Market Size of Composite Material Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 45.96 Billion |
| Market Size (2029) | USD 60.59 Billion |
| CAGR (2024 - 2029) | > 5.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Composite Materials Market Analysis
The Composite Material Market size is estimated at USD 45.96 billion in 2024, and is expected to reach USD 60.59 billion by 2029, growing at a CAGR of greater than 5% during the forecast period (2024-2029).
The market increased in 2021 compared to 2020. After the lifting of lockdowns in several countries and the resumption of many manufacturing and construction projects, the market has partially recovered from the negative effects 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 other hand, high manufacturing costs, which result in a higher price for the end-user market, are expected to hinder market growth.
- Transportation application is expected to dominate the market studied in the forecasted period.
- Asia-Pacific has the largest share across the globe. The region is also expected to have the highest growth rate during the forecasted period.
