In terms of revenue, the Global Composites Market is expected to reach USD 160.45 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 6.5% from 2022 to 2028. The Global Composites Market growth is attributed to the factors such as increasing demand for composites across various end-use industries, rising demand for wind energy, as well as government stimulus packages. Moreover, high demand for composites in the automotive industries is projected to drive the Composites Market growth over the forecast period.
- The automotive & transportation sub-segment is anticipated to grow at a substantial CAGR. The market growth is attributed to the increasing focus of manufacturers and government on reducing weight and increasing the efficiency of vehicles is increasing the demand for composited further propelling the market growth.
- The glass fiber sub-segment held a significant market share in 2021. The market growth is attributed to factors such as superior attributes of glass fibers, such as strength, flexibility, durability, and others; which makes it suitable for several applications in construction, wind energy, and others. Thus, further propelling the market growth.
- Asia Pacific is the largest regional segment. China and Japan are the largest consumers of composites in the region. Thus, the presence of such countries in the region is further propelling the market growth in the region over the forecast period.
Some of the key players in Composites Market include - The Quadrant Group of Companies, Hexcel Corporation, Owens Corning, TPI Composites, Inc, Fokker Aerostructures, Faurecia, Performance Composites Inc., Toray Industries, APPLIED POLERAMIC INC., KINECO, HITCO Carbon Composites, Inc., VELLO NORDIC AS, Hexagon Composites, Enduro Composites, Inc., Teijin Limited, Creative Composites Ltd., BGF Industries, Inc., Kangde Xin Composite Material Group Co., Ltd., PLASAN CARBON COMPOSITES, FACC AG, Premium Aerotec, COTESA GmbH, Wethje Carbon Composites, Akiet B.V., Fiberdur GmbH & Co. KG, and FILL GESELLSCHAFT M.B.H.
Composites have a wide range of applications. These composites are used in various industries such as automotive & transportation, wind energy, and aerospace and defense, among others. In the past decade, the automotive industry is expanding at its wildest level. This is owing to the increase in population. The government is taking several initiatives regarding reducing carbon emissions and environmental safety. Thus, manufacturers, as well as the government, are focusing on reducing weight and increasing the efficiency of vehicles to save energy and fuel as well as to reduce carbon emissions.
The composites such as glass fibers have several superior attributes such as resistance to heat, stability, strength, and durability. Also, it has other attributes such as low weight, and, temperature, moisture, flexibility which makes it suitable for several applications such as construction, wind energy, pipes & tanks, marine, and transportation industries among others. Thus, owing to a wide range of applications; the demand for composites is increasing at its wildest level. Consequently, propelling the market growth over the forecast period.
Asia Pacific is expected to emerge as a potential market for the Composites Market. The market growth in the region is attributed to increasing demand for composites from several countries such as China, Japan, India, and other countries. Construction, automotive and transportation, and wind energy among other industries are anticipated to be the major end-use industries of composites. Thus, the presence of such countries in the region is further propelling the market growth in the region over the forecast period.