Global Composite Materials Market Insights Forecasts to 2033

• The Global Composite Materials Market Size was Valued at USD 99.50 Billion in 2023
• The Market Size is Growing at a CAGR of 6.90% from 2023 to 2033
• The Worldwide Composite Materials Market Size is Expected to Reach USD 193.82 Billion by 2033
• Asia Pacific is Expected to Grow the fastest during the forecast period.

 

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The Global Composite Materials Market Size is Anticipated to Exceed USD 193.82 Billion by 2033, Growing at a CAGR of 6.90% from 2023 to 2033.

 

Market Overview

A composite material is made up of two materials with distinct physical and chemical properties. Composite materials are mixed and form a material that is designed to perform a specific function, such as becoming stronger, lighter, or more resistant to electricity. The composite material also increases strength and rigidity. Their popularity over traditional materials stems from the fact that they increase the qualities of their basic materials and can be used in a variety of scenarios.

 

Composite materials are used in aerospace for aircraft and spacecraft components, in automotive and transportation for body panels and structural parts, and wind energy for turbine blades. Composites also enhance construction and infrastructure through reinforced materials, are used in electrical and electronic applications for insulators and enclosures, and are integral in marine, sports, and medical fields for their specialized performance characteristics.

 

The composite materials market is growing due to increasing demand for lightweight and durable materials in the automotive and aerospace industries, technological advancements, and R&D investments.

 

In February 2024, Toray Advanced Composites launched an LCA program for Cetex composites. Customers purchasing thermoplastic composite materials will receive reliable emissions data from a lifecycle assessment that will begin at Toray's Nijverdal site and subsequently expand to places in the United States.

 

Report Coverage

This research report categorizes the market for composite materials based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the composite materials market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the composite materials market.

 

Driving Factors

The composite materials market is driven by several key factors including the demand for lightweight and high-strength materials in sectors such as aerospace, automotive, and construction. Technological advancements in manufacturing processes, along with innovations in material formulations, have made composites more accessible and cost-effective. The growth in infrastructure projects and regulatory pressures for sustainable and environmentally friendly materials also contribute to the market's expansion. Additionally, the increasing use of composites in consumer electronics and the continuous improvement in their performance and customization capabilities further fuel market growth. Top of FormBottom of Form

 

Restraining Factors

The composite materials market faces several challenges that can impede its growth, including high initial costs and complex manufacturing processes. The difficulty of recycling composites and disposing of them raises environmental concerns and adds to lifecycle costs. Additionally, limited awareness and technical expertise in some industries can slow adoption, while performance limitations in extreme conditions and durability concerns may impact reliability. Regulatory and certification challenges also complicate market entry, and competition from alternative materials further pressures the composite sector.

 

Market Segmentation

The composite materials market share is classified into type, resin type, and end use industry.

 

• The glass fiber reinforced polymers segment is estimated to hold the highest market revenue share through the projected period.

Based on the type, the composite materials market is classified into glass fiber reinforced polymers, carbon fiber reinforced polymers, aramid fiber reinforced polymers, and others. Among these, the glass fiber reinforced polymers segment is estimated to hold the highest market revenue share through the projected period. GFRPs offer a favorable balance of strength, weight, and durability, making them suitable for a wide range of applications across industries such as automotive, aerospace, and construction. Their affordability and established manufacturing processes further contribute to their dominant market position.

 

• The thermoset composites segment is anticipated to hold the largest market share through the forecast period.

Based on the resin type, the composite materials market is divided into thermoset composites and thermoplastic composites. Among these, the thermoset composites segment is anticipated to hold the largest market share through the forecast period. The dominance of thermoset composites is due to their advantageous properties, such as superior mechanical strength, durability, and resistance to high temperatures and chemical degradation. Thermoset resins, like epoxy and polyester, cure into a rigid structure, which provides excellent performance in demanding applications across industries such as aerospace, automotive, and construction. Their established use and reliable performance contribute to their continued dominance, even as thermoplastic composites grow in prominence.

 

• The aerospace & defense segment dominates the market with the largest market share through the forecast period.

Based on the end use industry, the composite materials market is categorized into aerospace & defense, wind energy, automotive & transportation, construction & infrastructure, electrical & electronics, and others. Among these, the aerospace & defense segment dominates the market with the largest market share through the forecast period. This dominance is due to the sector's high demand for advanced composite materials, which offer crucial benefits such as high strength-to-weight ratios, improved fuel efficiency, and enhanced durability. Composites are integral in aerospace applications for components like fuselages, wings, and engine parts, as well as in defense for equipment and structural parts. The continuous advancements in aerospace technology and the increasing need for lightweight, high-performance materials drive the significant market share of this segment, outpacing other industries such as automotive, wind energy, and construction.

Regional Segment Analysis of the Composite Materials Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

 

North America is anticipated to hold the largest share of the composite materials market over the predicted timeframe.

 

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North America is anticipated to hold the largest share of the composite materials market over the predicted timeframe. Top of Form North American region dominates the composite materials market due to its strong presence in advanced manufacturing and innovation, particularly in the aerospace and defense sectors. The region's significant automotive industry also drives demand for lightweight, high-performance materials. Additionally, ongoing investments in infrastructure and substantial research and development activities further bolster its market share.

 

Asia Pacific is expected to grow at the fastest CAGR growth of the composite materials market during the forecast period. This rapid expansion can be attributed to several factors including the region's booming construction and automotive industries, increasing industrialization, and substantial investments in infrastructure development. Additionally, the rising demand for lightweight and high-performance materials in the aerospace and electronics sectors further fuels this growth. The growing emphasis on technological advancements and manufacturing capabilities in countries like China and India also contributes to the accelerated market growth in Asia Pacific.Top of FormBottom of Form

 

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the composite materials market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

 

List of Key Companies

• Owens Corning
• Toray Industries
• Hexcel Corporation
• SGL Carbon SE
• Huntsman Corporation
• Gurit Holding AG
• Zoltek Companies, Inc.
• Nippon Electric Glass Co.Ltd.
• Mitsubishi Chemical Holdings Corporation
• General Plastics & Composites LP
• JPS Composite Materials
• Teijin Limited
• Solvay S.A.
• Others.

 

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

 

Recent Developments

• In June 2024, PETRONAS announced ProTough, its third graphene-based product within the Advanced Materials portfolio, to seize new development prospects aligned with its Energy Transition Strategy.

 

• In June 2024, The Navrattan Group launched a new E-Bus constructed of composite fiber materials. This E-Bus, which utilizes high-quality glass fiber composite technology, represents a significant development in electric vehicle design.

 

• In March 2024, Toray Advanced Composites, launched Toray Cetex TC915 PA. Toray CetexTC915 PA is ideal for sporting goods, high-performance industrial applications, automotive structures, energy (oil/gas/hydrogen), urban air mobility (UAM), and unmanned aerial systems (UAS) applications.

 

• In March 2024, VoxelMatters, launched a pre-sale offer for their updated comprehensive report on composites additive manufacturing.

 

• In February 2024, Syensqo, announced the debut of Swyft-Ply, a new composite material brand that expands design possibilities for the electronic and smart device markets.

 

Market Segment

This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the composite materials market based on the below-mentioned segments: 

 

Global Composite Materials Market, By Type

• Glass Fiber Reinforced Polymers
• Carbon Fiber Reinforced Polymers
• Aramid Fiber Reinforced Polymers
• Others

Global Composite Materials Market, By Resin Type

• Thermoset Composites
• Thermoplastic Composites

 

Global Composite Materials Market, By End Use Industry

• Aerospace & Defense
• Wind Energy
• Automotive & Transportation
• Construction & Infrastructure
• Electrical & Electronics
• Others

 

Global Composite Materials Market, By Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa