Composites Market by Type (Carbon Matrix Composites, Ceramic Matrix Composites, Metal Matrix Composites), Manufacturing Process (Compression Molding, Filament Winding, Injection Molding), End-Use - Global Forecast 2024-2030
The Composites Market size was estimated at USD 89.83 billion in 2023 and expected to reach USD 95.68 billion in 2024, at a CAGR 7.49% to reach USD 148.96 billion by 2030.
Composites are a combination of two or more distinct materials that retain their individual properties while also exhibiting new and improved characteristics as a result of their interaction with each other. Composites are engineered with the aim of optimizing the performance and functionality of products by capitalizing on the unique advantages offered by each constituent material. The increasing demand for lightweight materials in industries such as aerospace, automotive, and transportation and the growing focus on fuel efficiency increases the adoption of composites. However, high manufacturing costs of composite materials and limited material recyclability may hinder market growth. Nevertheless, innovations in advanced recycling techniques enable effective recovery and reuse of valuable composite components, thus creating lucrative opportunities for the development of the market.
Regional Insights
The Americas, particularly the United States, has a strong presence in the composites industry, with a significant focus on aerospace, automotive, and infrastructure applications. The region consists of several composite manufacturers, research institutions, and industry associations developing R&D activities for the advanced engineered materials and manufacturing process associated with the composite. The increasing adoption of composites in several sectors is influenced by economic growth, infrastructure development, and the pursuit of lightweight and sustainable solutions, especially in the Asia-Pacific and EMEA region. China and Japan have witnessed significant investments in the aerospace industry, driving the demand for composites in aircraft manufacturing. The automotive industry in Japan, South Korea, China, Germany, France, and the United Kingdom actively embraces composites to achieve lightweight and improve fuel efficiency. The construction, energy, and marine sectors in countries such as China, India, and Japan also utilize composites for various applications, including building facades, renewable energy projects, and boat and ship construction. Further, the United Kingdom, France, and the United Arab Emirates highly employ composites for building facades, bridges, and reinforcement materials. The renewable energy sector in countries of Germany, Spain, and Denmark has adopted composites for wind turbine blades and solar panel structures for lightweight and high-strength properties, contributing to the growth of clean energy generation. Moreover, marine industries in Norway, Italy, and the Netherlands utilize composites in boat and ship construction for weight reduction, corrosion resistance, and improved fuel efficiency.
Market Insights
- Market Dynamics
The market dynamics represent an ever-changing landscape of the Composites Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.- Market Drivers
- Increasing utilization of the composites for multiple applications
- Favorable government support for development of construction & infrastructure projects
- Market Restraints
- Associated high cost of raw materials and recycling issues
- Market Opportunities
- Emergence of natural composites
- Emerging advancement in composite manufacturing technology
- Market Challenges
- Limited standardization in composite manufacturing process
- Market Segmentation Analysis
- Type: Increasing adoption of polymer matrix composites due to their cost-effectiveness
- Manufacturing Process: Proliferating use of injection molding process owing to its ability to produce high volumes of identical parts quickly
- End-Use: Growing application of composites in the construction sector
- Market Disruption Analysis
- Porter’s Five Forces Analysis
- Value Chain & Critical Path Analysis
- Pricing Analysis
- Technology Analysis
- Patent Analysis
- Trade Analysis
- Regulatory Framework Analysis
The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Composites Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Composites Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Recent Developments- Michelin completes the acquisition of Flex Composite Group
Michelin Group has acquired Flex Composite Group to enhance its offerings in high-tech materials and further solidify its market position. This acquisition combined its innovation and research and development expertise with Flex Composite Group's advanced customer intimacy and industrial process expertise to unlock deep-innovation synergies in a broad range of products and applications.
Partnership approach sees Lucideon and the National Composites Centre deliver next generation ceramic composites solutions
Lucideon Limited and the National Composites Centre (NCC) have joined into a Memorandum of Understanding (MoU) to offer a complete range of services related to using oxide and non-oxide ceramic composite materials for various applications. This collaboration aims to foster the development of innovative materials and manufacturing processes, ultimately leading to a significant improvement in technology performance and survivability.
Talpasolutions closes Euro 15 million Series B to boost industrial intelligence in heavy industry
TalpaSolutions, an industrial intelligence company, recently closed their Series B funding round at USD 16.24 million. This funding allows them to expand their technology solutions across the heavy industry sector and provide more intelligent construction machinery telematics solutions to help reduce unplanned downtime and cost overruns. Through artificial intelligence of sensors and other data points, they can create smarter insights in faster time-frames to better predict performance failures and optimize operational cycles. This technology promises more successful outcomes for companies in the heavy industry sector.
The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Composites Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
Key Company Profiles
The report delves into recent significant developments in the Composites Market, highlighting leading vendors and their innovative profiles. These include ARRIS Composites, Inc., BASF SE, Celanese Corporation, China Jushi Co., Ltd., Compagnie Chomarat, Compagnie de Saint-Gobain S.A., Covestro AG, Creative Composites Group, DuPont de Nemours, Inc., Evonik Industries AG, Flex Composite Group, General Electric Company, Gurit Services AG, Heico Corporation, Hexcel Corporation, Hexion Inc., Honeywell International Inc., Huntsman Corporation, Kineco Limited, LAMILUX Heinrich Strunz Holding GmbH & Co. KG, LyondellBasell Industries Holdings B.V., Mitsubishi Chemical Corporation, Nippon Electric Glass Co., Ltd., Owens Corning, Performance Composites Inc., Safran Group, Schütz GmbH & Co. KGaA, SGL CARBON SE, Sigmatex (UK) Limited, Sika AG, Solvay S.A., Strongwell Corporation, Teijin Limited, Toray Industries, Inc., and TPI Composites Inc..
Market Segmentation & Coverage
This research report categorizes the Composites Market to forecast the revenues and analyze trends in each of the following sub-markets:- Type
- Carbon Matrix Composites
- Ceramic Matrix Composites
- Metal Matrix Composites
- Polymer Matrix Composites
- Manufacturing Process
- Compression Molding
- Filament Winding
- Injection Molding
- Lay-up
- Pultrusion
- Resin Transfer Molding
- End-Use
- Aerospace & Defense
- Automotive
- Construction
- Consumer Goods
- Energy & Wind
- Marine
- Sports & Leisure
- Region
- Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- California
- Florida
- Illinois
- New York
- Ohio
- Pennsylvania
- Texas
- Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
- Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
Please Note: PDF & Excel + Online Access - 1 Year
- Americas
- Market Drivers
- 1. Preface
- 1.1. Objectives of the Study
- 1.2. Market Segmentation & Coverage
- 1.3. Years Considered for the Study
- 1.4. Currency & Pricing
- 1.5. Language
- 1.6. Stakeholders
- 2. Research Methodology
- 2.1. Define: Research Objective
- 2.2. Determine: Research Design
- 2.3. Prepare: Research Instrument
- 2.4. Collect: Data Source
- 2.5. Analyze: Data Interpretation
- 2.6. Formulate: Data Verification
- 2.7. Publish: Research Report
- 2.8. Repeat: Report Update
- 3. Executive Summary
- 4. Market Overview
- 5. Market Insights
- 5.1. Market Dynamics
- 5.1.1. Drivers
- 5.1.1.1. Increasing utilization of the composites for multiple applications
- 5.1.1.2. Favorable government support for development of construction & infrastructure projects
- 5.1.2. Restraints
- 5.1.2.1. Associated high cost of raw materials and recycling issues
- 5.1.3. Opportunities
- 5.1.3.1. Emergence of natural composites
- 5.1.3.2. Emerging advancement in composite manufacturing technology
- 5.1.4. Challenges
- 5.1.4.1. Limited standardization in composite manufacturing process
- 5.2. Market Segmentation Analysis
- 5.2.1. Type: Increasing adoption of polymer matrix composites due to their cost-effectiveness
- 5.2.2. Manufacturing Process: Proliferating use of injection molding process owing to its ability to produce high volumes of identical parts quickly
- 5.2.3. End-Use: Growing application of composites in the construction sector
- 5.3. Market Trend Analysis
- 5.3.1. Introduction of advanced composites for transforming automotive, aerospace, and military sector in the Americas
- 5.3.2. Expanding composite production facilities in APAC with the abundant availabilty of raw materials
- 5.3.3. Well-established market players and government assistance encourage market growth in EMEA
- 5.4. Cumulative Impact of High Inflation
- 5.5. Porter’s Five Forces Analysis
- 5.5.1. Threat of New Entrants
- 5.5.2. Threat of Substitutes
- 5.5.3. Bargaining Power of Customers
- 5.5.4. Bargaining Power of Suppliers
- 5.5.5. Industry Rivalry
- 5.6. Value Chain & Critical Path Analysis
- 5.7. Regulatory Framework Analysis
- 6. Composites Market, by Type
- 6.1. Introduction
- 6.2. Carbon Matrix Composites
- 6.3. Ceramic Matrix Composites
- 6.4. Metal Matrix Composites
- 6.5. Polymer Matrix Composites
- 7. Composites Market, by Manufacturing Process
- 7.1. Introduction
- 7.2. Compression Molding
- 7.3. Filament Winding
- 7.4. Injection Molding
- 7.5. Lay-up
- 7.6. Pultrusion
- 7.7. Resin Transfer Molding
- 8. Composites Market, by End-Use
- 8.1. Introduction
- 8.2. Aerospace & Defense
- 8.3. Automotive
- 8.4. Construction
- 8.5. Consumer Goods
- 8.6. Energy & Wind
- 8.7. Marine
- 8.8. Sports & Leisure
- 9. Americas Composites Market
- 9.1. Introduction
- 9.2. Argentina
- 9.3. Brazil
- 9.4. Canada
- 9.5. Mexico
- 9.6. United States
- 10. Asia-Pacific Composites Market
- 10.1. Introduction
- 10.2. Australia
- 10.3. China
- 10.4. India
- 10.5. Indonesia
- 10.6. Japan
- 10.7. Malaysia
- 10.8. Philippines
- 10.9. Singapore
- 10.10. South Korea
- 10.11. Taiwan
- 10.12. Thailand
- 10.13. Vietnam
- 11. Europe, Middle East & Africa Composites Market
- 11.1. Introduction
- 11.2. Denmark
- 11.3. Egypt
- 11.4. Finland
- 11.5. France
- 11.6. Germany
- 11.7. Israel
- 11.8. Italy
- 11.9. Netherlands
- 11.10. Nigeria
- 11.11. Norway
- 11.12. Poland
- 11.13. Qatar
- 11.14. Russia
- 11.15. Saudi Arabia
- 11.16. South Africa
- 11.17. Spain
- 11.18. Sweden
- 11.19. Switzerland
- 11.20. Turkey
- 11.21. United Arab Emirates
- 11.22. United Kingdom
- 12. Competitive Landscape
- 12.1. Market Share Analysis, 2023
- 12.2. FPNV Positioning Matrix, 2023
- 12.3. Competitive Scenario Analysis
- 12.3.1. Michelin completes the acquisition of Flex Composite Group
- 12.3.2. Partnership approach sees Lucideon and the National Composites Centre deliver next generation ceramic composites solutions
- 12.3.3. Talpasolutions closes Euro 15 million Series B to boost industrial intelligence in heavy industry
- 12.3.4. IntelliShift Announced Procore Partnership
- 12.3.5. HCSS Partnered With Clue Insights to Give Construction Companies a Single View of Their Entire Operation and Its Assets
- 12.3.6. IntelliShift Extended Construction Fleet Data Automation Through Data Xchange Partnership
- 12.3.7. Volvo CE revealed Connected Map Technology for Vehicle Visualization
- 12.3.8. Trimble Announced Path Planning Technology Toward Autonomous Goal
- 12.3.9. Battery Ventures Agrees to Make Significant Investment to Drive Growth, Innovation in European Fleet-Management Technology Sector
- 12.3.10. Construction Photogrammetry Vendor Avvir Acquired by Hexagon AB
- 12.3.11. Geotab Becomes The First Dedicated Telematics Company To Receive SBTI Validation For Its Emissions Reduction Targets
- 12.3.12. Komatsu launched Smart Construction Retrofit Kit
- 12.3.13. Komatsu Acquired Australian Telematics Company
- 12.3.14. Hitachi Construction Machinery Americas Expands in North America and Latin America
- 12.3.15. Geotab and Free2move Partnered on Integrated Telematics Solution for Stellantis
- 12.3.16. Hitachi launched new telematics system - Construction Europe
- 13. Competitive Portfolio
- 13.1. Key Company Profiles
- 13.2. Key Product Portfolio
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