Composites Market Size Worth $158 Billion By 2030: IndustryARC

Global Composites Market size is predicted to reach $158 billion by 2030, growing at a CAGR of 7.9% during the forecast period 2024-2030 according to the latest market research report published by IndustryARC. Increasing industrial applications of composites, including their use in automotive, aerospace, and construction sectors, along with advancements in composite manufacturing technologies, are poised to propel market growth, finds IndustryARC in its recent report, titled “Composites Market – By Type: FRP Composites (Fiber Reinforcement Polymers) (Glass Fiber Reinforced Polymers (GFRP), Carbon Fiber Reinforced Polymers (CFRP), Aramid Fiber Reinforced Polymers (AFRP), Others), Matrices (Polymer Matrix Composite (PMC), Metal Matrix Composite (MMC), Ceramic Matrix Composites (CMC)), Resins (Thermoset resins (Epoxy, Vinyl Ester, Polyester, Others), Thermoplastic resins), Others), By Form (Fiber Tow, Unidirectional Tape, Cloth), By Method (Open molding (Hand Lay-Up, Spray-Up, Filament Winding), Closed molding (Compression molding, Pultrusion, Reinforced Reaction Injection molding (RRIM), Resin Transfer molding (RTM), Vacuum Bag Moulding, Others)), Application (Aerospace, Wind Energy, Automotive, Construction, Electrical, Sporting Goods, Pipes & Tanks, Others), By Geography – Global Opportunity Analysis & Industry Forecast, 2023-2030”

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Asia Pacific to Register Highest Growth:

In 2023, Asia Pacific held the largest market share for Composites. This region’s growth is driven by rapid industrialization, increasing investments in infrastructure, and a strong automotive and aerospace manufacturing base. In a recent survey conducted by the Asian Development Bank, 85% of manufacturers reported operating at full capacity, while 60% highlighted an increase in demand for lightweight and durable materials, such as composites, across various industries.

Composites Market 2024-2030: Scope of the Report

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Composites Market Report – Key Takeaways:

• Expansion in Aerospace and Automotive Industries

The composites market is seeing significant growth in the aerospace and automotive sectors, driven by the demand for lightweight and high-strength materials. Composites, particularly fiber-reinforced polymers (FRP), are increasingly used in aircraft and vehicle manufacturing to enhance fuel efficiency and performance. The shift towards electric vehicles and the development of new aircraft models have spurred the adoption of composites, with manufacturers focusing on advanced materials to meet stringent regulatory requirements and consumer expectations for sustainability and efficiency.

• Advancements in Composite Manufacturing Methods

Technological advancements in composite manufacturing methods, such as vacuum bag molding, resin transfer molding (RTM), and pultrusion, are enhancing the quality and performance of composite products. These methods improve the structural integrity and durability of composites while enabling more complex designs and applications. As a result, industries such as construction, wind energy, and marine are increasingly incorporating composites into their projects. Companies investing in state-of-the-art manufacturing technologies can benefit from increased production efficiency and the ability to deliver high-performance composites tailored to specific industry needs.

• Growing Demand in the Construction and Infrastructure Sector

The construction and infrastructure sector is a key growth area for the composites market, particularly in applications like pipes and tanks, bridges, and architectural components. Composites offer advantages such as corrosion resistance, durability, and low maintenance, making them ideal for harsh environmental conditions. The increasing focus on infrastructure modernization and the use of sustainable building materials are driving demand for composites in this sector. As governments and private entities invest in infrastructure projects, the demand for durable and efficient materials like composites is expected to rise, creating opportunities for market expansion.

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Key Opportunity Analysis:

Innovation in Composite Materials for Enhanced Performance

The composites market is poised for growth through the development of innovative materials that offer superior strength, durability, and lightweight properties. Research and development in nanotechnology and hybrid composites are creating opportunities for producing materials with enhanced thermal, mechanical, and chemical resistance. These advanced composites can be tailored for specific applications, providing unique solutions that cater to a wide range of industries, including aerospace, automotive, and construction. Companies investing in R&D to pioneer these next-generation materials can gain a competitive edge and meet the evolving demands of high-performance applications.

Expansion into Emerging Markets

The expansion of the composites market into emerging economies presents significant opportunities for growth. Regions such as Asia-Pacific, Latin America, and the Middle East are experiencing rapid industrialization and urbanization, driving demand for modern infrastructure and durable materials. The growing middle class and increasing investments in sectors like automotive, construction, and renewable energy in these regions are boosting the demand for composites. Companies that establish a strong presence in these markets and adapt their offerings to local needs can capitalize on the rising demand and expand their global footprint.

Advancements in Sustainable and Recyclable Composites

The increasing focus on sustainability and environmental responsibility is driving the development of recyclable and bio-based composites. The composites market has an opportunity to align with global sustainability goals by creating materials that reduce environmental impact without compromising performance. The development of biodegradable resins, natural fiber reinforcements, and processes that enable the recycling of composite materials are areas of significant potential. Companies that lead in sustainable innovations can attract eco-conscious consumers and industries, positioning themselves as leaders in the green materials sector.

Integration of Digital Technologies in Composite Manufacturing

The integration of digital technologies, such as artificial intelligence (AI), machine learning, and the Internet of Things (IoT), into composite manufacturing processes is opening new avenues for market growth. These technologies enhance manufacturing efficiency, quality control, and predictive maintenance, leading to reduced costs and improved product consistency. The use of digital twins and advanced simulation tools allows for better design optimization and faster time-to-market for new composite products. Companies that adopt these digital advancements can streamline their production processes, reduce waste, and offer more customized solutions to their clients, thereby gaining a competitive advantage in the market.

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The report also covers the following areas:

• Composites Market Size and Forecast
• Composites Market Trends
• Composites Market Analysis by Product Type

Composites Market 2024-2030: Key Highlights

• CAGR of the market during the forecast period 2024-2030
• Value Chain Analysis of key stakeholders
• Detailed analysis of market drivers and opportunities during the forecast period
• Composites Market size estimation and forecast
• Analysis and predictions on end users’ behavior and upcoming trends
• Competitive landscape and Vendor market analysis including offerings, developments, and financials
• Comprehensive analysis of challenges and constraints in the Composites Market

Covid and Ukrainian Crisis Impact:

• The Covid-19 pandemic significantly disrupted the Composites market, primarily due to stringent lockdown measures and travel restrictions aimed at containing the virus. These restrictions led to the temporary closure of manufacturing facilities, causing a slowdown in production and a backlog in the supply chain.
• The ongoing conflict between Russia and Ukraine has further compounded challenges for the Composites market. The geopolitical tension has led to instability in the supply chain, particularly affecting the availability and pricing of critical raw materials used in composites manufacturing.

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List of Key Market Players in the Composites Market:

The Global Composites Market is fragmented with several global and regional companies operating with expansive manufacturing capabilities and extensive distribution networks. The key companies profiled are listed below:

• Hexcel Corporation
• Toray Industries, Inc.
• Owens Corning
• Solvay S.A.
• Teijin Limited
• SGL Carbon SE
• Mitsubishi Chemical Corporation
• Huntsman Corporation
• Gurit Holding AG
• Zoltek Companies, Inc.

Related Reports:

Advanced Composites market – size is forecast to reach $65.17 billion by 2030, after growing at a CAGR of 9.5% during 2024-2030.

Construction Composites Market – The increasing investment and development of infrastructure across emerging economies worldwide, are the key market drivers enhancing the market growth.

Composite Materials Market – size is forecast to reach $158 Billion by 2030, after growing at a CAGR of 7.9% during 2024-2030.

About IndustryARC:

IndustryARC primarily focuses on Market Research and Consulting Services specific to Cutting Edge Technologies and Newer Application segments of the market. The company’s Custom Research Services are designed to provide insights into the constant flux in the global demand-supply gap of markets. 

IndustryARC’s goal is to provide the right information required by the stakeholder at the right point in time, in a format that assists an intelligent and informed decision-making process.

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