Composites Market by Type, Manufacturing Process, End-Use

List of Tables

[198 Pages Report] The Composites Market size was estimated at USD 89.83 billion in 2023 and expected to reach USD 95.68 billion in 2024, at a CAGR 7.49% to reach USD 148.96 billion by 2030.

Composites are a combination of two or more distinct materials that retain their individual properties while also exhibiting new and improved characteristics as a result of their interaction with each other. Composites are engineered with the aim of optimizing the performance and functionality of products by capitalizing on the unique advantages offered by each constituent material. The increasing demand for lightweight materials in industries such as aerospace, automotive, and transportation and the growing focus on fuel efficiency increases the adoption of composites. However, high manufacturing costs of composite materials and limited material recyclability may hinder market growth. Nevertheless, innovations in advanced recycling techniques enable effective recovery and reuse of valuable composite components, thus creating lucrative opportunities for the development of the market.

KEY MARKET STATISTICS
Base Year [2023]	USD 89.83 billion
Estimated Year [2024]	USD 95.68 billion
Forecast Year [2030]	USD 148.96 billion
CAGR (%)	7.49%

Type: Increasing adoption of polymer matrix composites due to their cost-effectiveness

Carbon matrix composites (CMC) consists of a carbon fiber reinforcement embedded in a carbon matrix. These composites are characterized by their high strength-to-weight ratio, enhanced thermal stability, and low coefficient of thermal expansion. Ceramic matrix composites (CMCs) comprise ceramic fibers embedded within a ceramic matrix. Their main advantages include high-temperature resistance, low density compared to metals, and excellent wear resistance. Metal matrix composites (MMCs) are metal-based matrices reinforced with ceramic or metallic fibers or particles. MMCs offer enhanced mechanical properties such as a high strength-to-weight ratio, increased fatigue resistance, and improved stiffness compared to conventional metals. Polymer matrix composites (PMCs) comprise a polymer matrix reinforced with various fibers such as glass, carbon, and aramid. PMCs offer benefits, including lightweight strength, corrosion resistance, and design flexibility.

Manufacturing Process: Proliferating use of injection molding process owing to its ability to produce high volumes of identical parts quickly

Compression molding is a closed molding process that involves the application of heat and pressure to cure composite materials. This process is well-suited for manufacturing large, complex parts with high strength and stiffness requirements. Filament winding involves winding continuous fibers impregnated with resin around a rotating mandrel to create hollow structures. The technique offers precise control over fiber placement and can produce lightweight structures with high strength-to-weight ratios. Injection molding is a process in which heated composite material is injected into a closed mold under high pressure. It is suitable for producing high volumes of identical parts quickly while maintaining tight tolerances and dimensional accuracy. Lay-up processes include hand lay-up and automated tape laying, which involve placing pre-impregnated or wetted fibers onto a mold surface and consolidating them through curing. This method is suitable for fabricating large-scale composite structures with complex geometries, such as wind turbine blades, boat hulls, and aircraft components. Pultrusion is a continuous manufacturing process that involves pulling resin-impregnated fibers through a heated die to cure the material into constant cross-sectional profiles. Resin transfer molding is an enclosed molding process in which dry reinforcement fibers are placed into a closed mold, and liquid resin is introduced under pressure.

End-Use: Growing application of composites in the construction sector

The automotive sector has adopted composites for weight reduction purposes while maintaining safety standards with increasing emphasis on fuel efficiency and environmental sustainability. In the construction sector, composites offer durability, corrosion resistance, and design flexibility, making them ideal for infrastructure development projects such as bridges or buildings exposed to harsh weather conditions. The consumer goods market has experienced a growing demand for lightweight, high-strength materials that can withstand daily wear and tear. Composites are increasingly being used in producing appliances, electronics, and furniture. Furthermore, composite materials have become integral to the renewable energy sector, particularly in wind turbine manufacturing, where blade weight and flexibility significantly impact performance. Composites enable longer blade designs that capture more wind energy efficiently. The marine industry has embraced composite materials for their ability to resist corrosion, reduce maintenance costs, and decrease overall vessel weight, leading to improved fuel efficiency. Composites are used in sports equipment due to their advanced mechanical properties, such as stiffness and strength-to-weight ratio improvement over traditional materials, including aluminum or steel, which enhances athletic performance products such as tennis rackets, bicycles, golf clubs, and fishing rods.

Regional Insights

The Americas, particularly the United States, has a strong presence in the composites industry, with a significant focus on aerospace, automotive, and infrastructure applications. The region consists of several composite manufacturers, research institutions, and industry associations developing R&D activities for the advanced engineered materials and manufacturing process associated with the composite. The increasing adoption of composites in several sectors is influenced by economic growth, infrastructure development, and the pursuit of lightweight and sustainable solutions, especially in the Asia-Pacific and EMEA region. China and Japan have witnessed significant investments in the aerospace industry, driving the demand for composites in aircraft manufacturing. The automotive industry in Japan, South Korea, China, Germany, France, and the United Kingdom actively embraces composites to achieve lightweight and improve fuel efficiency. The construction, energy, and marine sectors in countries such as China, India, and Japan also utilize composites for various applications, including building facades, renewable energy projects, and boat and ship construction. Further, the United Kingdom, France, and the United Arab Emirates highly employ composites for building facades, bridges, and reinforcement materials. The renewable energy sector in countries of Germany, Spain, and Denmark has adopted composites for wind turbine blades and solar panel structures for lightweight and high-strength properties, contributing to the growth of clean energy generation. Moreover, marine industries in Norway, Italy, and the Netherlands utilize composites in boat and ship construction for weight reduction, corrosion resistance, and improved fuel efficiency.

FPNV Positioning Matrix

The FPNV Positioning Matrix is pivotal in evaluating the Composites Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Composites Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Key Company Profiles

The report delves into recent significant developments in the Composites Market, highlighting leading vendors and their innovative profiles. These include ARRIS Composites, Inc., BASF SE, Celanese Corporation, China Jushi Co., Ltd., Compagnie Chomarat, Compagnie de Saint-Gobain S.A., Covestro AG, Creative Composites Group, DuPont de Nemours, Inc., Evonik Industries AG, Flex Composite Group, General Electric Company, Gurit Services AG, Heico Corporation, Hexcel Corporation, Hexion Inc., Honeywell International Inc., Huntsman Corporation, Kineco Limited, LAMILUX Heinrich Strunz Holding GmbH & Co. KG, LyondellBasell Industries Holdings B.V., Mitsubishi Chemical Corporation, Nippon Electric Glass Co., Ltd., Owens Corning, Performance Composites Inc., Safran Group, Schutz GmbH & Co. KGaA, SGL CARBON SE, Sigmatex (UK) Limited, Sika AG, Solvay S.A., Strongwell Corporation, Teijin Limited, Toray Industries, Inc., and TPI Composites Inc..

Market Segmentation & Coverage

This research report categorizes the Composites Market to forecast the revenues and analyze trends in each of the following sub-markets:

Type
- Carbon Matrix Composites
- Ceramic Matrix Composites
- Metal Matrix Composites
- Polymer Matrix Composites

Manufacturing Process
- Compression Molding
- Filament Winding
- Injection Molding
- Lay-up
- Pultrusion
- Resin Transfer Molding

End-Use
- Aerospace & Defense
- Automotive
- Construction
- Consumer Goods
- Energy & Wind
- Marine
- Sports & Leisure

Region
- Americas
  - Argentina
  - Brazil
  - Canada
  - Mexico
  - United States
    - California
    - Florida
    - Illinois
    - New York
    - Ohio
    - Pennsylvania
    - Texas
- Asia-Pacific
  - Australia
  - China
  - India
  - Indonesia
  - Japan
  - Malaysia
  - Philippines
  - Singapore
  - South Korea
  - Taiwan
  - Thailand
  - Vietnam

Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom

The report offers valuable insights on the following aspects:

1. Market Penetration: It presents comprehensive information on the market provided by key players.

2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.

3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.

4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.

5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.

The report addresses key questions such as:

1. What is the market size and forecast of the Composites Market?

2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Composites Market?

3. What are the technology trends and regulatory frameworks in the Composites Market?

4. What is the market share of the leading vendors in the Composites Market?

5. Which modes and strategic moves are suitable for entering the Composites Market?

Product Code: MRR-434CCDA045B3

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Increasing utilization of the composites for multiple applications
  - 5.1.1.2. Favorable government support for development of construction & infrastructure projects
- 5.1.2. Restraints
  - 5.1.2.1. Associated high cost of raw materials and recycling issues
- 5.1.3. Opportunities
  - 5.1.3.1. Emergence of natural composites
  - 5.1.3.2. Emerging advancement in composite manufacturing technology
- 5.1.4. Challenges
  - 5.1.4.1. Limited standardization in composite manufacturing process
5.2. Market Segmentation Analysis
- 5.2.1. Type: Increasing adoption of polymer matrix composites due to their cost-effectiveness
- 5.2.2. Manufacturing Process: Proliferating use of injection molding process owing to its ability to produce high volumes of identical parts quickly
- 5.2.3. End-Use: Growing application of composites in the construction sector
5.3. Market Trend Analysis
- 5.3.1. Introduction of advanced composites for transforming automotive, aerospace, and military sector in the Americas
- 5.3.2. Expanding composite production facilities in APAC with the abundant availabilty of raw materials
- 5.3.3. Well-established market players and government assistance encourage market growth in EMEA
5.4. Cumulative Impact of High Inflation
5.5. Porter's Five Forces Analysis
- 5.5.1. Threat of New Entrants
- 5.5.2. Threat of Substitutes
- 5.5.3. Bargaining Power of Customers
- 5.5.4. Bargaining Power of Suppliers
- 5.5.5. Industry Rivalry
5.6. Value Chain & Critical Path Analysis
5.7. Regulatory Framework Analysis

6. Composites Market, by Type

6.1. Introduction
6.2. Carbon Matrix Composites
6.3. Ceramic Matrix Composites
6.4. Metal Matrix Composites
6.5. Polymer Matrix Composites

7. Composites Market, by Manufacturing Process

7.1. Introduction
7.2. Compression Molding
7.3. Filament Winding
7.4. Injection Molding
7.5. Lay-up
7.6. Pultrusion
7.7. Resin Transfer Molding

8. Composites Market, by End-Use

8.1. Introduction
8.2. Aerospace & Defense
8.3. Automotive
8.4. Construction
8.5. Consumer Goods
8.6. Energy & Wind
8.7. Marine
8.8. Sports & Leisure

9. Americas Composites Market

9.1. Introduction
9.2. Argentina
9.3. Brazil
9.4. Canada
9.5. Mexico
9.6. United States

10. Asia-Pacific Composites Market

10.1. Introduction
10.2. Australia
10.3. China
10.4. India
10.5. Indonesia
10.6. Japan
10.7. Malaysia
10.8. Philippines
10.9. Singapore
10.10. South Korea
10.11. Taiwan
10.12. Thailand
10.13. Vietnam

11. Europe, Middle East & Africa Composites Market

11.1. Introduction
11.2. Denmark
11.3. Egypt
11.4. Finland
11.5. France
11.6. Germany
11.7. Israel
11.8. Italy
11.9. Netherlands
11.10. Nigeria
11.11. Norway
11.12. Poland
11.13. Qatar
11.14. Russia
11.15. Saudi Arabia
11.16. South Africa
11.17. Spain
11.18. Sweden
11.19. Switzerland
11.20. Turkey
11.21. United Arab Emirates
11.22. United Kingdom

12. Competitive Landscape

12.1. Market Share Analysis, 2023
12.2. FPNV Positioning Matrix, 2023
12.3. Competitive Scenario Analysis
- 12.3.1. Michelin completes the acquisition of Flex Composite Group
- 12.3.2. Partnership approach sees Lucideon and the National Composites Centre deliver next generation ceramic composites solutions
- 12.3.3. Talpasolutions closes Euro 15 million Series B to boost industrial intelligence in heavy industry
- 12.3.4. IntelliShift Announced Procore Partnership
- 12.3.5. HCSS Partnered With Clue Insights to Give Construction Companies a Single View of Their Entire Operation and Its Assets
- 12.3.6. IntelliShift Extended Construction Fleet Data Automation Through Data Xchange Partnership
- 12.3.7. Volvo CE revealed Connected Map Technology for Vehicle Visualization
- 12.3.8. Trimble Announced Path Planning Technology Toward Autonomous Goal
- 12.3.9. Battery Ventures Agrees to Make Significant Investment to Drive Growth, Innovation in European Fleet-Management Technology Sector
- 12.3.10. Construction Photogrammetry Vendor Avvir Acquired by Hexagon AB
- 12.3.11. Geotab Becomes The First Dedicated Telematics Company To Receive SBTI Validation For Its Emissions Reduction Targets
- 12.3.12. Komatsu launched Smart Construction Retrofit Kit
- 12.3.13. Komatsu Acquired Australian Telematics Company
- 12.3.14. Hitachi Construction Machinery Americas Expands in North America and Latin America
- 12.3.15. Geotab and Free2move Partnered on Integrated Telematics Solution for Stellantis
- 12.3.16. Hitachi launched new telematics system - Construction Europe

13. Competitive Portfolio

13.1. Key Company Profiles
13.2. Key Product Portfolio