Press release
Composites Market Forecast 2025-2034: Evaluating Growth Factors, Segments, and Emerging Trends
Which drivers are expected to have the greatest impact on the over the composites market's growth?The composites market is anticipated to be driven by increased growth in the automotive and aerospace sectors. Composites are used in these industries to enhance performance, resist corrosion, and conserve fuel. For example, the Aerospace Industries Association (AIA), a US-based trade association that represents makers and distributors of civilian, military, and commercial aircraft, helicopters, unmanned aerial vehicles (UAVs), space systems, and aircraft, reported that exports from the A&D industry jumped by 11.2% to a total value of $100.4 billion in 2022, as of November. Additionally, the Indian Brand Equity Foundation (IBEF) reported a total of 1,419,430 units of automobile exports from April to June 2021, compared to 436,500 units during the same period the previous year. As a result, the automotive and aerospace industries' growth is largely contributing to the expansion of the composites market.
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What is the future CAGR of the composites market, and how will it impact industry expansion?
In recent times, the composites market has enjoyed robust growth. The market size is set to increase from $105.74 billion in 2024 to $116.25 billion in 2025, marking a compound annual growth rate (CAGR) of 9.9%. The growth witnessed in the historic period can be linked to factors such as enhanced understanding of the environmental advantages of composite use, a surge in demand for fuel-efficient vehicles, an increase in demand for composites in the construction sector, wind energy expansion, and resistance to corrosion in the chemical industry.
The anticipated expansion of the composites market size is predicted to be robust in the upcoming years, with an expected increase to $169.92 billion by 2029, maintaining a compound annual growth rate (CAGR) of 10.0%. Factors contributing to this surge during the forecast period include the proliferation of electric vehicles, infrastructure rejuvenation, rising application in the marine sector, space exploration endeavors, along with a growing demand for composites within the defense industry. Future trends for the forecast period encompass bio-based composites, intelligent composites, recycling, the circular economy, digital twin technology, and hybrid composites.
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What are the most significant trends transforming the composites market today?
Leading corporations in the composites market are concentrating on technological improvements, including lightweight and high-strength composite materials. These advancements serve broader industries, including aerospace, automotive, and renewable energy. HexForce 1K woven reinforcement fabric, a specially engineered composite material for improved strength and longevity, is commonly employed in numerous industrial sectors, such as aerospace and automotive. As an illustration, Hexcel Corporation, a US company known for its reinforcement products, composite materials, and tailored products, announced the debut of its new HexForce 1K woven reinforcement fabric in September 2024. This superior lightweight fabric, which uses Hexcel's own HexTow AS4C 1K carbon fiber, enables the creation of robust, lightweight composite materials. These innovative fabrics are ideal for a range of industrial uses, such as golf clubs, hockey sticks, and components for the automotive industry.
Which key market segments comprise the composites market and drive its revenue growth?
The composites market covered in this report is segmented -
1) By Product: Carbon Fiber, Glass Fiber
2) By Manufacturing Process: Layup Process, Filament Winding Process, Injection Molding Process, Pultrusion Process, Compression Molding Process, Resin Transfer Molding Process, Other Processes
3) By Resin Type: Thermoset Composites, Thermoplastic Composites
4) By End-Use Industry: Aerospace and defense, Wind Energy, Automotive and Transportation, Construction & Infrastructure, Marine, Pipe and Tank, Electrical and Electronics, Other End-Users
Subsegments:
1) By Carbon Fiber: Prepreg Carbon Fiber, Continuous Carbon Fiber, Short Carbon Fiber
2) By Glass Fiber: E-Glass Fiber, S-Glass Fiber, C-Glass Fiber
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What regions are at the forefront of composites market expansion?
Asia-Pacific was the largest region in the composites market in 2024 and is also expected to be the fastest-growing region in the forecast period. The regions covered in the composites market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Who are the leading players fueling growth in the composites market?
Major companies operating in the composites market include General Electric Company, Rolls-Royce plc, SGL Carbon Graphite Technic Co. Ltd., Axiom Materials Inc., Minnesota Mining and Manufacturing Company, COI Ceramics Inc., CoorsTek Inc., Applied Thin Films Inc., Ultramet Technologies Limited, CFC Carbon Co. Ltd., UBE Industries Ltd., Kyocera Corporation, Speciality Materials Inc., Safran SA, Mitsubishi Rayon Carbon Fiber & Composites Inc., Johns Manville International Inc., Asahi Fibreglass Company, Owens Corning Fiberglass Company, China Fibreglass Company, Teijin Limited, Taishan Fibreglass SA, Kurarey Co. Ltd., Formosa Plastic Corp., Toray Industries Inc., DuPont de Nemours Inc., Nippon Sheet Glass Co. Ltd., Korea Nylon Inc., KCC Corporation, SAERTEX Wagener GmbH & Co. KG, Taiwan Glass Industry Corporation, Solvay SA, BASF SE, Huntsman Corporation LLC, TPI Composites Inc., Gurit Holding AG
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What Is Covered In The Composites Global Market Report?
•Market Size Forecast: Examine the composites market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the composites market for a structured understanding.
•Key Players Overview: Analyze major players in the composites market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the composites market.
•Segment Contributions: Evaluate how different segments drive overall growth in the composites market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the composites market.
•Industry Challenges: Identify potential risks and obstacles affecting the composites market.
•Competitive Landscape: Review strategic developments in the composites market, including expansions, agreements, and new product launches.
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