Composites Market worth $181.7 billion by 2028 - At a CAGR of 10.8%

The global composites market size was 108.8 USD billion in 2023 and is estimated to reach 181.7 USD billion by 2028, projecting a CAGR of 10.8 % between 2023 and 2028. The composites market has been segmented on the basis of fiber, resin, manufacturing process, end-use industry and region. On the basis of resin, the market has been segmented into thermoset and thermoplastic resins. On the basis of the manufacturing process, the market has been segmented into lay-up, compression molding, injection molding, RTM, filament winding, pultrusion, and others. On the basis of fiber type, the market has been segmented into glass fiber, natural fiber, carbon fiber and others. On the basis of end-use industry, the market has been segmented into aerospace & defense, wind energy, automotive & transportation, construction & infrastructure, pipes & tanks, marine, electrical & electronics, and others.

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Based on Fiber, Over the projected period, the composite market’s fiber segment is expected to develop at the fastest rate in terms of both value and volume. The composite market is a rapidly expanding sector within the materials industry, characterized by the production and utilization of composite materials that incorporate fibers as reinforcement. These fibers segment into glass, carbon, natural and others are embedded within a matrix material, often a polymer, to enhance the strength, stiffness, and durability of the composite material while maintaining a low weight. This unique combination of properties has led to widespread adoption across various end-use industries, including aerospace, wind energy, automotive, construction, and others. The carbon fiber segment is the fastest growing segment during the forecast period 2023 to 2028.

Based on Resin, The composite market, based on resin type, is segmented into thermoset and thermoplastic composites. Each segment plays a crucial role in the market dynamics due to their distinct properties and applications across various industries. Thermoset composites, known for their durability and high heat resistance, have traditionally dominated the market. These materials undergo a chemical reaction during processing that creates strong, irreversible bonds, making them ideal for high-strength applications. On the other hand, thermoplastic composites are emerging as the fastest-growing segment within the composite market.

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By Manufacturing Type: In the composite market, segmentation by manufacturing type includes techniques such as layup, filament winding, injection molding, pultrusion, compression molding, resin transfer molding (RTM), among others. Among these, the layup process holds the largest market share, primarily due to its versatility, simplicity, and cost-effectiveness in producing composite structures. This method, which involves manually laying up sheets of fiber-reinforced material onto a mold and impregnating them with resin. The layup process’s compatibility with advanced materials and its capability to produce complex geometries with precise fiber orientation enhances its appeal across industries seeking lightweight and strong composite solutions.

By End Use Industry, In 2023, the aerospace & defense end-use industry accounted for a 15.80 % share of the market. There is a high demand for composites in next-generation aircraft. Composites are used to design carbon-fiber fuselage and wings in the aerospace & defense industry. These components have led to a 25% reduction in fuel consumption and CO2 emissions, along with lower maintenance costs. This is likely to increase the demand for composites from next-generation aircraft, as about 50% of the structural components of Boeing aircraft are composites.

By Region wise, Asia Pacific was the largest market for the composite market in 2022, with China, being the largest market in the region. The Asia Pacific market has seen a rise in the demand for lightweight and fuel-efficient vehicles, leading to a higher consumption of composites in the automotive industry. Additionally, the presence of a wide base of electric vehicles manufacturers in region has led to an increased demand for composites, as these vehicles require lightweight materials for improved efficiency, and the export-oriented nature of its industries contribute to the dynamic growth and development of this market across Asia Pacific. The increase in the rate of adoption of composite technology in various application segments, such as industrial, aerospace & defense, automotive, pipes, tanks & pressure vessels, is facilitating the growth of the composite market in Asia Pacific.

The key players in the market are Owens Corning (US), Toray Industries, Inc. (Japan), Teijin Limited (Japan), Mitsubishi Chemical Holdings Corporation (Japan), Hexcel Corporation (US), SGL Group (Germany), Nippon Electric Glass Co. Ltd. (Japan), Huntsman International LLC. (US), and Solvay (Belgium), Gurit Holding AG (Switzerland), Weyerhaeuser (US),  China Jushi Co., Ltd (China),  Taishan Fiberglass Inc.(China)  among many others.