Global Composites Market Top Major Players 2024, Forecast To 2033
16 Feb, 2024
The composites market has experienced rapid expansion recently, surging from $97.06 billion in 2023 to $107.19 billion in 2024, reflecting a 10.4% compound annual growth rate (CAGR). This growth is linked to heightened awareness of the environmental advantages of composites, augmented demand for fuel-efficient vehicles, increased use in construction, the flourishing wind energy sector, and corrosion-resistant applications in the chemical industry. Anticipated is robust growth for the composites market in the coming years, projecting an increase to $154.82 billion in 2028, driven by a 9.6% CAGR. This growth is attributed to the expansion of electric vehicles, infrastructure renewal, rising applications in the marine and defense industries, as well as space exploration initiatives. Notable trends during this period encompass bio-based composites, smart composites, recycling and circular economy practices, digital twin technology, and hybrid composites.
Global Composites Market Key Driver
Growth in the automotive and aerospace sectors is expected to propel the composites market. Composites are widely used in these industries to enhance performance, corrosion resistance, and fuel savings. The data from the Aerospace Industries Association (AIA) and IBEF indicates growth in exports from the aerospace and defense industry and an increase in Indian automobile exports. The growth in the automotive and aerospace sectors is a key driver for the composites market.
Get A Free Sample Of The Global Composites Market ReportGlobal Composites Market Segments
The composites market covered in this report is segmented –
1) By Product: Carbon Fiber, Glass Fiber
2) By Manufacturing Process: Layup Process, Filament Winding Process, Injection Molding Process, Pultrusion Process, Compression Molding Process, Resin Transfer Molding Process, Other Processes
3) By Resin Type: Thermoset Composites, Thermoplastic Composites
4) By End-Use Industry: Aerospace and defense, Wind Energy, Automotive and Transportation, Construction & Infrastructure, Marine, Pipe and Tank, Electrical and Electronics, Other End-Users
By Geography: The regions covered in the template market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions.
Asia-Pacific was the largest region in the composites market in 2023 and is also expected to be the fastest-growing region in the forecast period. The regions covered in the composites market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Composites Industry Players
General Electric Company; Rolls-Royce plc; SGL Carbon Graphite Technic Co. Ltd.; Axiom Materials Inc.; United Technologies Corporation; Minnesota Mining and Manufacturing Company; COI Ceramics Inc.; Lancer Partnership Ltd.; CoorsTek Inc.; Applied Thin Films Inc.; Ultramet Technologies Limited; CFC Carbon Co. Ltd.; UBE Industries Ltd.; Kyocera Corporation; Speciality Materials Inc.; Safran SA; Mitsubishi Rayon Carbon Fiber & Composites Inc.; Johns Manville International Inc.; Asahi Fibreglass Company; Guardian Fibre Corp.; Owens Corning Fiberglass Company; China Fibreglass Company; Teijin Limited; Taishan Fibreglass SA; Kurarey Co. Ltd.; Formosa Plastic Corp.; Toray Industries Inc.; DuPont de Nemours Inc.; Nippon Sheet Glass Co. Ltd.; Korea Nylon Inc.; KCC Corporation; SAERTEX Wagener GmbH & Co. KG; Pittsburgh Plate Glass Company; Taiwan Glass Industry Corporation; Solvay SA; BASF SE; Huntsman Corporation LLC; SGL Carbon SE; TPI Composites Inc.; Gurit Holding AG
Get The Full Global Composites Market Report
Composites Market Overview
Composites refer to the material as a combination of two materials with different physical and chemical properties that have excellent strength-to-weight ratios and durability, are stronger than those individual materials by themselves, are corrosion resistant, durable, and have a lighter weight than most metals.
Composites Global Market Report 2023 provides data on the global composites market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The composites market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.