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Composites Market Trends and Forecast

The future of the composites material market looks promising with opportunities in the transportation, marine, wind energy, aerospace, pipe & tank, construction, electrical & electronics (E&E), and consumer goods. The global composites market is expected to reach an estimated $60 billion by 2031 with a CAGR of 5% from 2024 to 2031. The global composite end product market is expected to reach an estimated of $181 billion by 2031. The major drivers for growth in this market are increasing demand for lightweight materials in the aerospace & defense, and automotive industries; corrosion and chemical-resistant materials’ demand in the construction, and pipe & tank industries; electrical resistivity and high flame retardant materials’ demand in the electrical and electronics industry.
 
Composites Market Trends and Forecast

Emerging Trends in the Composites Material Market

Emerging trends, which has a direct impact on the dynamics of the industry, are the development of low-cost carbon fibers, high performance glass fiber, and rapid cure resin system.
This 402-page report includes 240 figures and charts, along with 55 tables, to support your business decisions. 
Composites Market by Segments
 

Composites Market Insight

  • Lucintel forecasts construction will remain the largest end use by value and volume due to increasing residential and commercial construction and growth in remolding activities. Aerospace is expected to witness highest growth over the forecast period.
  • Transportation will remain the largest end use market over the forecast period due to the increasing production and use of lightweight materials in transportation market. Aerospace is expected to witness the highest growth over the forecast period.
  • Asia Pacific is expected to remain the largest region by value and volume, and it is also expected to experience the highest growth over the forecast period because of growth in construction, transportation, and the electrical and electronics segments. The major drivers for growth are increasing automotive production, high growth in construction, and infrastructure development.

Composites Market by Segment

The study includes a forecast for the global composites market by end use, manufacturing process, molding compound, resin type, fiber type, fiberglass product form, carbon fiber type, and region as follows:

Composites Market by End Use [Volume (Million Pounds) and Value ($M) Shipment Analysis for 2019 – 2031]:

Composites Market by Manufacturing Process [Volume (Million Pounds) and Value ($M) Shipment Analysis for 2019 – 2031]:

  • Hand Lay-up
  • Spray-up
  • Resin Infusion (RRIM, RTM, VARTM)
  • Filament Winding
  • Pultrusion
  • Injection Molding
  • Compression Molding
  • Prepreg Lay-up
  • Other

Composites Market by Molding Compound [Volume (Million Pounds) and Value ($M) Shipment Analysis for 2019 – 2031]:

Composites Market by Resin Type [Volume (Million Pounds) and Value ($M) Shipment Analysis for 2019 – 2031]:

Composites Market by Fiber Type [Volume (Million Pounds) and Value ($M) Shipment Analysis for 2019 – 2031]:

Composites Market by Fiber Glass Product Form [Volume (Million Pounds) and Value ($M) Shipment Analysis for 2019 – 2031]:

  • Single End Roving
  • Multi End Roving
  • DUCs
  • Continuous Filament Mat
  • Yarn

Composites Market by Carbon Fiber Type [Volume (Million Pounds) and Value ($M) Shipment Analysis for 2019 – 2031]:

  • PAN Based Carbon Fiber
  • PITCH Based Carbon Fiber

Composites Market by Region [Volume (Million Pounds) and Value ($M) Shipment Analysis for 2019 – 2031]:

  • North America
  • Europe
  • Asia Pacific
  • ROW

Composites Market by Country [Volume (Million Pounds) and Value ($M) Shipment Analysis for 2019 – 2031]:

  • USA
  • Canada
  • Mexico
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Netherland
  • China
  • India
  • Japan
  • South Korea
  • Brazil
  • Russia
Composites market dynamics of each region is different in terms of regulation, presence of market players, pricing, custom duty and other parameters. Asia Pacific is expected to remain the largest region and it is also expected to experience the highest growth followed by North America and Europe. Market dynamics of each region is shown in the following image.
 
Composites Opportunities Across Globe
Composites are used in various industries due to their exceptional properties such as high strength, lightweight nature, and durability. Below image provides a comprehensive overview of how composite materials are used across different industries.
 
Composites penetration is less than 10% in most of the industries, indicating significant growth potential across various sectors. Currently, composites penetration is low due to higher price of material. Steel dominates major end-use industries because of their higher performance and lower costs. Composites are primarily used where lightweight properties, higher corrosion resistance, and improved fuel efficiency are required.
 
Composites Addressable Markets
 

Emerging Trends and Innovations in the Composites Market

Emerging trends, which has a direct impact on the dynamics of the industry, are the production of low-cost carbon fibers, development of high performance glass fiber, and development of Bio-based pan precursor.


Composites Emerging Trends


List of Composites Companies

Companies in the market compete based on the quality of the products they offer. Major players in this market focus on expanding their manufacturing facilities, investing in R&D, developing infrastructure, and leveraging integration opportunities across the value chain. Through these strategies, composites companies address increasing demand, ensure competitive effectiveness, develop innovative products and technologies, reduce production costs, and expand their customer base. Some of the composites companies profiled in this report include:

Ecosystem of Global Composites Market is Composed of Diverse Group of Companies:



Recent Developments in Composites Market

  • United States: Automakers like Ford and General Motors are increasing the use of glass fiber composites to reduce vehicle weight and improve fuel efficiency. Government initiatives, such as the Corporate Average Fuel Economy (CAFE) standards, drive demand for lightweight materials.
  • Germany: German automotive companies including BMW and Volkswagen are incorporating glass fiber composites into their vehicle designs for enhanced performance and sustainability. Government support for research and development in automotive materials encourages innovation in the market.
  • China: Chinese automakers like BYD and Geely are adopting glass fiber composites to meet emission standards and improve vehicle safety. Government policies promoting electric vehicles and lightweight materials drive market growth.
  • Japan: Japanese car manufacturers such as Toyota and Honda are utilizing glass fiber composites to enhance vehicle strength and reduce environmental impact. Government incentives for eco-friendly vehicles and advanced materials contribute to market expansion.
  • South Korea: Companies like Hyundai and Kia are incorporating glass fiber composites into their automotive designs to improve fuel efficiency and meet global emission regulations. Government support for automotive innovation and environmental initiatives accelerates market development.

Features of Global Composites Market

  • Market Size Estimates: Global composite materials market size estimation in terms of value ($M) and volume (M lbs).
  • Trend and Forecast Analysis: Market trends (2019-2024) and forecast (2025-2031) by various segments and regions.
  • Segmentation Analysis: : Composites market size by various segments, such as end use, manufacturing process, molding compound, resin type, fiber type, fiberglass product form, and carbon fiber type in terms of value and volume.
  • Regional Analysis: Global composites market breakdown by North America, Europe, Asia Pacific, and the Rest of the World.
  • Growth Opportunities: Analysis on growth opportunities in different end use, manufacturing process, molding compound, resin type, fiber type, fiberglass product form, carbon fiber type, and regions for the composites market
  • Strategic Analysis: This includes M&A, new product development, and competitive landscape for the composites market.
  • Analysis of competitive intensity of the industry based on Porter’s Five Forces model.

FAQ

Q1. What is the composites market size?
Answer: The global composite material market is expected to reach an estimated $60 billion by 2031.
Q2. What is the growth forecast for composites market?
Answer: The composites material market is expected to grow at a CAGR of 5% from 2024 to 2031.       
Q3. What are the major drivers influencing the growth of the composites market?
Answer: The major drivers for growth in this market are increasing demand for lightweight materials in the aerospace & defense, and automotive industries; corrosion- and- chemical-resistant materials’ demand in the construction, and pipe & tank industries; electrical resistivity and high flame retardant materials’ demand in the electrical and electronics industry.
Q4. What are the major applications or end use industries for global composites?
Answer: Transportation and construction are the major end use for global composites.
Q5. What are the emerging trends in composites market?
Answer: Emerging trends, which has a direct impact on the dynamics of the industry, are the development of low-cost carbon fibers, high performance glass fiber, and rapid cure resin system.  
Q6. Who are the key composites companies?
Answer: Some of the key composites companies are Owens Corning, Jushi Group, Nippon Electric Glass, CPIC, Toray, Hexcel, Mitsubishi Rayon, Gurit, Polynt Reichhold, etc.
Q7.Which composites material segment will be the largest in future?
Answer: Lucintel forecasts that injection molding is expected to be the largest process in terms of value and volume over the forecast period in composite manufacturing because of high-output production rate, low labor cost, and design flexibility.
Q8: In composites market, which region is expected to be the largest in next 6 years?
Answer: APAC is expected to remain the largest region and witness the highest growth over next 6 years.           
Q9. Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% Customization Without any Additional Cost.

This report answers following 11 key questions

Q.1 What are some of the most promising potential, high-growth opportunities for the global composites market by end use (transportation, marine, wind energy, aerospace, pipe & tank, construction, electrical & electronics, consumer goods, and others), manufacturing process (hand lay-up, spray up, resin infusion, filament winding, pultrusion, injection molding, compression molding, prepreg lay up, and others), molding compound (SMC, BMC, and thermoplastic compounds), resin type (polyester, epoxy, vinyl ester, phenolic, and thermoplastic), fiber type (glass fiber composites, carbon fiber composites, and aramid fiber composites), fiberglass product form (single end roving, multi end roving, DUCs, continuous filament mat, and yarn), carbon fiber type (PAN based carbon fiber and pitched based carbon fiber), and region (North America, Europe, APAC, and ROW)?
Q. 2 Which segments will grow at a faster pace and why?
Q.3 Which regions will grow at a faster pace and why?
Q.4 What are the key factors affecting market dynamics? What are the drivers and challenges of the market?
Q.5 What are the business risks and threats to the market?
Q.6 What are the emerging trends in this market and the reasons behind them?
Q.7 What are the changing demands of customers in the market?
Q.8 What are the new developments in the market? Which companies are leading these developments?
Q.9 Who are the major players in this market? What strategic initiatives are being implemented by key players for business growth?
Q.10 What are some of the competitive products and processes in this area and how big of a threat do they pose for loss of market share via material or product substitution?
Q.11 What M & A activities have taken place in the last 5 years in this market?
 
For any questions related to composites market or related to composite market, composite market size, composite market analysis, market share, composite suppliers, composite manufacturers, composite raw material, composite cost, composite market trend and forecast, write Lucintel analyst at email: helpdesk@lucintel.com. We will be glad to get back to you soon.
Table of Contents
1. Executive Summary
 
2. About the Composites Industry
2.1: What is the Composites Industry
2.2: Characteristics of Composites Industry 
 
3. Competitive Analysis of the Steel, Aluminum, Plastic, and Composites Industry
3.1: Competitive Analysis
3.2: Plastic Industry Overview
3.3: Steel Industry Overview
3.4: Aluminum Industry Overview
3.5: Composites Industry Overview
 
4. Global Reinforcement Market
4.1: Functions of Fiber and Resin Materials in Composites
4.2: Global Composites Industry by Fiber Type
4.3: Global Market Size for Reinforcement
4.3.1: Glass Fiber Market Size by Product Form
4.3.2: Carbon Fiber Market by Product Form
4.3.3: Aramid Fiber Market
4.4: Market Leaders
4.4.1: Glass Fiber Market Leaders
4.4.2: Carbon Fiber Market Leaders
4.4.3: Aramid Fiber Market Leaders 
 
5. Global Resin Market
5.1: Types of Resin
5.1.1: Thermoset Resin for the Composites Industry
5.1.2: Thermoplastic Resin for the Composites Industry
5.2: Price and Weight Distribution of various Ingredients in Composites
5.2.1: Polyester Resin Applications
5.3: Resin Market
 
6. Global Composites Industry by Material Type
6.1: Advance Composites Market
6.2: Raw Materials Market
6.3: Thermoset and Thermoplastic Composites Market
6.4: Thermoplastic Composites Market by Product Form
6.4.1: LFRT or LFT (Long Fiber Thermoplastic Composites) 
6.4.2: GMT
6.4.3: Continuous Fiber TPCs
6.5: Composites Market by Molding Compound
 
7. Global Composites by Market Segments
7.1: Global Composites Market by Segment
7.2: Driving Forces for the Use of Composites Materials
7.3: Key Requirements in Various Market Segments
7.4: Transportation Industry Market Outlook and Trends
7.4.1: Automotive Industry Challenges
7.5: Market Outlook and Trends for the Aerospace and Defense Industry 
7.6: Market Outlook and Trend for the Construction Industry
7.6.1: Composites in Bridge Applications
7.6.2: Challenges in Bridge Applications
7.6.3: Non-Bridge Applications
7.7: Pipe and Tank Industry Analysis
7.8: Marine Market Outlook and Industry Trends
7.9: Consumer Goods Market Outlook and Industry Trends
7.10: Electrical and Electronics Industry Outlook
7.11: Wind Energy
 
8. Global Composites Market by Manufacturing Process 
8.1: Global Composites Market by Manufacturing Process
 
9. Trends and Forecast
9.1: Industry Challenges in Recent Years
9.1.1: Energy Cost Squeeze
9.1.2: Challenges of the Glass Fiber Industry
9.1.3: Relative Safety 
9.1.4: Challenges for Fabricators
9.2: Trends in Global Composites Industry
9.2.1: Market Trends by Region
9.2.1.1: Market Trend by Applications
9.3: Trends in the North American Composites Industry
9.4: Trends in the European Composites Industry
9.5: Trends in the Asian Composites Industry
9.6: Trends in the ROW Composites Industry
9.7: Composites Industry Forecast
9.8: Forecast for the North American Composites Industry
9.9: Forecast for the European Composites Industry
9.10: Forecast of the Asian Composites Industry
9.11: Forecast for the ROW Composites Industry
9.12: Trends and Forecast for Composites Manufacturing Processes
 
10. Regional Analysis
10.1: Composites Shipments by Region
10.2: Composites Consumption by Country
10.2.1: Shipments in North American Countries
10.2.2: Shipments in European Countries
10.2.3: Shipments in Asia Pacific Countries
10.3: Composites Application by Region
10.3.1: Composites Market in North America
10.3.2: Composites Market in Europe
10.3.3: Composites Market in Asia Pacific
 
11. Value Chain Analysis and Industry Leaders
11.1: Value Chain Analysis
11.2: Industry Leaders
11.2.1: Industry Leaders in Material Supplier Category
11.2.1.1: Industry Leaders in Glass Fibers
11.2.1.2: Industry Leaders in Carbon Fibers
11.2.1.3: Industry Leaders in Aramid Fibers
11.2.1.4: Industry Leaders in Prepreg Manufacturing
11.2.1.5: Industry Leaders in UPR Market 
11.2.2: Leaders in End Use Market
11.2.2.1: Industry Leaders in Aerospace Market
11.2.2.2: Leaders in Marine Industry
11.2.2.3: Leaders in the Recreational Industry
11.2.2.4: Market Leaders in Automotive Industry
11.2.2.5: Industry Leaders in Automotive Tier 1 Suppliers
 
12. Materials and Technology Needs for the Future Composites Industry
 
13. Innovations in the Composites Industry
 
.

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240 figures / charts and 55 tables are provided in this 402-page report
Lucintel has been in the business of market research and management consulting since 2000 and has published over 1000 market intelligence reports in various markets / applications and served over 1,000 clients worldwide. This study is a culmination of four months of full-time effort performed by Lucintel's analyst team. The analysts used the following sources for the creation and completion of this valuable report:
  • In-depth interviews of the major players in this market
  • Detailed secondary research from competitors’ financial statements and published data 
  • Extensive searches of published works, market, and database information pertaining to industry news, company press releases, and customer intentions
  • A compilation of the experiences, judgments, and insights of Lucintel’s professionals, who have analyzed and tracked this market over the years.
Extensive research and interviews are conducted across the supply chain of this market to estimate market share, market size, trends, drivers, challenges, and forecasts. Below is a brief summary of the primary interviews that were conducted by job function for this report.
 
Thus, Lucintel compiles vast amounts of data from numerous sources, validates the integrity of that data, and performs a comprehensive analysis. Lucintel then organizes the data, its findings, and insights into a concise report designed to support the strategic decision-making process. The figure below is a graphical representation of Lucintel’s research process. 
 

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