The global composites market size is expected to reach USD 144.5 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.6% from 2021 to 2028. Increasing demand for lightweight materials in various industries such as automotive and transportation, along with the increasing government investment in green transportation is augmenting growth of the market.
The market is witnessing huge potential on account of continuous R&D activities by the major companies. Composites are anticipated to gain popularity owing to their superior properties coupled with their diversified applications in industries such as aerospace, automotive, electronics, construction, and energy.
The growth of the market is adversely impacted by the economic crisis and lockdown caused by the Covid-19 pandemic. However, increasing product demand in the automotive and electronics industry is anticipated to benefit the market growth. Industries are gradually shifting towards a new normal to gain a similar growth trend as before the pandemic.
The market is characterized by the presence of established players with a strong financial base; as a result, the entry barriers are high. In addition, high initial investments are required to sustain in the market, hence, the threat of new entrants is expected to be low.
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Composites Market Report Highlights
- The glass fiber composites segment is expected to witness the fastest CAGR of 5.6% from 2021 to 2028. The beneficial properties of these fibers such as low thermal expansion, high stiffness, high chemical resistance, and low weight make them popular for use in industrial applications
- The automotive and transportation segment is expected to reach USD 30.9 billion by 2028. Global awareness to control carbon emissions is propelling the electric vehicle industry, which in turn has resulted in growth in the market
- The market in North America was estimated to account for USD 18.8 billion in 2020, owing to investment by technological advancements and investments by government and private companies in the automotive, electronics, and aerospace industries
- China is major producer of electrical and electronics goods in the world. The robust electrical and electronics capacity additions offer significant growth opportunities to the manufacturers of composites in the country
- Growing construction and infrastructure industry in the Middle East is projected to boost the demand for composites over the forecast period. In addition, increasing government investment in infrastructure is expected to boost the demand for composites in the coming years
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Composites Market Segmentation
Grand View Research has segmented the global composites market on the basis of product, manufacturing process, end use, and region:
Composites Product Outlook (Volume, Kilotons; Revenue, USD Million, 2017 – 2028)
- Carbon Fiber
- Glass Fiber
Composites Manufacturing Process Outlook (Volume, Kilotons; Revenue, USD Million, 2017 – 2028)
- Layup Process
- Filament Winding Process
- Injection Molding Process
- Pultrusion Process
- Compression Molding Process
- Resin Transfer Molding Process
Composites End-use Outlook (Volume, Kilotons; Revenue, USD Million, 2017 – 2028)
- Automotive & Transportation
- Electrical & Electronics
- Wind Energy
- Construction & Infrastructure
- Pipes & Tanks
Composites Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2017 – 2028)
- North America
- Asia Pacific
- South Korea
- Central & South America
- Middle East & Africa
List of Key Players of Composites Market
- Teijin Ltd
- Toray Industries, Inc.
- Owens Corning
- PPG Industries, Inc.
- Huntsman Corporation LLC
- SGL Group
- Hexcel Corporation
- Compagnie de Saint-Gobain S.A
- Weyerhaeuser Company
- Momentive Performance Materials, Inc.
- Cytec Industries (Solvay. S.A.)
- China Jushi Co., Ltd.
- Veplas Group
- Kineco Limited
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