Composite Materials Market Forecasts to 2030 - Global Analysis By Type (Polymer Matrix Composites, Metal Matrix Composites, Ceramic Matrix Composites and Other Types), Resin Type, Fiber Type, Manufacturing Process, End User and By Geography

According to Stratistics MRC, the Global Composite Materials Market is accounted for $111.6 billion in 2024 and is expected to reach $189.2 billion by 2030 growing at a CAGR of 9.2% during the forecast period. Composite materials are engineered substances made from two or more distinct materials that, when combined, create a new material with enhanced properties. Typically, a composite material includes a matrix (such as a resin or metal) and reinforcing fibers (like glass or carbon) that work together to provide superior strength, durability, and lightweight characteristics compared to individual components. This combination allows for customized performance and functionality, making composites ideal for applications in aerospace, automotive, construction, and various other industries.

According to OICA, global automotive production increased from 84.83 million units in 2022 to 93.54 million units in 2023 with a y-o-y growth of 10.3%.

Market Dynamics:

Driver:

Increasing demand for high-performance materials

Demand for high-performance materials is increasing as technology advances and applications across numerous industries growth. These materials, known for their superior strength, lightweight properties, and durability, are essential in sectors such as aerospace, automotive, and construction. The need for enhanced performance and efficiency, coupled with the growing emphasis on sustainability, is fueling the adoption of advanced composites, driving market growth and innovation in the field.

Restraint:

Long-term durability concerns

Long-term durability remains a significant challenge in the market, as these materials are increasingly utilized in various demanding applications such as aerospace, automotive, and civil engineering. Despite their lightweight and high-strength advantages, composites can suffer from issues like degradation due to environmental factors, fatigue, and mechanical damage over time. UV radiation, moisture, and temperature fluctuations can weaken the matrix and reduce overall material performance.

Opportunity:

Advancements in manufacturing technologies

Recent advancements in manufacturing technologies for composite materials are revolutionizing the industry. The integration of automated fiber placement (AFP) technologies has enhanced precision and efficiency, enabling the production of complex geometries with reduced labor costs. Additionally, advancements in 3D printing have introduced new possibilities for creating intricate composite structures with minimized material waste. These technologies are driving significant growth and diversification in the market.

Threat:

Recycling challenges

Recycling composite materials presents significant challenges due to their complex structure, which typically combines multiple materials such as fibers and resins. The primary difficulty lies in separating these components effectively, traditional recycling methods often struggle with the strong adhesion between fibers and matrices. The lack of standardized recycling protocols and infrastructure further impedes growth. Furthermore, the diversity of composite types necessitates tailored recycling solutions, increasing complexity and costs.

Covid-19 Impact:

The COVID-19 pandemic significantly disrupted the market, leading to a sharp decline in demand due to halted manufacturing processes and delays in construction and aerospace projects. Supply chain interruptions and reduced workforce availability further exacerbated production challenges. However, the market showed signs of recovery as industries adapted to new safety protocols and resumed activities. Increased focus on lightweight, durable materials for medical and protective equipment also contributed to a gradual rebound in demand.

The carbon fiber segment is expected to be the largest during the forecast period

The carbon fiber is expected to be the largest during the forecast period. Carbon fiber composites are increasingly used in aerospace, automotive, and sports equipment due to their superior performance compared to traditional materials. The market is driven by rising demand for lightweight, high-strength materials that improve fuel efficiency and reduce emissions. Innovations in manufacturing processes and applications are expanding the market, with increased adoption in various industrial sectors.

The filament winding segment is expected to have the highest CAGR during the forecast period

The filament winding segment is expected to have the highest CAGR during the forecast period. Filament winding is a technique used in the composite materials market for producing high-strength, lightweight structures. This method involves wrapping fibers around a mandrel in a precise pattern, which are then impregnated with resin and cured. It's widely utilized in industries such as aerospace and sports equipment due to its ability to create complex shapes with excellent mechanical properties.

Region with largest share:

North America is projected to hold the largest market share during the forecast period. Advanced composites, such as carbon fiber and fiberglass, are being increasingly adopted for their high strength-to-weight ratio and durability. Innovations in manufacturing processes and the push for sustainable materials further propel the market. The region's well-established manufacturing infrastructure and technological advancements also contribute to the market's expansion.

Region with highest CAGR:

Asia Pacific is projected to hold the highest CAGR over the forecast period driven by rising adoption of lightweight materials for fuel efficiency and performance improvement. Key drivers include the rise in infrastructure projects, automotive innovations, and the push for renewable energy solutions. With significant investments in research and development, the region is becoming a major hub for composite material production and application, positioning itself as a leader in the global market.

Key players in the market

Some of the key players in Composite Materials market include Toray Industries, Inc., Teijin Limited, Hexcel Corporation, SGL Carbon SE, DSM N.V., Mitsubishi Chemical Corporation, Solvay, Cytec Industries Inc., Huntsman Corporation, DuPont, Weyerhaeuser Company, Zoltek Companies, Inc., Lanxess AG, 3A Composites, Hexagon Composites ASA, Celanese Corporation, Plasan Carbon Composites, Rockwood Composites and Owens Corning.

Key Developments:

In February 2024, Owens Corning acquired USD 3.9 billion of Masonite. This acquisition would strengthen the company's position in building and construction materials and the glass reinforcement business within its Composites segment.

In June 2023, Solvay is collaborating with Spirit AeroSystems. Both companies will engage in composite development. This merger would lead to collaborative research into sustainable aircraft technologies and processes with Spirit's industrial, academic, and supply-chain partners.

Types Covered:

• Polymer Matrix Composites (PMCs)
• Metal Matrix Composites (MMCs)
• Ceramic Matrix Composites (CMCs)
• Other Types

Resin Types Covered:

• Thermoset Composites
• Thermoplastic Composites

Fiber Types Covered:

• Glass Fiber
• Carbon Fiber
• Aramid Fiber
• Other Fiber Types

Manufacturing Processes Covered:

• Layup
• Filament Winding
• Injection Molding
• Pultrusion
• Compression Molding
• Resin Transfer Molding (RTM)

End Users Covered:

• Aerospace & Defense
• Automotive
• Construction
• Electrical & Electronics
• Wind Energy
• Marine
• Consumer Goods
• Other End Users

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances