, stiff, and temperature resistant, which accounts for their superiority. Thermoset composites have a wide range of uses in the wind energy, aerospace, automotive, and marine industries. Their popularity is attributed to a number of important characteristics, including their high strength and stiffness in relation to their weight, making them ideal for weight-conscious applications like aircraft and automotive components; their resilience against chemicals, making them suitable for industries like oil and gas; and their durability by withstanding repeated use and exposure to harsh conditions.
Based on End-user
Aerospace & defense will account for largest market share
The increasing demand for lightweight, high-performance materials in both airplane and spacecraft applications is accountable for this dominance. The outstanding strength-to-weight and stiffness-to-weight ratios of composites, which make them ideal for crucial applications like aircraft wings and fuselages, their remarkable lightweight nature, which provides a significant advantage over traditional materials like metals and makes them exceptionally suitable for use in aircraft and spacecraft, and their durability, which gives them the ability to withstand repeated use and exposure to difficult conditions.
Based on Manufacturing process
Resin Transfer Molding (RTM) dominated the market in 2022
RTM dominated the market due to its extraordinary adaptability and its capability to fabricate large, sophisticated components while upholding admirable dimensional accuracy. The popularity of RTM is rooted in a number of important aspects, including its wide applicability in the production of components ranging from small to large and simple to intricate; its capacity to deliver parts with accurate dimensions, a quality of utmost importance across diverse applications; its ability to achieve high production rates, cementing itself as a cost-effective manufacturing process; and its expertise in producing parts with a refined surface finish.
Based on Region
Asia Pacific will lead the market
Asia Pacific is expected to dominate the market for due to the rising demand for composites in the region's wind energy, aerospace, and automotive industries. The region's leadership is supported by a number of important factors, including its swift economic development, which is driving diverse demands for composites across industries, strong investments in infrastructure development, which open up new opportunities for composite applications, the rising demand for lightweight materials brought on by growing environmental concerns, the availability of plenty of cheap labor, which makes the area a cost-effective hub for composite production.
The global market is fragmented, including a diverse array of the presence of several key players, there strategies like vertical integration and research and development to innovate advanced composite materials for applications in aerospace, automotive, and wind energy sectors. Mergers and acquisitions were observed for portfolio expansion, while start-ups and niche players introduced innovative technologies. For instance, in December 2022 with the help of Electronic Fluorocarbons (EFC), Solvay SA was able to secure exclusive distribution rights for its goods in North America.
The players in the global market include Teijin Ltd., Toray Industries Inc., Owens Corning, PPG Industries Inc., Huntsman Corporation LLC, SGL Group, Hexcel Corporation, DuPont, Compagnie de Saint-Gobain S.A, Weyerhaeuser Company among others.
Recent Market Developments
- October 2022: Specialty Materials and Toray Advanced Composites strengthened their business relationship. Through this business alliance, engineers may easily oversee and manage crucial factors for novel solution developments using premium US supply chain products.
- April 2022: Weather-resistant deck manufacturer WearDeck, based in the US, was purchased by Owens Corning. The purchase of WearDeck represents a significant advancement in the plan to propel Owens Corning's growth while reorienting the Composites division to concentrate on high-value material solutions for the building and construction industry.
- April 2022: 60% of Fiberline Composites A/S, a company that develops technologies for the pultruded production of carbon and glass products, was purchased by Gurit Holding AG.
Segmentation of the Global Market
- Fiber Type (Carbon Fiber Composites , Glass Fiber Composites, Natural Fiber Composites , Others )
- Resin Type (Thermoset Composites , Thermoplastic Composites)
- End-use (Aerospace & defense, Wind Energy, Automotive & Transportation, Construction & Infrastructure, Marine , Pipe & Tank , Electrical & Electronics, Others)
- Manufacturing Process ( Layup Process, Filament Winding , Injection Molding , Pultrusion Process, Compression Molding, Resin Transfer Molding (RTM) , Others )
- Region (North America , Europe, Asia Pacific , Latin America, Middle East & Africa )
|Regions & Countries Covered
- North America - (U.S., Canada, Mexico)
- Europe - (U.K., France, Germany, Italy, Spain, Rest Of Europe)
- Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
- Latin America - (Brazil, Argentina, Rest Of Latin America)
- Middle East & Africa - (GCC Countries, South Africa, Rest Of Middle East & Africa)
- Teijin Ltd.
- Toray Industries Inc.
- Owens Corning
- PPG Industries Inc.
- Huntsman Corporation LLC
- SGL Group
- Hexcel Corporation
- Compagnie de Saint-Gobain S.A
- Weyerhaeuser Company
||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST
analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market
attractiveness analysis by segments and North America, company market share analysis, and COVID-19
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