The global composites market was valued at approximately USD 93.69 billion in 2022, and it is projected to grow at a compound annual growth rate (CAGR) of 7.2% between 2023 and 2030. This anticipated growth is primarily driven by the increasing demand for lightweight materials in the automotive and transportation sectors. As manufacturers across these industries strive to improve fuel efficiency and performance, the preference for lightweight composite components is becoming more prominent. Additionally, the growing adoption of advanced lightweight materials across various manufacturing sectors is expected to further bolster the market during the forecast period.

One of the major application areas for composites is the aerospace and defense industry, where these materials play a crucial role in significantly reducing the weight of military aircraft, helicopters, and other defense-related equipment. Reducing the overall weight of such vehicles is essential for enhancing fuel efficiency and operational performance, which has become a key factor in driving demand. This trend is anticipated to continue and act as a primary growth catalyst for the composites market.

The COVID-19 pandemic had a notable impact on the global composites industry. With several major economies halting trade operations, the supply chain was severely disrupted. Additionally, demand across multiple end-use industries—including aerospace, automotive, and construction—experienced a sharp decline in 2020 due to lockdowns and restricted business activities. However, as trade restrictions began to ease in 2021, the market started showing signs of recovery. This resumption of economic activities and industrial operations is expected to help the composites industry regain its growth trajectory in the years ahead.

In the United States, the composites market is forecasted to witness significant growth in the aerospace and defense segments, supported by the increasing use of composites and the presence of major industry players, particularly The Boeing Company, one of the world’s leading aircraft manufacturers. The rapid expansion of the aerospace industry in the U.S., combined with projected growth in the national defense sector, is expected to generate strong demand for composite materials over the forecast period.

Furthermore, rising environmental concerns and the implementation of strict pollution control regulations are influencing the automotive industry to adopt cleaner and more sustainable technologies. In particular, regulatory frameworks in regions such as Europe and the United States have compelled automobile manufacturers to incorporate composite materials into vehicle design and production. These regulations aim to lower emissions and improve fuel efficiency, thereby acting as a driving force for the increased usage of composites in the automotive sector. This trend is expected to contribute to the steady and progressive expansion of the global composites market.

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Composites Market FAQ

1. What is the projected size of the global composites market by 2030?

The global composites market was valued at USD 93.69 billion in 2022 and is expected to reach USD 163.97 billion by 2030, growing at a compound annual growth rate (CAGR) of 7.2% from 2023 to 2030.

2. What are the key drivers of growth in the composites market?

The primary factors driving market growth include:

• Demand for Lightweight Components: Industries such as automotive and transportation are increasingly adopting lightweight composite materials to enhance fuel efficiency and reduce emissions.

• Technological Advancements: Innovations in manufacturing processes and material science are expanding the applications and performance of composites.

• Environmental Regulations: Stricter environmental standards are encouraging industries to utilize sustainable and efficient materials like composites.

• Cost Reduction Efforts: Ongoing research and development aim to lower the production costs of composite materials, making them more accessible across various industries.

3. Which segment holds the largest share in the composites market?

In 2022, glass fiber composites accounted for the largest revenue share of 60%. Their widespread use in construction, wind energy, electrical & electronics, and automotive industries contributes to this dominance.

4. What are the fastest-growing segments in the composites market?

The carbon fiber composites segment is experiencing the fastest growth due to their high strength-to-weight ratio and increasing applications in aerospace, automotive, and sports equipment.

5. Which regions are leading in composites market growth?

Asia Pacific was the largest revenue-generating region in 2022, driven by increased manufacturing activities in countries like China, India, Japan, and South Korea. The United States is expected to register the highest CAGR from 2023 to 2030, fueled by advancements in aerospace, automotive, and electronics sectors.

6. Who are the key players in the composites market?

• Teijin Ltd.

• Toray Industries, Inc.

• Owens Corning

• PPG Industries, Inc.

• Huntsman Corporation LLC

• SGL Group

• Hexcel Corporation

• DuPont

• Compagnie de Saint-Gobain S.A.

• Weyerhaeuser Company

• Momentive Performance Materials, Inc.

• Cytec Industries (Solvay, S.A.)

• China Jushi Co., Ltd.

• Kineco Limited

• Veplas Group

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