The Composite Material Market to Reach Valuation of USD 128.82 Billion by 2028; Increasing Demand for Smart Cities to Drive the Market

Vantage Market Research

Dec 13, 2021

In terms of revenue, the global composite material market is expected to reach USD 128.82 billion by 2028, growing at a CAGR of 7.52% from 2021 to 2028. The increasing demand for lightweight structures and industrial parts made from composite materials and the growing automotive industry are expected to boost the composite material market.

Key Findings

  • Under the fiber type segment glass fiber sub-segment is anticipated to dominate the segment for composite material market and grow at a CAGR of 6.21%. This is due to the increasing use of glass fiber in the composite manufacturing industry. Also, these fibers are used as an additive material when combined with other polymers for manufacturing industrial parts.   
  • The thermoplastic material sub-segment under the resin type segment held a market share of 48% in 2021. This is due to the increasing demand for this resin in the automotive industry. As the automotive industry is one of the leading manufacturing segments in the industrial sector, the use of thermoplastic resins is gaining huge importance for the same.  
  • North America is expected to grow at a CAGR of over 5.11% from 2021 to 2028. The increasing use of composite materials in the manufacturing of defense parts, automotive, and aerospace in this region has been attributed to the growth of the composite material market.

Some of the key players in the composite material market include Owens Corning, Toray Industries, Inc., Teijin Limited, Mitsubishi Chemical Holdings Corporation, Hexcel Corporation, SGL Group, Nippon Electric Glass Co. Ltd., Huntsman International LLC., and Solvay. For instance, in 2021, HEXEL Corp. and METYX have joined forces to develop technology that builds on Hexcel's expertise in polyurethanes for the ski industry combined with its strength in providing high-performance composites to wind energy customers and expanding to other markets for composite applications. METYX is a manufacturer of high-performance NCF and woven glass and carbon, consumables, core and fabric kitting, molds, prototypes, and components for industries including wind energy, marine, automotive, rail, and construction.

Composite materials have been introduced into almost every industry in some form or another. The wide range of property values attained with composites and the ability to tailor the properties is an advantage. Composite materials also generally have higher strength- and modulus-to-weight ratios than traditional engineering materials. These features can reduce the weight of a system by as much as 20 to 30%. The weight savings translates into energy savings or increased performance. Advanced composites exhibit desirable dynamic properties and have high creep resistance and good dampening characteristics. In fact, the superior fatigue performance of composite materials enables them to be used to repair metallic airframes with fatigue damage.

North America is expected to grow at the fastest CAGR in the coming years. This is due to the high demand for composite materials required for manufacturing in this region. Composites in this region have been dedicated to providing manufacturers with resources and training to help them successfully manufacture products. U.S and Canada have great technical expertise, product knowledge, and experience, and regional technical support managers, as well as technical sales representatives, are providing great solutions for new product development and processes.

Asia Pacific is expected to grow at a constant CAGR in the coming years due to less availability of technical knowledge, less expertise manpower, and not enough resources. Due to these reasons, this region is growing slowly but due to cheap manpower and huge population may help the composite material market to surge in future years.