The Composites Market Forecast was valued at USD 116.75 billion in 2022 and is projected to reach USD 216.09 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 8% during the forecast period from 2023 to 2030.
Composites, which refer to materials made from two or more constituent materials with distinct properties, have witnessed significant market growth in recent years. This upward trajectory is expected to continue as the demand for lightweight, durable, and high-performance materials rises across various industries.
The market's impressive growth can be attributed to several factors. Firstly, the increasing adoption of composites in the aerospace and defense sector, driven by the need for fuel-efficient aircraft and advanced military equipment, has been a major catalyst. Additionally, the automotive industry has recognized the benefits of composites in terms of weight reduction, improved fuel efficiency, and enhanced safety features, leading to a surge in their usage.
Moreover, the construction industry has embraced composites due to their exceptional strength-to-weight ratio, corrosion resistance, and design flexibility. These materials find applications in infrastructure projects, such as bridges, pipelines, and buildings, contributing to the market's expansion.
Furthermore, the renewable energy sector has witnessed a growing demand for composites, particularly in wind turbine blades and solar panels. Composites offer superior strength, durability, and resistance to harsh environmental conditions, making them ideal for these applications.
Geographically, North America has dominated the composites market, owing to the presence of key market players, technological advancements, and robust infrastructure. However, the Asia-Pacific region is anticipated to witness substantial growth during the forecast period, driven by rapid industrialization, urbanization, and increasing investments in infrastructure development.
In conclusion, the Composites Market is poised for remarkable growth, with a projected value of USD 216.09 billion by 2030. The market's expansion can be attributed to the rising demand for lightweight, durable, and high-performance materials across various The increasing focus on sustainability and the growing adoption of composites in renewable energy sectors are also expected to contribute to the market's growth.
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Key Players:
Solvay (Belgium), Hexion (US), Toray Industries Inc. (Japan), Jushi Group Co., Ltd (China), Hexcel Corporation (US), Owens Corning (US), Teijin Limited (Japan), PPG Industries, Inc. (US), SGL Carbon (Germany), Mitsubishi Chemicals Corporation (Japan), Huntsman International LLC (US).
MARKET SEGMENTATION:
By Fiber Type
- Glass Fiber Composites
- Carbon Fiber Composites
- Natural Fiber Composites
- Other Fiber Composites
By Resin Type
- Thermoset Composites
- Thermoplastic Composites
By end-use industry
- Aerospace & defense
- Wind Energy
- Automotive & Transportation
- Construction & Infrastructure
- Marine
- Pipe & Tank
- Electrical & Electronics
- Others
By Manufacturing Process
- Lay-up
- Filament Winding
- Injection Molding
- Pultrusion
- Compression Molding
- RTM
- Others
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Table of Content
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession on Major Economies
5. Value Chain Analysis
6. Porter’s 5 forces model Textile Chemicals Market
7. PEST Analysis
8. Emulsion Composites Market Forecast By Fiber Type:
10.Emulsion Composites Market Forecast By Resin Type:
11.Emulsion Composites Market Forecast By End-use industry:
12.Regional Analysis
13. Company Profiles
14. Competitive Landscape
15. Conclusion
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