Composites Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The report covers Global Composite Materials Market Manufacturers & Share and is segmented by Resin (Thermoset Resin and Thermoplastic Resin), Fiber Type (Glass Fiber, Carbon Fiber, Aramid Fiber, and Others), Coatings (Gel Coat and Surface Veil), Adhesives (Epoxies, Bismaleimide, Cyanate Ester, Modified Acrylics, Polyurethanes, and Silicones), End-user Industry (Construction, Transportation, Electrical and Electronics, Healthcare, Power Generation, Industrial, and Others), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The report offers market size and forecasts for Composite Materials market in terms of revenue (USD million) for all the above segments.

Composite Materials Market Size

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Composite Material Market  Summary
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Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR > 4.00 %
Fastest Growing Market Asia Pacific
Largest Market North America
Market Concentration Low

Major Players

Composite Material Market  Major Players

*Disclaimer: Major Players sorted in no particular order

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Composite Materials Market Analysis

The Composite Material Market is projected to register a CAGR of more than 4% during the forecast period.

In 2021 the market has seen an increase when compared to 2020. After the lifting of lockdowns in several countries and with the resuming of many manufacturing and construction projects the market has partially recovered from the negative effect of the COVID-19 pandemic.

  • Recent improvements in technological advancements such as Nanotechnology, Out-of-Autoclave (OOA) Curing, and others in composite material manufacturing are expected to drive the growth of the market.
  • On the flip side, high manufacturing cost resulting in a higher price for the end-user market is expected to hinder the market growth.
  • Transportation application is expected to dominate the market studied in the forecasted period
  • North America is one of the largest market share and Asia-Pacific is expected to have a highest growth rate during the forecasted period.

Composite Materials Market Trends

This section covers the major market trends shaping the Composite Material Market according to our research experts:

Rising Demand from Transportation sector

  • Composites are made up of two or more materials that have diverse physical and chemical characteristics. Polymer composites have long been proposed as a replacement for heavier metal components in the automobile industry, offering weight savings while retaining other desirable features such as mechanical strength. Carbon Fibre is the most preferred polymer composite for this application.
  • Carbon Fiber is an advanced composite material used in a wide range of applications from Automotive to sports equipment and even in the most advanced industries such as Aerospace, Defense, and other industries.
  • The number of carbon fiber manufacturers are increasing year on year due to its heavy demand in various markets. For instance, in 2021, there were 58 carbon fiber producers in the United States, up from 17 in the previous decade.
  • Because of their high specific strength and/or modulus, composites have long been hailed as the materials of the future, making them appealing choices for aircraft applications. In the latest Boeing 787 Dreamliner aeroplane, the amount of composites has climbed to 50%.
  • According to OICA, global automotive production increased from 77.71 million units in 2020 to 80.15 million units in 2021 with a y-o-y growth of 3.1 %.
  • Global efforts towards zero emissions by 2050 is another significant driver for composites in automotive industry, which in turn is leading to rapid development, innovation, and production of electric vehicles (EVs)
  • In an effort to combat climate change, the UK government recently pledged to decrease 68% of CO2 emissions by 2030. To achieve this goal, new petrol and diesel automobiles woulds be be prohibited, and almost half of the UK's vehicles must be electric by the same year. This entails to replacing 16.1 million automobiles with electric vehicles (EVs), with only about 200,000 EVs now registered in the UK.
  • Hence, owing to the above-mentioned factors, tranportation sector is expected to witness the highest growth rate during the forecast period.
Composite Material Market : Automotive Production, in million units, Global, 2017-2021

Asia-Pacific to Witness the Highest Growth Rate

  • Asia-Pacific region accounts for the highest share of composite material market owing to high demand from end-user industries like construction, automotive, electrical & electronics, aerospace & defense, Industrial, etc.
  • The demand for composite material in the Asia-Pacific region is growing at a staggering rate as a result of rapid industrialisation in countries such as China, India, and Japan.
  • The demand for composite materials is surging every year with the increase in its application in various industries. In China the supply of Carbon fiber, which is an advanced composite fiber, amounted to around 19,250 metric tonnes in the year 2021 according to CompositesWorld.
  • According to OICA, automotive production in China was at around 26.08 million units with a y-o-y growth of 3% from the previous year where the production was at around 25.22 million units. The steady increase in Automotive sector would promote the growth of the composite market during the studied period.
  • According to ITA, Japan's total domestic production of medical devices was around USD 24 billion whereas it was around USD 22.7 billion in 2020 and increasing dependancy on medical equipments post COVID-19 would further boost the composite market.
  • As per Inverted, a lithium battery manufacturer, India's ESDM (Electronics System Design & Manufacturing) sector is expected to reach USD 220 billion by 2025 and electronics manufacturing has been a crucial component of several government initiatives, including "Make in India," "Digital India," and "Start-up India." This factor would act as a potential growth opportunity for the studied market.
  • According to JEC Korea, South Korea has a strong composites sector, with local processors and carbon fibre and resin suppliers, and the nation will continue to be at the forefront of composite material and method innovations. The government of South Korea has committed substantial resources to bolstering the country's carbon fibre sector.
  • Increased usage of lightweight and extremely stiff carbon fibre is predicted to be stimulated by more rigorous environmental restrictions and the upgrading of environmental frameworks, such as the Sustainable Development Goals (SDGs) and the Paris Agreement. Asia's demand is said to be increasing, particularly in the domains of sports and outdoor activities, industrial, and aircraft.
  • Owing to these prevailing market trends, the Asia-Pacific region is expected to dominate the global market.
Composite Material Market - Growth Rate by Region, 2022-2027

Composite Materials Industry Overview

The composite material market is moderately fragmented as the market share is divided between many players. Key players in the market (not in any particular order) include TORAY INDUSTRIES, INC., 3M, Cabot Corporation, Dupont, and Owens Corning, among others.

Composite Materials Market Leaders

  1. TORAY INDUSTRIES, INC.

  2. 3M

  3. Carbot Corporation

  4. Owens Corning

  5. Dupont

*Disclaimer: Major Players sorted in no particular order

Composite Material Market  Concentration
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Composite Materials Market News

  • In February 2022, Saertex began operations in its new Mexico plant with production of multiaxial glass fiber noncrimp fabrics, in order to improve the expansion of product line into wind power sector.
  • On March 2021 Alvant and 3M form a cooperation to enhance metal matrix composite technology for real-world use.

Composite Materials Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Technological Advancement in the Field of Material Science

      2. 4.1.2 Increasing Use of Composites in the Aerospace and Defense Industry

      3. 4.1.3 Other Drivers

    2. 4.2 Restraints

      1. 4.2.1 High Cost of Composite Materials

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

  5. 5. MARKET SEGMENTATION (Market Size in Value)

    1. 5.1 Resin

      1. 5.1.1 Thermoset Resin

        1. 5.1.1.1 Polyester

        2. 5.1.1.2 Epoxy

        3. 5.1.1.3 Vinyl Ester

        4. 5.1.1.4 Pheonolics

        5. 5.1.1.5 Cyanate Esters

        6. 5.1.1.6 Polyimides

        7. 5.1.1.7 Other Thermoset Resins (Bismaleimides, Benzoxazines)

      2. 5.1.2 Thermoplastic Resins

        1. 5.1.2.1 Polyetherimide (PEI)

        2. 5.1.2.2 Polyetheretherketone (PEEK)

        3. 5.1.2.3 Polyetherketone (PEK)

        4. 5.1.2.4 Polyamide-imide (PAI)

        5. 5.1.2.5 Polyarylsulfone (PAS)

        6. 5.1.2.6 Liquid crystal polymer (LCP)

        7. 5.1.2.7 Other Thermoplastic Resins ( PES, PPS)

    2. 5.2 Fiber Type

      1. 5.2.1 Glass fiber

      2. 5.2.2 Carbon fiber

      3. 5.2.3 Aramid Fiber

      4. 5.2.4 Others

    3. 5.3 Coating

      1. 5.3.1 Gel Coat

      2. 5.3.2 Surface Veil

    4. 5.4 Adhesives

      1. 5.4.1 Epoxies

      2. 5.4.2 Bismaleimide (BMI)

      3. 5.4.3 Cyanate Ester

      4. 5.4.4 Modified Acrylics

      5. 5.4.5 Polyurethanes

      6. 5.4.6 Silicones

    5. 5.5 End-user Industry

      1. 5.5.1 Construction

      2. 5.5.2 Transportation

      3. 5.5.3 Electrical and Electronics

      4. 5.5.4 Healthcare

      5. 5.5.5 Power

      6. 5.5.6 Industrial

      7. 5.5.7 Others

    6. 5.6 Geography

      1. 5.6.1 Asia-Pacific

        1. 5.6.1.1 China

        2. 5.6.1.2 India

        3. 5.6.1.3 Japan

        4. 5.6.1.4 South Korea

        5. 5.6.1.5 ASEAN Countries

        6. 5.6.1.6 Rest of Asia-Pacific

      2. 5.6.2 North America

        1. 5.6.2.1 United States

        2. 5.6.2.2 Canada

        3. 5.6.2.3 Mexico

      3. 5.6.3 Europe

        1. 5.6.3.1 Germany

        2. 5.6.3.2 United Kingdom

        3. 5.6.3.3 France

        4. 5.6.3.4 Italy

        5. 5.6.3.5 Rest of Europe

      4. 5.6.4 South America

        1. 5.6.4.1 Brazil

        2. 5.6.4.2 Argentina

        3. 5.6.4.3 Rest of South America

      5. 5.6.5 Middle-East and Africa

        1. 5.6.5.1 Saudi Arabia

        2. 5.6.5.2 South Africa

        3. 5.6.5.3 Rest of Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share (%)**/Ranking Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 3M

      2. 6.4.2 DuPont

      3. 6.4.3 DIT B.V.

      4. 6.4.4 COMPOSITES UNIVERSAL GROUP

      5. 6.4.5 Cabot Corporation

      6. 6.4.6 Mitsubishi Chemical Corporation

      7. 6.4.7 Owens Corning

      8. 6.4.8 TEIJIN LIMITED.

      9. 6.4.9 TORAY INDUSTRIES, INC.

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability
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Composite Materials Industry Segmentation

Composite materials are made by combining two or more materials with different properties, without blending or dissolving them into each other. The global composite material market is segmented by resin, fiber type, coatings, adhesives, end-user industry, and geography. By resin, the market is segmented into thermoset resin and thermoplastic resin. By fiber type, the market is segmented into glass fiber, carbon fiber, aramid fiber, and others. By coatings, the market is segmented into gel coat and surface veil. By adhesives, the market is classified into epoxies, bismaleimide, cyanate ester, modified acrylics, polyurethanes, and silicones. By end-user industry, the market is segmented into construction, transportation, electrical and electronics, healthcare, power generation, industrial, and others. The report also offers market size and forecasts for 15 countries across major regions. For each segment, market sizing and forecasts have been done on the basis of revenue (USD million).

Resin
Thermoset Resin
Polyester
Epoxy
Vinyl Ester
Pheonolics
Cyanate Esters
Polyimides
Other Thermoset Resins (Bismaleimides, Benzoxazines)
Thermoplastic Resins
Polyetherimide (PEI)
Polyetheretherketone (PEEK)
Polyetherketone (PEK)
Polyamide-imide (PAI)
Polyarylsulfone (PAS)
Liquid crystal polymer (LCP)
Other Thermoplastic Resins ( PES, PPS)
Fiber Type
Glass fiber
Carbon fiber
Aramid Fiber
Others
Coating
Gel Coat
Surface Veil
Adhesives
Epoxies
Bismaleimide (BMI)
Cyanate Ester
Modified Acrylics
Polyurethanes
Silicones
End-user Industry
Construction
Transportation
Electrical and Electronics
Healthcare
Power
Industrial
Others
Geography
Asia-Pacific
China
India
Japan
South Korea
ASEAN Countries
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa
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Composite Materials Market Research FAQs

The Composite Material Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)

TORAY INDUSTRIES, INC., 3M, Carbot Corporation, Owens Corning and Dupont are the major companies operating in the Composite Material Market.

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the North America accounts for the largest market share in Composite Material Market.

The report covers the Composite Material Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Composite Material Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Composites Industry Report

Statistics for the 2024 Composites market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Composites analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Composites Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)