Future of the Composites Market: Trends, Innovations, and Key Forecasts Through 2034

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Composites Market Size Growth Forecast: What to Expect by 2025?
In recent times, the composites market has demonstrated significant growth. The market is projected to expand from a market value of $105.74 billion in 2024 to reach $116.25 billion in 2025, displaying a compound annual growth rate (CAGR) of 9.9%. The escalating growth during the past period can be credited to the rising consciousness around the environmental advantages of composites utilization, augmented demand for fuel-efficient cars, a surge in the need for composites in the construction sector, the expansion of wind energy and corrosion resistance in the chemical industry.

How Will the Composites Market Size Evolve and Grow by 2029?
In the coming years, the composites market is forecasted to experience robust expansion, with a size estimated at $169.92 billion in 2029, representing a compound annual growth rate (CAGR) of 10.0%. Factors contributing to growth during this period include the rise of electric vehicles, infrastructure modernization, enhanced utilization in the marine sector, space exploration efforts, and increased demand in the defense industry. Key trends during this period are bio-based composites, intelligent composites, circular economy and recycling, digital twin technology, and hybrid composites.

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What Drivers Are Propelling the Growth of Composites Market Forward?
The composites market's expansion is expected to be fueled by growth in the automotive and aerospace industries. These sectors use composites to enhance performance, resist corrosion, and promote fuel efficiency. For example, the Aerospace Industries Association (AIA), a US-based trade organization for manufacturers and distributors of civil, military, and commercial aircraft, helicopters, Unmanned Aerial Vehicles (UAVs), and space systems, reported that exports from the Aircraft & Defense (A&D) business rose by 11.2% to a total of $100.4 billion in 2022. Furthermore, the Indian Brand Equity Foundation (IBEF) indicated that, compared to the same period in the previous year, Indian automotive exports jumped from 436,500 units to 1,419,430 units between April and June 2021. Consequently, the composites market's growth is being propelled by advancements in the automotive and aerospace sectors.

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Which Emerging Trends Are Transforming the Composites Market in 2025?
Leading corporations in the composites market, such as Hexcel Corporation, are laying emphasis on technological innovations, including high-strength and lightweight composite materials, to meet the demands of sectors like aerospace, automotive, and renewable energy. One such innovation is the HexForce 1K woven reinforcement fabric, a high-performance composite product famed for its enhanced strength and durability. It finds frequent usage in a range of industrial settings including but not limited to aerospace and automotive industries. As an illustration, in September 2024, the US-based Hexcel Corporation, a prominent name in the production of reinforcement products, composite materials, and engineered products, debuted its latest product, HexForce 1K woven reinforcement fabric. Using Hexcel's proprietary HexTow AS4C 1K carbon fiber, this innovative fabric aids in creating strong, yet lightweight composite materials. The fabric excellently fits into a wide range of industrial applications such as components for the automotive industry, and sports equipment like golf shafts and hockey sticks.

What Are the Key Segments in the Composites Market?
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 Industr: 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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Who Are the Key Players Shaping the Composites Market's Competitive Landscape?
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

What Geographic Markets Are Powering Growth in the Composites Market?
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

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