The global composites market size was valued at USD 93.69 billion in 2022 and is projected to reach USD 163.97 billion by 2030, expanding at a CAGR of 7.2% from 2023 to 2030. This steady growth is primarily driven by the rising demand for lightweight components, especially within the automotive and transportation sectors, where reducing vehicle weight is closely linked to improved fuel efficiency and enhanced performance.

In addition, the growing use of advanced lightweight materials across various manufacturing industries is expected to further support market expansion in the coming years. Composites are increasingly utilized in the aerospace and defense sector due to their ability to significantly reduce the weight of military aircraft, helicopters, and other high-performance structures. Weight reduction plays a critical role in improving fuel efficiency, maneuverability, and operational capabilities, making it one of the major factors boosting industry growth.

The COVID-19 pandemic had a notable impact on the composites market as global supply chains were disrupted and several major economies temporarily halted trade operations. This resulted in a decline in demand from key end-use sectors such as aerospace, automotive, and construction in 2020. However, as trade activities gradually resumed and restrictions eased, the market began recovering in 2021, helping restore its growth momentum.

In the U.S., the composites market is anticipated to experience robust growth within the aerospace and defense sector. This is driven by the increasing adoption of composite materials and the presence of major aircraft manufacturers, most notably The Boeing Company. The rapid expansion of the country’s aerospace industry, along with expected growth in defense production, is likely to continue fueling the demand for composites over the forecast period.

Key Market Trends & Insights:

• The Asia Pacific region dominated the global market, accounting for a 45.4% revenue share in 2022. This strong regional presence is supported by rapid industrialization, expanding manufacturing activities, and the growing adoption of composites across key sectors such as automotive, construction, aerospace, and electronics. The availability of skilled labor, favorable government initiatives, and increasing investments from international players further reinforce the region’s leadership position.

• By product, the glass fiber segment held the largest share, contributing 60.0% of total revenue in 2022. Glass fiber continues to be the most widely used composite material due to its excellent strength-to-weight ratio, cost-effectiveness, corrosion resistance, and versatility. Its broad applicability across industries such as automotive, wind energy, marine, and construction has enabled it to maintain a dominant market position.

• By manufacturing process, the layup process emerged as the leading technique, accounting for 34.9% of the market in 2022. This process remains highly preferred because of its flexibility, ease of use, and suitability for producing complex shapes and large composite structures. It is widely adopted in sectors such as aerospace, marine, and industrial manufacturing, contributing to its substantial share.

• By end-use, the automotive and transportation segment accounted for the largest revenue share of 21.0% in 2022. The growing emphasis on reducing vehicle weight to improve fuel efficiency and enhance performance has significantly increased the use of composite materials in this sector. Applications range from structural components to interior and exterior parts, supporting the segment’s leading position in the market.

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Market Size & Forecast:

• 2022 Market Size: USD 93.69 Billion

• 2030 Projected Market Size: USD 163.97 Billion

• CAGR (2023-2030): 7.2%

• Asia Pacific: Largest market in 2022

Key Companies & Market Share Insights:

The global composites market features a large and diverse pool of players, with well-established companies shaping the overall market direction and trends. Many of these leading players emphasize forward integration, supplying their composite products directly to end users across various industry verticals. This approach allows them to maintain better control over quality, strengthen customer relationships, and optimize profit margins. Additionally, several companies rely on their well-developed distribution and sales networks to efficiently reach customers in multiple regions, ensuring consistent availability and strong market penetration.

Competitive rivalry within the composites industry remains intensely high, driven by the coexistence of numerous global and regional manufacturers. This competitive environment places pressure on pricing strategies, product differentiation, and innovation. Moreover, the high processing and manufacturing costs associated with composites continue to challenge both the profitability and growth potential of manufacturers worldwide. Beyond these operational expenses, the need for significant initial capital investment in advanced equipment, skilled labor, and technology is expected to remain a major barrier for new entrants and a key challenge for existing players throughout the forecast period.

Key Players

• 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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Conclusion:

The global composites market is on a strong growth trajectory, driven by increasing demand for lightweight, high-performance materials — especially in automotive, transportation, aerospace, and other manufacturing sectors. The dominance of glass-fiber composites, widespread adoption of efficient manufacturing processes such as lay-up, and the leadership of the Asia Pacific region underpin this growth. As industries continue to prioritize fuel efficiency, reduced emissions, and enhanced performance, composites are becoming a preferred alternative to traditional materials like metals. Meanwhile, ongoing innovation, expanding end-use applications, and rising demand in emerging markets are expected to sustain and strengthen the market’s expansion over the forecast period.