Composites Market Size to Rake Around US$ 163.14 Billion by 2030

Published Date : 22, 2022

The global composites market was valued at US$ 94.34 billion in 2021 and US$ 100.05 billion in 2022, predicted to rake around US$ 163.14 billion by 2030 with a CAGR of 6.3% from 2022 to 2030.

 Some sales insight revealing the strong growth of composites during the past few years are listed below:

  • The end products market for composites in US was valued at US$26.7 billion in 2019 and is expected to grow at a CAGR of 3.8% from 2022 to 2030.
  • Glass fiber is the major contributor to the demand for the composites. By product, the glass fiber composites segment generated a revenue of US$53.7 billion garnering a market share of 61.2% in 2020.
  • By end user, the automotive and transportation segment held the largest market share of around 21.3% in 2020, contributing sales revenue of US$18.7 billion.
  • By manufacturing process, the layup process segment garnered a revenue share of around 33.5%, generating revenue of US$29.4 billion in 2020.
  • Asia Pacific led the global composites market, accounting for 45.2% of the market share and a revenue of US$39.7 billion in 2020.
  • The composites industry contributes around US$22.2 billion to the US economy every year.
  • The global demand for carbon fiber reached approximately 75,000 metric tons in 2017.
  • In 2017, Europe produced around 1.1 tons of composite materials.

Leading Regions Market Review

Approximately 45.2% of the Global Composites Market Captured by Asia Pacific

The Asia Pacific composites market is primarily driven by the huge demand from China. Glass fiber composites have a huge demand from the automotive industry. Moreover, billions of pounds of composite materials are sold to the automotive industry for its different use in automotive applications. China is among the leading producers of automotive vehicles across the globe. It is the largest producer and consumer of electric vehicles. Therefore, the growing demand for the electric vehicles in China is expected to boost the demand for the composites in the forthcoming years. Furthermore, the presence of several top manufacturers of the electronics, construction & infrastructure, and wind energy in the regions are the prominent factors that are held responsible for the growth of the Asia Pacific composites market. Furthermore, the rising government initiatives to boost the industrialization in the countries like India and Indonesia is expected to fuel the demand for the composites in the Asia Pacific region.

Scope of the Report

Report Attributes Details
Market Size n 2021 USD 94.34 Billion
Revenue Forecast by 2030 USD 163.14 Billion
CAGR 6.3% from 2022 to 2030
Asia Pacific Market CAGR 45.2% in 2021
Market Segmentation
  • Product
  • Resin Type
  • Manufacturing Process
  • End User
  • Region

 

What are the key trends in the Global Composites Market?

The rising demand for the composites from the aerospace industry is expected to shape new market opportunities in the foreseeable future. The leading aircraft manufacturers are putting efforts to enlarge the thermoplastic structures for both the commercial aircrafts and business jets. For instance, in February 2020Marshall Advanced Composites received a contract of around UUS$10.67 million to produce cockpit trim panels for the Lockheed Martin’s Super Hercules Airlifter for the upcoming five years. Moreover, the sustainable use of composites in the manufacturing of marine structures is an emerging trend in the global composites market. According to the National Marine Manufacturers Association, the new powerboat sales increased by 4% from 2017 to 2018. The growing production of larger boats powered by the outboard engines and surging usage of carbon fibers, 3D printing, and epoxy resin is significantly boosting the demand for the composites across the globe.

What are the key challenges in the Global Composites Market?

The implementation of the strict government policies and regulations pertaining to environment protection and recycling has led to an increase in the restriction and the costs of disposal. The rising usage of composite materials is resulting in increased landfills. Around 90% of the wastes in UK goes into landfills. The rising pollution and growing volume of plastic wastes has forced the law makers to implement strict regulations pertaining to recycling and disposal of wastes. Furthermore, the high costs associated with the composites have increased the concerns over the usage of composites in structural applications. The increased cycle times, high costs of manufacturing, and rising R&D costs has led to the non-realization of the real potential of the composites. There are many applications of the composites in the aerospace has been discovered but owing to the cost restraints the commercialization of these applications is yet to start. Therefore, development of low-cost technologies is and strict government regulations pertaining to the environment protection are the major factors that may hinder the growth of the market.

Europe Forecast the Strongest Growth Rate during the Forecast Year (2021-2030)

Europe composites market is driven by the rising demand for the electric vehicles and rising adoption of sustainable transportation facilities. Moreover, the growing demand for the composites in the electronics industry and aerospace industry is expected to boost the growth of the Europe composites market in the forthcoming years.

Top Composites Manufacturers in 2020

Teijin Ltd., Owens Corning, Huntsman Corporation LLC., Toray Industries, Inc., DuPont, PPG Industries, Inc., Compagnie de Saint-Gobain S.A, Momentive Performance Materials, Inc., Hexcel Corporation, Kineco Limited, Weyerhaeuser Company, GGL Group, Veplas Group, Cytec Industries (Solvay. S.A.), and China Jushi Co., Ltd. are some of the most prominent players operating in the global composites market.

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