Composites Market Forecasts to 2030 - Global Analysis By Type (Fiber-Reinforced Composites, Particle-Reinforced Composites and Structural Composites), Resin Type, Manufacturing Process, End User and By Geography

According to Stratistics MRC, the Global Composites Market is accounted for $42.57 billion in 2024 and is expected to reach $62.38 billion by 2030 growing at a CAGR of 7.2% during the forecast period. Composites are engineered materials made from two or more constituent materials with significantly different physical or chemical properties. When combined, they produce a material with characteristics different from the individual components. These materials consist of a matrix (often a polymer, metal, or ceramic) and a reinforcement (like fibers, particles, or flakes) that enhances specific properties such as strength, stiffness, or resistance to corrosion and fatigue.

According to CompositesWorld, China the supply of Carbon fiber, which is an advanced composite fiber, amounted to around 19,250 metric tonnes in the year 2021.

Market Dynamics:

Driver:

Growing demand in aerospace and automotive industries

In aerospace, composites are used for reducing aircraft weight, improving fuel efficiency, and enhancing structural integrity. Similarly, the automotive sector uses composites to reduce vehicle weight, leading to better fuel economy and lower emissions. Both industries are pushing for advanced composites to meet stringent performance standards and regulatory requirements. This surge in demand leads to increased investments in composite technologies, driving innovation and expanding market opportunities across the sector.

Restraint:

Limited awareness and expertise

Limited awareness and expertise in composites arise from the complex nature of these materials and their specialized applications. Many industries lack in-depth knowledge and skilled professionals required for effective integration and innovation with composites. Furthermore, insufficient training and awareness can lead to suboptimal use, higher costs, and reduced efficiency, inhibiting the overall potential of composites in various sectors and stalling market expansion.

Opportunity:

Rising infrastructure development

Composites offer superior strength-to-weight ratios, making them ideal for modern infrastructure projects such as bridges, roads, and buildings. Their resistance to environmental factors and reduced maintenance needs enhance the longevity and safety of infrastructure. Additionally, the trend towards sustainable construction practices drives the adoption of composites, which contribute to energy efficiency and lower carbon footprints. As urbanization and infrastructure investment expand, the need for advanced composite materials continues to grow, driving market expansion.

Threat:

Complex recycling processes

Complex recycling processes in composites stem from the difficulty of separating and reprocessing the matrix and reinforcement materials, which are often intricately bonded. This complexity arises from the high strength and durability of composites, making them challenging to break down and repurpose. As a result, limited recycling options and higher disposal costs hamper market growth by discouraging adoption and increasing the overall lifecycle costs of composite materials.

Covid-19 Impact

The covid-19 pandemic significantly impacted the composites market, causing disruptions in supply chains, production halts, and reduced demand in key industries like aerospace, automotive, and construction. Lockdowns and restrictions led to labor shortages and delayed projects, while economic uncertainty affected investment in new technologies. Post-pandemic, the industry is witnessing a recovery with increased focus on sustainable materials and innovative manufacturing techniques to address future challenges.

The injection molding segment is expected to be the largest during the forecast period

The injection molding segment is estimated to have a lucrative growth. Injection molding of composites involves melting a composite material, typically a polymer matrix reinforced with fibers, and injecting it into a mold cavity under high pressure. The process starts with heating the composite material until it reaches a molten state, then injecting it into a precisely designed mold to shape the part. This method is efficient for producing complex, high-strength components with consistent quality and is widely used in industries like automotive and aerospace.

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

The automotive segment is anticipated to witness the highest CAGR growth during the forecast period, due to its enhanced vehicle performance, safety, and efficiency. They are used in various components, such as body panels, bumpers, and interior parts, to reduce weight and improve fuel efficiency. Their use also enables innovative design possibilities and better crashworthiness. As automotive manufacturers push for more sustainable solutions, composites contribute to lower emissions and increased recyclability, aligning with industry trends toward greener, more efficient vehicles.

Region with largest share:

Asia Pacific is projected to hold the largest market share during the forecast period driven by increasing demand in automotive, aerospace, construction, and electronics sectors. Countries like China, India, and Japan are leading in production and consumption due to their robust manufacturing bases and expanding infrastructure projects. Technological advancements and investments in research and development are boosting market growth. Additionally, the region's focus on renewable energy, such as wind power, is increasing the use of composites.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period. The U.S. and Canada lead in advanced manufacturing and technological innovation, with a focus on lightweight and high-performance materials. Growing interest in lightweight, fuel-efficient materials for transportation and increased infrastructure projects drive market expansion. Additionally, the renewable energy sector, government support and technological advancements, fuels demand for composite materials in the region.

Key players in the market

Some of the key players profiled in the Composites Market include Hexcel Corporation, Toray Industries Inc., SGL Carbon SE, Teijin Limited, Mitsubishi Chemical Corporation, Owens Corning, Solvay S.A., Huntsman Corporation, Albany International Corporation, Gurit Holding AG, Sinonus, Aerospace Composite Products Inc., Hexagon Composites ASA and Renegade Materials Corporation.

Key Developments:

In June 2024, Sinonus has launched a groundbreaking multifunctional carbon fiber that serves as both a structural component and an energy storage medium. This innovation builds upon research conducted at Sweden's Chalmers University of Technology. The technology aims to reduce the weight and size of battery systems in various applications by integrating energy storage directly into the structural components made of carbon fiber.

In February 2024, Solvay Group has announced the launch of Swyft-Ply(TM), a new composite material brand that enhances design options for the electronic and smart devices market. 'Swyft' emphasizes the fast-curing nature of the company's strong and lightweight composites, and 'Ply' reflects the use of multiple material layers in the design of composite parts.

Types Covered:

• Fiber-Reinforced Composites
• Particle-Reinforced Composites
• Structural Composites

Resin Types Covered:

• Thermoset Composites
• Thermoplastic Composites

Manufacturing Processes Covered:

• Lay-Up Process
• Filament Winding
• Injection Molding
• Pultrusion
• Compression Molding
• Resin Transfer Molding (RTM)
• Other Manufacturing Processes

End Users Covered:

• Aerospace
• Automotive
• Construction & Infrastructure
• Electronics
• Consumer Goods
• Healthcare
• Oil & Gas
• 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