Composites Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Composites Market
The composites market size was valued at USD 99.9 billion in 2023, and the market is now projected to grow to 112.0 USD billion by 2032, exhibiting a CAGR of 6.88% during the forecast period of 2023-2030.
This has affected the overall supply and demand chains of the particular market. As a result of the government's lockdown and other steps to stop the coronavirus from spreading, all supply activities were postponed, which decreased the amount of product related to this domain. The lack of raw material availability and the weak demand from the automotive and aerospace industries are predicted to cause the global market to develop slightly less than anticipated. The price of feedstock has been adversely impacted by the fluctuations in crude oil prices. Notwithstanding the pandemic, there is anticipated to be a robust market for consumer goods that use these materials. A lot of growth has been observed in the recent times because of this particular factor that contributed and aslo acted as a catalyst to the overall development of the product market. This has ultimately outraged the sales and demand for this particular market growth and prosperity. These factors affceted the composites market growth.
This is the major factor attributing the growth of this particular market. This factor is majorly involved in taking the revenue numbers above the skies and soaring greater heights and also the sales and demands have been proliferation and increased its value to greater extent. Composite materials are used to meet customer needs for a range of intricately designed structures, parts, and design patterns. A number of industrial verticals are served by the sector, including consumer goods, wind power, automotive, aerospace, and marine. There are several methods in which these industries use these materials. Consumer demand, pricing thresholds, laws, and part performance criteria all influence this usage. These particular growth driving factors have been recorded to attribute the composites market share.
A latest trend has been witnessed to proliferate the market growth. This particular trend has been recorded to be the most profiting trends that have been upgraded to augment the overall market growth. In recent years, the aerospace industry has expanded and changed how composites are used. Manufacturers of commercial and business jets are moving to expand thermoplastic primary structures. Aircraft makers were the first to use the technology of long fiber-reinforced thermoplastics. A lot of specifications have been made to this particular product which has benefited the market growth. This specific trend has influenced the market growth so much so that the revenue and share numbers of this particular product is touching the skies and soaring over.
Comprehensive Analysis of Composites Market
The market is divided into three categories based on the matrix: metal matrix (MMC), ceramic matrix (CMC), and polymer matrix (PMC). The largest market share in the world is held by polymer matrix. The market segments by application include consumer goods, wind energy/power, building & construction, automotive & transportation, consumer goods, pipes & tanks, electrical & electronics products, maritime, defense & aviation, and others.
This particular region has augmented a lot in the past few years in this particular product market. This specific region held the biggest revenue share. Based on our research approach, the results show that throughout the forecast period, Asia Pacific will have the greatest revenue share in the global market. It is anticipated that the growing demand in key industries including building and construction, automotive and transportation, aerospace and defense, and electrical and electronics would present a huge potential for market participants. This particular region is actually growing a lot and is anticipated to augment more over the years.
Global markets are fiercely competitive and highly fragmented. Due to their creative packaging solutions, a few group of large market companies hold a fair amount of market share. Some of the major Companies includes Owens Corning (U.S.), Toray Industries, Inc. (U.S.), Teijin Limited (U.S.), Mitsubishi Chemical Holdings Corporation (U.S.), and Hexcel Corporation (U.S.).
In September 2021, This particular company has attributed the market growth in terms of revenue and shares system. The BDO facility in Germany and the entire firm were acquired from Ashland Global Holdings Inc. by the chemical manufacturer INEOS Enterprises. INEOS will be able to solidify its place in the international market with this acquisition. This particular development and investment the global market has been recorded to be a boon for the market growth.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2016-2027
Base Year 2019
Forecast Period 2020-2027
Historical Period 2016-2018
Unit Value (USD Billion/USD Million) and Volume (Million ton/Kiloton)
Segmentation Matrix, Application, and Geography
By Matrix
Polymer Matrix
Fiber
Glass
Carbon
Aramid
Resin
Thermoset
Thermoplastic
Ceramic Matrix
Metal Matrix
By Application
Automotive
Building & construction
Electrical & Electronics goods
Pipes & tank manufacturing
Consumer goods
Wind power
Maritime
Defense & aviation
Others
By Region
North America
By Matrix
By Application
By Country
The U.S.
Canada
Europe
By Matrix
By Application
By Country
Germany
The UK
France
Italy
Russia
Rest of Europe
Asia Pacific
By Matrix
By Application
By Country
China
India
Japan
South Korea
Rest of Asia Pacific
Latin America
By Matrix
By Application
By Country
Brazil
Mexico
Rest of Latin America
The Middle East & Africa
By Matrix
By Application
By Country
GCC
South Africa
Rest of the Middle East & Africa
- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
- 4. Key Insights
- 4.1. Key Industry Trends
- 4.2. Overview of Global Composites Production
- 5. Impact on COVID-19 on the Composite Market
- 6. Global Composites Market Analysis, Insights and Forecast, 2016-2027
- 6.1. Key Findings / Summary
- 6.2. Market Analysis, Insights and Forecast – By Matrix
- 6.2.1. Polymer matrix composites
- 6.2.1.1. Fiber
- 6.2.1.1.1. Glass
- 6.2.1.1.2. Carbon
- 6.2.1.1.3. Aramid
- 6.2.1.2. Resin
- 6.2.1.2.1. Thermoset
- 6.2.1.2.2. Thermoplastic
- 6.2.2. Ceramic matrix composites
- 6.2.3. Metal matrix composites
- 6.3. Market Analysis, Insights and Forecast – By Application
- 6.3.1. Automotive
- 6.3.2. Building & construction
- 6.3.3. Electrical & Electronics goods
- 6.3.4. Pipes & tank manufacturing
- 6.3.5. Consumer goods
- 6.3.6. Wind power
- 6.3.7. Maritime
- 6.3.8. Defence & Aviation
- 6.3.9. Others
- 6.4. Market Analysis, Insights and Forecast – By Region
- 6.4.1. North America
- 6.4.2. Europe
- 6.4.3. Asia pacific
- 6.4.4. Latin America
- 6.4.5. Middle East & Africa
- 7. North America Composites Market Analysis, Insights and Forecast, 2016-2027
- 7.1. Key Findings / Summary
- 7.2. Market Analysis, Insights and Forecast – By Matrix
- 7.2.1. Polymer matrix composites
- 7.2.1.1. Fiber
- 7.2.1.1.1. Glass
- 7.2.1.1.2. Carbon
- 7.2.1.1.3. Aramid
- 7.2.1.2. Resin
- 7.2.1.2.1. Thermoset
- 7.2.1.2.2. Thermoplastic
- 7.2.2. Ceramic matrix composites
- 7.2.3. Metal matrix composites
- 7.3. Market Analysis, Insights and Forecast – By Application
- 7.3.1. Automotive
- 7.3.2. Building & construction
- 7.3.3. Electrical & Electronics goods
- 7.3.4. Pipes & tank manufacturing
- 7.3.5. Consumer goods
- 7.3.6. Wind power
- 7.3.7. Maritime
- 7.3.8. Defence & Aviation
- 7.3.9. Others
- 7.4. Market Analysis – By Country
- 7.4.1. U.S.
- 7.4.2. Canada
- 8. Europe Composites Market Analysis, Insights and Forecast, 2016-2027
- 8.1. Key Findings / Summary
- 8.2. Market Analysis, Insights and Forecast – By Matrix
- 8.2.1. Polymer matrix composites
- 8.2.1.1. Fiber
- 8.2.1.1.1. Glass
- 8.2.1.1.2. Carbon
- 8.2.1.1.3. Aramid
- 8.2.1.2. Resin
- 8.2.1.2.1. Thermoset
- 8.2.1.2.2. Thermoplastic
- 8.2.2. Ceramic matrix composites
- 8.2.3. Metal matrix composites
- 8.3. Market Analysis, Insights and Forecast – By Application
- 8.3.1. Automotive
- 8.3.2. Building & construction
- 8.3.3. Electrical & Electronics goods
- 8.3.4. Pipes & tank manufacturing
- 8.3.5. Consumer goods
- 8.3.6. Wind power
- 8.3.7. Maritime
- 8.3.8. Defence & Aviation
- 8.3.9. Others
- 8.4. Market Analysis – By Country
- 8.4.1. Germany
- 8.4.2. U.K.
- 8.4.3. Italy
- 8.4.4. France
- 8.4.5. Russia
- 8.4.6. Rest of Europe
- 9. Asia Pacific Composites Market Analysis, Insights and Forecast, 2016-2027
- 9.1. Key Findings / Summary
- 9.2. Market Analysis, Insights and Forecast – By Matrix
- 9.2.1. Polymer matrix composites
- 9.2.1.1. Fiber
- 9.2.1.1.1. Glass
- 9.2.1.1.2. Carbon
- 9.2.1.1.3. Aramid
- 9.2.1.2. Resin
- 9.2.1.2.1. Thermoset
- 9.2.1.2.2. Thermoplastic
- 9.2.2. Ceramic matrix composites
- 9.2.3. Metal matrix composites
- 9.3. Market Analysis, Insights and Forecast – By Application
- 9.3.1. Automotive
- 9.3.2. Building & construction
- 9.3.3. Electrical & Electronics goods
- 9.3.4. Pipes & tank manufacturing
- 9.3.5. Consumer goods
- 9.3.6. Wind power
- 9.3.7. Maritime
- 9.3.8. Defence & Aviation
- 9.3.9. Others
- 9.4. Market Analysis – By Country
- 9.4.1. China
- 9.4.2. India
- 9.4.3. Japan
- 9.4.4. South Korea
- 9.4.5. Rest of Asia Pacific
- 10. Latin America Composites Market Analysis, Insights and Forecast, 2016-2027
- 10.1. Key Findings / Summary
- 10.2. Market Analysis, Insights and Forecast – By Matrix
- 10.2.1. Polymer matrix composites
- 10.2.1.1. Fiber
- 10.2.1.1.1. Glass
- 10.2.1.1.2. Carbon
- 10.2.1.1.3. Aramid
- 10.2.1.2. Resin
- 10.2.1.2.1. Thermoset
- 10.2.1.2.2. Thermoplastic
- 10.2.2. Ceramic matrix composites
- 10.2.3. Metal matrix composites
- 10.3. Market Analysis, Insights and Forecast – By Application
- 10.3.1. Automotive
- 10.3.2. Building & construction
- 10.3.3. Electrical & Electronics goods
- 10.3.4. Pipes & tank manufacturing
- 10.3.5. Consumer goods
- 10.3.6. Wind power
- 10.3.7. Maritime
- 10.3.8. Defence & Aviation
- 10.3.9. Others
- 10.4. Market Analysis – By Country
- 10.4.1. Brazil
- 10.4.2. Mexico
- 10.4.3. Rest of Latin America
- 11. Middle East & Africa Composites Market Analysis, Insights and Forecast, 2016-2027
- 11.1. Key Findings / Summary
- 11.2. Market Analysis, Insights and Forecast – By Matrix
- 11.2.1. Polymer matrix composites
- 11.2.1.1. Fiber
- 11.2.1.1.1. Glass
- 11.2.1.1.2. Carbon
- 11.2.1.1.3. Aramid
- 11.2.1.2. Resin
- 11.2.1.2.1. Thermoset
- 11.2.1.2.2. Thermoplastic
- 11.2.2. Ceramic matrix composites
- 11.2.3. Metal matrix composites
- 11.3. Market Analysis, Insights and Forecast – By Application
- 11.3.1. Automotive
- 11.3.2. Building & construction
- 11.3.3. Electrical & Electronics goods
- 11.3.4. Pipes & tank manufacturing
- 11.3.5. Consumer goods
- 11.3.6. Wind power
- 11.3.7. Maritime
- 11.3.8. Defence & Aviation
- 11.3.9. Others
- 11.4. Market Analysis – By Country
- 11.4.1. GCC
- 11.4.2. South Africa
- 11.4.3. Rest of Middle East & Africa
- 12. Competitive Analysis
- 12.1. Company Profiles (Overview, Products & services, SWOT analysis, Recent developments, strategies, financials (based on availability))
- 12.1.1. Owens Corning
- 12.1.1.1. Overview,
- 12.1.1.2. Products & services,
- 12.1.1.3. SWOT analysis,
- 12.1.1.4. Recent developments,
- 12.1.1.5. strategies,
- 12.1.1.6. financials (based on availability)
- 12.1.2. Toray Industries, Inc.
- 12.1.2.1. Overview,
- 12.1.2.2. Products & services,
- 12.1.2.3. SWOT analysis,
- 12.1.2.4. Recent developments,
- 12.1.2.5. strategies,
- 12.1.2.6. financials (based on availability)
- 12.1.3. Teijin Limited
- 12.1.3.1. Overview,
- 12.1.3.2. Products & services,
- 12.1.3.3. SWOT analysis,
- 12.1.3.4. Recent developments,
- 12.1.3.5. strategies,
- 12.1.3.6. financials (based on availability)
- 12.1.4. Mitsubishi Chemical Holdings Corporation
- 12.1.4.1. Overview,
- 12.1.4.2. Products & services,
- 12.1.4.3. SWOT analysis,
- 12.1.4.4. Recent developments,
- 12.1.4.5. strategies,
- 12.1.4.6. financials (based on availability)
- 12.1.5. Hexcel Corporation
- 12.1.5.1. Overview,
- 12.1.5.2. Products & services,
- 12.1.5.3. SWOT analysis,
- 12.1.5.4. Recent developments,
- 12.1.5.5. strategies,
- 12.1.5.6. financials (based on availability)
- 12.1.6. SGL Carbon
- 12.1.6.1. Overview,
- 12.1.6.2. Products & services,
- 12.1.6.3. SWOT analysis,
- 12.1.6.4. Recent developments,
- 12.1.6.5. strategies,
- 12.1.6.6. financials (based on availability)
- 12.1.7. Huntsman International LLC.
- 12.1.7.1. Overview,
- 12.1.7.2. Products & services,
- 12.1.7.3. SWOT analysis,
- 12.1.7.4. Recent developments,
- 12.1.7.5. strategies,
- 12.1.7.6. financials (based on availability)
- 12.1.8. Solvay
- 12.1.8.1. Overview,
- 12.1.8.2. Products & services,
- 12.1.8.3. SWOT analysis,
- 12.1.8.4. Recent developments,
- 12.1.8.5. strategies,
- 12.1.8.6. financials (based on availability)
- 12.1.9. Exel Group
- 12.1.9.1. Overview,
- 12.1.9.2. Products & services,
- 12.1.9.3. SWOT analysis,
- 12.1.9.4. Recent developments,
- 12.1.9.5. strategies,
- 12.1.9.6. financials (based on availability)
- 12.1.10. Veplas d.d.
- 12.1.10.1. Overview,
- 12.1.10.2. Products & services,
- 12.1.10.3. SWOT analysis,
- 12.1.10.4. Recent developments,
- 12.1.10.5. strategies,
- 12.1.10.6. financials (based on availability)
- 12.1.11. Others
- 12.1.11.1. Overview,
- 12.1.11.2. Products & services,
- 12.1.11.3. SWOT analysis,
- 12.1.11.4. Recent developments,
- 12.1.11.5. strategies,
- 12.1.11.6. financials (based on availability)
- 13. Strategic Recommendations
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