The Impact of COVID-19 is included in Composite Market-Test. Buy it today to get an advantage.
Request the impact of COVID-19 on your product or industry
Composites Market Trends and Forecast
The future of the global composites market looks promising with opportunities in the transportation, marine, wind energy, aerospace, pipe & tank, construction, E&E, and consumer goods. The global composite materials market is expected to reach an estimated $70 billion by 2030 with a CAGR of 4% from 2023 to 2030. The global composite end product market is expected to reach an estimated of $195.7 billion by 2030. The major drivers for growth in this market are increasing demand for lightweight materials in the aerospace & defense, and automotive industries; corrosion- and- chemical-resistant materials’ demand in the construction, and pipe & tank industries; electrical resistivity and high flame retardant materials’ demand in the electrical and electronics industry.
A total of 240 figures / charts and 55 tables are provided in this 402-page report to help in your business decisions. A sample figure with insights is shown below.
Composites Market Insight
-
Lucintel forecasts that injection molding is expected to be the largest process in terms of value and volume over the forecast period in composite manufacturing because of high-output production rate, low labor cost, and design flexibility. Resin Infusion is expected to witness the highest growth over the forecast period.
-
Transportation will remain the largest end use market over the forecast period due to the increasing production and use of lightweight materials in transportation market. Aerospace is expected to witness the highest growth over the forecast period.
-
Asia Pacific is expected to remain the largest region by value and volume, and it is also expected to experience the highest growth over the forecast period because of growth in construction, transportation, and the electrical and electronics segments. The major drivers for growth are increasing automotive production, high growth in construction, and infrastructure development.
Composites Market by Segment
The study includes a forecast for the global composites market by end use, manufacturing process, molding compound, resin type, fiber type, fiberglass product form, carbon fiber type, and region as follows:
Composites Market by End Use [Volume (Million Pounds) and Value ($M) Shipment Analysis for 2018 – 2030]:
Composites Market by Manufacturing Process [Volume (Million Pounds) and Value ($M) Shipment Analysis for 2018 – 2030]:
Composites Market by Molding Compound [Volume (Million Pounds) and Value ($M) Shipment Analysis for 2018 – 2030]:
Composites Market by Resin Type [Volume (Million Pounds) and Value ($M) Shipment Analysis for 2018 – 2030]:
Composites Market by Fiber Type [Volume (Million Pounds) and Value ($M) Shipment Analysis for 2018 – 2030]:
Composites Market by Fiber Glass Product Form [Volume (Million Pounds) and Value ($M) Shipment Analysis for 2018 – 2030]:
-
Single End Roving
-
Multi End Roving
-
DUCS
-
Continuous Filament Mat
-
Yarn
Composites Market by Carbon Fiber Type [Volume (Million Pounds) and Value ($M) Shipment Analysis for 2018 – 2030]:
-
PAN Based Carbon Fiber
-
PITCH Based Carbon Fiber
Composites Market by Resin Type [Volume (Million Pounds) and Value ($M) Shipment Analysis for 2018 – 2030]:
-
North America
-
Europe
-
Asia Pacific
-
ROW
Composites Market by Country [Volume (Million Pounds) and Value ($M) Shipment Analysis for 2018 – 2030]:
-
USA
-
Canada
-
Mexico
-
Germany
-
UK
-
France
-
Italy
-
Spain
-
Netherland
-
China
-
India
-
Japan
-
South Korea
-
Brazil
-
Russia
Composites market dynamics of each region is different in terms of regulation, presence of market players, pricing, custom duty and other parameters. Asia Pacific is expected to remain the largest region and it is also expected to experience the highest growth followed by North America and Europe. Market dynamics of each region is shown in the following image.
Composites are used in various industries due to their exceptional properties such as high strength, lightweight nature, and durability. Below image provides a comprehensive overview of how composite materials are used across different industries.
Composites penetration is less than 10% in most of the industries, indicating significant growth potential across various sectors. Currently, composites penetration is low due to higher price of material. Steel dominates major end-use industries because of their higher performance and lower costs. Composites are primarily used where lightweight properties, higher corrosion resistance, and improved fuel efficiency are required.
Emerging Trends and Innovations in the Composites Market
Emerging trends, which has a direct impact on the dynamics of the industry, are the production of low-cost carbon fibers, development of high performance glass fiber, and development of Bio-based pan precursor.
List of Composites Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies composites companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the composites companies profiled in this report includes.
Ecosystem of Global Composites Market is Composed of Diverse Group of Companies:
Recent Developments in Composites Market
-
United States: Automakers like Ford and General Motors are increasing the use of glass fiber composites to reduce vehicle weight and improve fuel efficiency. Government initiatives, such as the Corporate Average Fuel Economy (CAFE) standards, drive demand for lightweight materials.
-
Germany: German automotive companies including BMW and Volkswagen are incorporating glass fiber composites into their vehicle designs for enhanced performance and sustainability. Government support for research and development in automotive materials encourages innovation in the market.
-
China: Chinese automakers like BYD and Geely are adopting glass fiber composites to meet emission standards and improve vehicle safety. Government policies promoting electric vehicles and lightweight materials drive market growth.
-
Japan: Japanese car manufacturers such as Toyota and Honda are utilizing glass fiber composites to enhance vehicle strength and reduce environmental impact. Government incentives for eco-friendly vehicles and advanced materials contribute to market expansion.
-
South Korea: Companies like Hyundai and Kia are incorporating glass fiber composites into their automotive designs to improve fuel efficiency and meet global emission regulations. Government support for automotive innovation and environmental initiatives accelerates market development.
Features of Global Composites Market
-
Market Size Estimates: Global composites market size estimation in terms of value ($M) and volume (M lbs)
-
Trend and Forecast Analysis: Market trends (2018-2023) and forecast (2024-2030) by various segments and regions.
-
Segmentation Analysis: Composites market size by various segments, such as end use, manufacturing process, molding compound, resin type, fiber type, fiberglass type, and carbon fiber type in terms of value and volume
-
Regional Analysis: Global composites market breakdown by North America, Europe, Asia Pacific, and the Rest of the World.
-
Growth Opportunities: Analysis on growth opportunities in different end use, manufacturing process, molding compound, resin type, fiber type, fiberglass type, carbon fiber type, and regions for the composites market
-
Strategic Analysis: This includes M&A, new product development, and competitive landscape for the composites market.
-
Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
FAQ
Q1. How big is the composites market?
Answer: The global composite material market is expected to reach an estimated $70 billion by 2030.
Q2. What is the growth forecast for composites market?
Answer: The composite material market is expected to grow at a CAGR of 4% from 2023 to 2030.
Q3. What are the major drivers explained in the composites market report which influence the growth of the composites market?
Answer: The major drivers for growth in this market are increasing demand for lightweight materials in the aerospace & defense, and automotive industries; corrosion- and- chemical-resistant materials’ demand in the construction, and pipe & tank industries; electrical resistivity and high flame-retardant materials’ demand in the electrical and electronics industry.
Q4. What are the major applications or end use industries for global composites?
Answer: Construction and transportation are the major end use for global composites.
Q5. What are the emerging trends in composites market?
Answer: Emerging trends, which has a direct impact on the dynamics of the industry, are the development of low-cost carbon fibers, high performance glass fiber, and rapid cure resin system.
Q6. Which are the key players in composites market?
Answer: Some of the key players in the composites market are as follows:
Q7. Which composites material segment will be the largest in future?
Answer: Lucintel forecasts that injection molding is expected to be the largest process in terms of value and volume over the forecast period in composite manufacturing because of high-output production rate, low labor cost, and design flexibility.
Q8. In composites market, which region is expected to be the largest in next 5 years?
Answer: APAC is expected to remain the largest region and witness the highest growth over next 5 years
Q9. What is the Price of Composites?
Answer: In the Composites industries glass fiber composites dominates the market due to its lower cost. Carbon fiber is expensive and used for high performance applications. Glass fiber price ranges from $0.50 to $0.80 per pound. UPR prices ranges between $1 to $1.5 per pound depending on region and volume. The price of carbon fiber ranges from $6 to $40 per pound depending on applications such as Aerospace grade is at the higher end of the price spectrum, while industrial grade is generally less expensive. Epoxy resin prices can vary between $2.5 to $3.5 per pound depending on region and applications.
Q10. Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% Customization Without any Additional Cost.
This report answers following 11 key questions
Q.1. What are some of the most promising potential, high-growth opportunities for the global composites market by end use (transportation, marine, wind energy, aerospace, pipe & tank, construction, electrical & electronics, consumer goods, and others), manufacturing process (hand lay-up, spray up, resin infusion, filament winding, pultrusion, injection molding, compression molding, prepreg lay up, and others), molding compound (SMC, BMC, and thermoplastic compounds), resin type (polyester, epoxy, vinyl ester, phenolic, and thermoplastic), fiber type (glass fiber composites, carbon fiber composites, and aramid fiber composites), fiberglass type (single end roving, multi end roving, chopped strand, woven roving, fabrics, chopped strand mat, continuous filament mat, and others), carbon fiber type (PAN based carbon fiber and pitched based carbon fiber), and region (North America, Europe, APAC, and ROW)?
Q.2. What is the Cost of various composites materials? Why composites materials are expensive?
Q.3. Which regions will grow at a faster pace and why?
Q.4. What are the key factors affecting composite material price? What are the drivers and challenges of the market?
Q.5. What are the business risks and threats to the composites market?
Q.6. What are the emerging trends of the composites market and the reasons behind them?
Q.7. What are the changing demands of customers in the Global Composite Industry?
Q8. What are the competitive dynamics of composites manufacturers and distributors?
Q.9. What are the new developments in the market? Which companies are leading these developments? What M & A activities have taken place in the last 5 years in composite industry?
Q.10. Who are the major Suppliers in the composite materials market? What strategic initiatives are being implemented by key Composite suppliers for business growth?
Q.11. What sustainable resin and fiber options are available for composites, and how do these alternatives compare in terms of performance and environmental impact, particularly in the use of bio-based or recycled materials?
For any questions related to composites market or related to composite market, composite market size, composite market analysis, market share, composite suppliers, composite manufacturers, composite raw material, composite cost, composite market trend and forecast, write Lucintel analyst at email: helpdesk@lucintel.com. We will be glad to get back to you soon.