The global Composites Market, valued at USD 104.41 billion in 2024, is projected to grow significantly, reaching USD 111.51 billion in 2025 and USD 188.75 billion by 2033, according to a recent report by Straits Research. The market is expected to expand at a compound annual growth rate (CAGR) of 6.8% during the forecast period (2025-2033). This growth is driven by increasing demand for lightweight, durable, and corrosion-resistant materials across various industries, including aerospace, automotive, construction, and electronics.
Market Scope and Research Methodology
The comprehensive report by Straits Research provides an in-depth analysis of the global composites market, covering market size, growth trends, key drivers, challenges, and opportunities. The research methodology includes a combination of primary and secondary research, ensuring accurate and reliable data. Primary research involves interviews with industry experts, while secondary research includes data from reputable sources such as company reports, industry publications, and government databases. The report also incorporates qualitative and quantitative analysis to provide a holistic view of the market.
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Key Growth Drivers
The global composites market is being propelled by several factors, including the rising demand for lightweight materials in the automotive and aerospace industries. With increasing fuel prices and stringent environmental regulations, manufacturers are shifting towards lightweight composites to improve fuel efficiency and reduce emissions. Composites, known for their high strength-to-weight ratio, are increasingly replacing traditional materials like steel and aluminum in vehicle manufacturing.
In the aerospace sector, the presence of major players like The Boeing Company in the U.S. is driving market growth. The demand for composites is further fueled by the need for materials that offer high strength, corrosion resistance, and durability, making them ideal for aircraft manufacturing and maintenance.
The construction industry is also contributing to market growth, with composites being widely used in infrastructure applications such as buildings, bridges, roads, and railways. Their resistance to rust, corrosion, and environmental degradation makes them a preferred choice for long-lasting infrastructure projects.
Market Segmentation
By Product Type
- Glass Fiber: The glass fiber segment dominates the market and is expected to grow at a CAGR of 5.6% during the forecast period. Its widespread use in construction, wind energy, automotive, and electronics industries is driving demand.
- Carbon Fiber: Carbon fiber composites are gaining traction due to their high stiffness, low thermal expansion, and chemical resistance. They are extensively used in aerospace, automotive, and industrial applications.
By Manufacturing Process
- Layup: The layup process holds the largest market share and is projected to grow at a CAGR of 8.4%. This cost-effective method is widely used in producing boats, wind turbine blades, and architectural moldings.
- Pultrusion: This process is gaining popularity for its efficiency in producing fiber-reinforced polymer products, including pipes, rods, and tubes.
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Regional Insights
Asia-Pacific: The Dominant Market
Asia-Pacific is the largest market for composites, expected to grow at a CAGR of 7.6% during the forecast period. The region’s growth is driven by the presence of major economies like China, India, Japan, and Taiwan, which are hubs for automotive, electronics, and aerospace manufacturing. Rising air passenger traffic, increasing vehicle production, and government initiatives to boost industrial output are further fueling market growth.
Europe: The Fastest-Growing Region
Europe is anticipated to grow at a CAGR of 6.9%, reaching USD 35,509.98 million by 2033. The region’s well-established automotive, aerospace, and construction industries are key drivers of market growth. The entry of new aircraft manufacturers and increasing demand for electronic components are also contributing to the market’s expansion.
Key Players in the Composites Market
- Teijin Ltd
- Toray Industries, Inc.
- Owens Corning
- PPG Industries Inc. Huntsman Corporation LLC
- SGL Group
- Hexcel Corporation
- DuPont
- Compagnie de Saint-Gobain S.A.
- Weyerhaeuser Company
- Momentive Performance MaterialsInc.
Recent Developments
- January 2022: Toray Industries, Inc. developed a new analysis technology for multi-material structures, enabling more precise prediction of part properties and faster development of high-performance components.
- February 2022: Teijin Group commenced commercial operations at a new composites manufacturing facility.
- February 2024: Syensqo (formerly Solvay Group) continued its innovation in lightweight, high-performance materials, further advancing the use of composites in aerospace and automotive applications.
FAQs
1. What is driving the growth of the composites market?
The growth is driven by increasing demand for lightweight, durable, and corrosion-resistant materials in industries such as automotive, aerospace, construction, and electronics.
2. Which region dominates the composites market?
Asia-Pacific is the largest market, with significant contributions from China, India, Japan, and Taiwan.
3. What are the key applications of composites in the automotive industry?
Composites are used to manufacture lightweight vehicle components, improving fuel efficiency and reducing emissions.
4. Who are the major players in the composites market?
Key players include Teijin Ltd, Toray Industries, Inc., Owens Corning, PPG Industries Inc., and Hexcel Corporation.
5. What is the projected market size of the composites market by 2033?
The market is expected to reach USD 188.75 billion by 2033, growing at a CAGR of 6.8% during the forecast period.
About Straits Research
Straits Research is a leading market research and consulting firm, providing actionable insights and data-driven solutions to help businesses make informed decisions. Our reports cover a wide range of industries, offering in-depth analysis and forecasts to support strategic planning.
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