Composites Market Size is grown USD 161.68 billion BY Trends, Growth Statistics, Top Competitor Analysis and Forecast 2029 

The global composites market is expected to grow at 7.9% CAGR from 2023 to 2029. It is expected to reach above USD 161.68 billion by 2029 from USD 81.56 billion in 2022.

The Latest Report Research Exactitude Consultancy published a report titled Composites Market which offers a detailed description of the market trends, growth drivers, opportunities, and the challenges associated with the growth of the market in the forthcoming years. The report gives an actionable market insight to the clients/vendors with which sustainable and profitable business strategies can be created. This Report Composites Market by researchers gives an insight into the trending modern situation and the future growth of the industry for the length of Composites. This analysis can help you expand your business by targeting qualified niche markets.

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Market Dynamics:

Driver: Benefits of composites

Rising consumer awareness about advantages of composites' is further expected to drive market revenue growth. In comparison to most metals and woods, composite materials are lightweight, anti-corrosive, and extremely strong with various benefits for sports, manufacturing, and automotive industries (make premium quality sports equipment). In addition, government programs to support sustainability and lower Carbon Dioxide (CO2) emissions to combat global warming are anticipated to positively drive market revenue growth.

Restraint: High purchase cost of raw materials

High costs for raw materials, as well as typical high costs for production and assembly, are one of the main drawbacks of composites. In the out-of-plane direction, where matrix bears bulk of load, they exhibit weak strength. Composite materials can be damaged by strong impact. In addition, compared to metallic buildings, technicians have more trouble fixing them. Composites are unable to resist extremely high temperatures because plastics melt down much more quickly compared to metals. Materials have a lower strength to volume ratio than metals, which is higher and due to its extremely low heat capacity, it cannot be used in heating applications.

Competitive Assessment:

The main research methodology applied here by the research team is data triangulation, which includes data mining, analysis of the impact of data variables on the market, and primary (industry experts) validation. This report helps to gather information about all the above factors by providing actionable market insights and comprehensive analysis. The Composites market report mainly focuses on important aspects of the market which include historical data, current market trends, environment, technological innovations, upcoming technologies, and technological advancement in the industry among others.

Leading market players in the Composites market is focusing on strategies such as expansion, new product launches, and acquisitions to gain large market share and enhance their global presence in the target market. Some Key Competitors of the Composites market is Owens Corning, Toray Industries, Inc., Teijin Limited, Mitsubishi Chemical Holdings Corporation, Hexcel Corporation, SGL Group and others.

In June 07, 2021, Hexcel Corporation, a global leader in advanced composites technology introduced a lightweight camera drone, which was constructed utilizing Hexcel HexPly carbon fiber pre preg. A group of students from University of Applied Sciences Upper Austria in Wels created composite drone using components provided by Hexcel Neumarkt in Austria.

Composites Market Segmentation:

Global Composites Market by Fiber Type, 2023-2029, (USD Million) (Kilotons)

Glass Fiber Composites

Carbon Fiber Composites

Natural Fiber Composites

Global Composites Market by Resin Type, 2023-2029, (USD Million) (Kilotons)

Thermoset Composites

Thermoplastic Composites

Global Composites Market by Manufacturing Process, 2023-2029, (USD Million) (Kilotons)

Lay-Up Process

Filament Winding Process

Injection Molding Process

Pultrusion Process

Compression Molding Process

Resin Transfer Molding (Rtm) Process

Other

Global Composites Market By End-Use Industry, 2023-2029, (USD Million) (Kilotons)

Transportation

Aerospace & Defense

Wind Energy

Construction & Infrastructure

Pipe & Tank

Marine

Electrical & Electronics

Others

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Regional Framework

The Composites Market report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the market based on various segments. It also provides market size and forecast estimates from the years  with respect to five major regions. The market by each region is later sub-segmented by respective countries and segments. The Composites market report covers the analysis and forecast globally along with the current trend and opportunities prevailing in the region.

⇨ North America (United States, Canada, and Mexico)

⇨ Europe (Germany, France, UK, Russia, and Italy)

⇨ Asia-Pacific (China, Japan, Korea, India, and Southeast Asia)

⇨ South America (Brazil, Argentina, Colombia, etc.)

⇨ The Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa)

This Report Also Includes:

» Stratagem Market Insights methodology

» Tactics and suggestions for new entrants

» Segmentation analysis

» Economic indices

» Companies' strategic developments

» Composites Market growth drivers and restraints

» Selected illustrations of the market penetrations and trends

Crucial insights in Composites research report:

Underlying macro- and microeconomic factors impacting the Sales of Composites.
Basic overview of the Composites, including market definition, classification, and applications.
Scrutinization of each market player based on mergers & acquisitions, R&D projects, and product launches.
Adoption trend and supply side analysis of Smart PPE across various industries.
Important regions and countries offering lucrative opportunities to market stakeholders.

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The Study Objectives are:

✔ An in-depth look at the key players in the Composites market, as well as the data that goes with them.

✔ It includes a product portfolio, annual revenue, research and development spending, geographic presence, recent key developments, and growth strategies.

✔ Regional analysis, which includes information on the dominant Composites market and its share of the market.

✔ It also includes various socioeconomic factors that influence the market's evolution in the region.

✔ The report provides a detailed look at various members of the value chain, including raw material suppliers, distributors, and stockholders.

Key questions answered in the report:
✦ What is the Composites market's growth potential?
✦ Which product category will be the most profitable?
✦ In the coming years, which regional market will emerge as a leader?
✦ Which application segment will continue to expand at a steady rate?
✦ What are the potential growth opportunities in the Composites Market in the coming years?
✦ What are the most significant challenges that the global Composites Markets may face in the future?
✦ What are the top companies in the global Composites market?
✦ What are the main trends that are positively impacting the market's growth?

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