Global Composite Materials Market Size To Worth USD 193.82 Billion By 2033 | Key Players are Owens Corning, Toray Industries, Hexcel Corporation, SGL Carbon SE and others

According to a research report published by Spherical Insights & Consulting, the Global Composite Materials Market Size is Expected to Grow from USD 99.50 Billion in 2023 to USD 193.82 Billion by 2033, at a CAGR of 6.90% during the forecast period 2023-2033.

Comprehensive historical analysis of global market for Composite Materials Market has thoroughly analyzed in this report. It offers data and insights from 2019-2022, and provides extensive market forecasts from 2023-2033 by region/country and subsectors. It covers the price, sales volume, revenue, historical growth, gross margin, and future outlooks for the Global Composite Materials Market.

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Market Overview
Two materials with different physical and chemical characteristics combine to form a composite material. A material with a specific purpose, like being stronger, lighter, or more electrically resistant, is created by combining composite components. They can also increase stiffness and strength. Because they may be used in a variety of applications and enhance the qualities of their basic materials, they are more popular than traditional materials.

Composite materials are used in wind power for turbine blades, in automotive and transportation for body panels and structural sections, and in aerospace for parts of aircraft and spacecraft. The market for composite materials is driven by a number of key drivers, including the need for strong, lightweight materials in sectors including construction, automotive, and aviation.

With improvements in production processes and material formulas, composites are becoming more widely available and affordable. The market is growing as a result of the construction of infrastructure projects and legal mandates for eco-friendly and sustainable materials. However, the market for composite materials has a number of obstacles that could prevent growth, such as expensive startup costs and intricate production processes. Composites challenging recycling and disposal creates environmental problems and adds lifespan costs.

The global Composite Materials Market is witnessing robust growth due to:
>>The rising number of applications across key industries such as aerospace, automotive, construction, wind energy, and marine, driven by demand for lightweight and durable materials.

>>Increasing demand for fuel-efficient and sustainable solutions, particularly in automotive and aerospace sectors, as composites reduce vehicle weight and improve energy efficiency.

>>Technological innovations in composite manufacturing processes, including advanced resin systems, automated fiber placement, and 3D weaving, which enhance material performance, reduce costs, and enable complex structural designs.

Browse key industry insights spread across 261 pages with 110 Market data tables and figures & charts from the report on the" Global Composite Materials Market Size, Share, and COVID-19 Impact Analysis, By Type (Glass Fiber Reinforced Polymers, Carbon Fiber Reinforced Polymers, Aramid Fiber Reinforced Polymers, Others), By Resin Type (Thermoset Composites, Thermoplastic Composites), By End Use Industry (Aerospace & Defense, Wind Energy, Automotive & Transportation, Construction & Infrastructure, Electrical & Electronics, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 - 2033

Over the course of the projection period, the glass fiber reinforced polymers category is anticipated to maintain its highest market share.

Glass fiber reinforced polymers, carbon fiber reinforced polymers, aramid fiber reinforced polymers, and other types are the several categories into which the composite materials market is divided. Over the course of the forecast period, the glass fiber reinforced polymers segment is anticipated to hold the biggest market share among these. Because GFRPs offer a good balance of strength, weight, and durability, they can be used in a wide range of industries, including construction, automotive, and aerospace. Their established and low-cost manufacturing processes contribute to their market dominance.

Over the forecast period, the thermoset composites category is expected to have the largest market share.

The market for composite materials is separated into thermoset and thermoplastic composites based on the kind of resin used. The storage sector is expected to have the largest market share among these over the forecast period. Better mechanical strength, durability, and resistance to high temperatures and chemical deterioration are among the desirable properties that make thermoset composites so popular. Epoxy and polyester are examples of thermoset resins that cure a rigid structure and offer exceptional performance in demanding applications across a range of industries, including construction, automotive, and aerospace.

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Over the course of the forecast period, North America is anticipated to hold the greatest share of the market for composite materials.

Over the course of the forecast period, North America is anticipated to hold the greatest share of the market for composite materials. Because of its substantial presence in advanced manufacturing and innovation, especially in the aerospace and defense sectors, the North American region leads the market for composite materials. Lightweight, high-performance materials are in high demand due to the region's robust automobile sector.

Over the course of the forecast period, the composite materials market is expected to develop at the greatest CAGR in Asia Pacific. Numerous factors, such as the region's booming automotive and construction sectors, growing industrialization, and large investments in infrastructure development, can be attributed to this quick surge. This growth is also fueled by the growing demand for high-performance, lightweight materials in the electronics and aerospace industries.

Leading players of Composite Materials Market including:
• Owens Corning
• Toray Industries
• Hexcel Corporation
• SGL Carbon SE
• Huntsman Corporation
• Gurit Holding AG
• Zoltek Companies, Inc.
• Nippon Electric Glass Co.Ltd.
• Mitsubishi Chemical Holdings Corporation
• General Plastics & Composites LP
• JPS Composite Materials
• Teijin Limited
• Solvay S.A.
• Others

Market Challenges - Composite Materials Market
High Production Costs
• Advanced composites like carbon fiber are expensive to manufacture due to high raw material and energy costs.
• Specialized equipment and labor increase the overall cost of production, limiting widespread adoption in cost-sensitive sectors.

Limited Recycling and Reusability
• Thermoset composites are difficult to recycle due to their cross-linked polymer structure.
• Lack of efficient end-of-life disposal and recycling infrastructure poses sustainability concerns.

Complex Manufacturing Processes
• Fabrication of composite materials requires specialized skills, tools, and quality control, making scaling and automation difficult.

Raw Material Supply Chain Issues
• Dependence on specific resins and fibers (e.g., carbon, aramid) makes the market vulnerable to raw material shortages and price volatility.
• Absence of universal standards for testing, certification, and performance benchmarking can slow down product approvals, especially in aerospace and defense.

Design and Simulation Challenges
• Designing with composites requires different approaches compared to metals; simulation tools and expertise are still evolving.
• Predicting long-term durability and behavior under stress or harsh conditions remains a challenge.

Research Objectives - Composite Materials Market
>>To evaluate the current market size and future growth potential of the global composite materials market across various regions and application sectors.

>>To analyze key market drivers, restraints, and challenges affecting the demand for composite materials in industries such as aerospace, automotive, construction, wind energy, and marine.

>>To identify and assess the impact of technological advancements in materials (e.g., carbon fiber, aramid, glass fiber) and manufacturing techniques (e.g., resin transfer molding, 3D printing).

>>To study the regulatory landscape and sustainability trends, including recycling challenges, environmental compliance, and lifecycle assessment of composites.

>>To examine competitive strategies adopted by major market players such as mergers & acquisitions, R&D investments, product innovations, and global expansion.

Recent Developments
• In January 2024, Sonichem received over £600,000 in financing from Innovate UK's 'Resource Efficiency for Materials and Manufacturing' programme. The funding will help to accelerate the development of Sonichem's proprietary ultrasound technology as well as the production of renewable, cost-effective alternatives to petrochemicals used in the automotive industry to make plastics, resins, and composites.

Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the composite materials market based on the below-mentioned segments:

Global Composite Materials Market, By Type
• Glass Fiber Reinforced Polymers
• Carbon Fiber Reinforced Polymers
• Aramid Fiber Reinforced Polymers
• Others

Global Composite Materials Market, By Resin Type
• Thermoset Composites
• Thermoplastic Composites

Global Composite Materials Market, By End Use Industry
• Aerospace & Defense
• Wind Energy
• Automotive & Transportation
• Construction & Infrastructure
• Electrical & Electronics
• Others

Regional Segment Analysis of the Global Composite Materials Market
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

What's covered in the report?
1. Overview of the Composite Materials Market.
2. The current and forecasted regional (North America, Europe, Asia-Pacific, Latin America, the Middle East and Africa) market size data for the Composite Materials Market, based on segment.
3 Composite Materials Market trends.
4. Composite Materials Market drivers.
5. Analysis of major company profiles.

PESTLE Analysis - Composite Materials Market
P - Political
• Government policies supporting lightweight, fuel-efficient vehicles and renewable energy projects (e.g., wind turbines) drive demand.
• Defense and aerospace investments in countries like the U.S., China, and India create steady market opportunities.

E - Economic
• High production costs and price sensitivity in emerging markets can limit adoption.
• Global infrastructure development and industrialization, especially in Asia-Pacific, are boosting demand.

S - Social
• Rising consumer preference for sustainable, lightweight, and high-performance products is supporting market expansion.
• Skilled labor shortage in composite manufacturing and handling advanced processes poses a challenge.

T - Technological
• Innovations like automated fiber placement, 3D printing, and resin transfer molding are improving manufacturing efficiency.
• Advancements in nanocomposites and bio-composites are expanding potential use cases.

L - Legal
• Compliance with aerospace, automotive, and construction safety standards is mandatory, often requiring extensive product testing.
• Intellectual property rights and patents can create entry barriers for new players.

E - Environmental
• Composite materials help reduce CO2 emissions by enabling lightweight vehicles and aircraft.
• Recyclability challenges, especially with thermoset resins, raise environmental concerns.

Table of Content (TOC)
• Introduction
1. Objectives of the Study
2. Market Definition
3. Research Scope
• Research Methodology and Assumptions
• Executive Summary
• Premium Insights
1. Porter's Five Forces Analysis
2. Value Chain Analysis
3. Top Investment Pockets
1. Market Attractiveness Analysis By Product Type
2. Market Attractiveness Analysis By Type
3. Market Attractiveness Analysis By Segment Type
4. Market Attractiveness Analysis By Region
4. Industry Trends
• Market Dynamics
1. Market Evaluation
2. Drivers
1. Increasing development in sector
3. Restraints
4. Opportunities
5. Challenges
• Global Composite Materials Market Analysis and Projection, By Product Type
• Global Composite Materials Market Analysis and Projection, By Type
• Global Composite Materials Market Analysis and Projection, By Segment Type
• Global Composite Materials Market Analysis and Projection, By Regional Analysis
1. Segment Overview
2. North America
1. U.S.
2. Canada
3. Mexico
3. Europe
1. Germany
2. France
3. U.K.
4. Italy
5. Spain
4. Asia-Pacific
1. Japan
2. China
3. India
5. South America
1. Brazil
6. Middle East and Africa
1. UAE
2. South Africa
• Global Composite Materials Market-Competitive Landscape
1. Overview
2. Market Share of Key Players in the Global Composite Materials Market
1. Global Company Market Share
2. North America Company Market Share
3. Europe Company Market Share
4. APAC Company Market Share
3. Competitive Situations and Trends
1. Coverage Launches and Developments
2. Partnerships, Collaborations, and Agreements
3. Mergers & Acquisitions
4. Expansions
• Company Profiles
1. Company1
1. Business Overview
2. Company Snapshot
3. Company Market Share Analysis
4. Company Coverage Portfolio
5. Recent Developments
6. SWOT Analysis
2. Company2
1. Business Overview
2. Company Snapshot
3. Company Market Share Analysis
4. Company Coverage Portfolio
5. Recent Developments
6. SWOT Analysis
3. Company3
1. Business Overview
2. Company Snapshot
3. Company Market Share Analysis
4. Company Coverage Portfolio
5. Recent Developments
6. SWOT Analysis

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