Composites Market

Composites Market Benefits from Growing Preference over Conventional Material Choices

The Composites Market is valued at USD 84.5 Bn in 2026 and is projected to reach USD 136.6 Bn,  growing at a CAGR of 7% by 2033.In the past few years, composites have started getting worldwide traction against traditional materials such as aluminium, steel, and wood in a variety of application areas. It is estimated that more than 17 MT of composites were consumed in the year 2018. The ability of composites to be tailored to fit a diverse range of applications remains the key factor driving demand in global composites market. The two key components within the composites are matrix, and fibre. Glass, carbon, aramid, basalt, and natural fibres are the most widely used fibres in composites, whereas materials such as polyester, epoxy, polyurethane, and vinyl ester are primarily used as the matrix. Suitability of composites for higher temperature ranges, and superior design flexibility are expected to account for a sustained healthy adoption rate projected for composites market.

Composites are stronger, lighter, durable, and versatile as compared to traditional materials. For instance, carbon fibre-reinforced composite is expected to be 4-5x stronger compared to the 1020 steel-grade counterpart, and 1/5^th the weight. Design freedom, functionality, and weight reduction attributes continue to be the key factors positioning composites as an ideal material choice across a host of industries, especially transportation, construction, and electrical and electronics. This is likely to accelerate the performance of global composites market.

Growing Efforts towards Lightweight and Durable Materials

Automotive OEMs worldwide are upping their efforts for usage of multi-materials in weight reduction/light weighting to meet fuel efficiency goals. In the past few years, composite materials have become a vital part of automotive lightweight plan as they are widely deployed in under-the-hood, exterior and interior applications. Electric mobility is another factor driving the growth of composites in automotive. One of the most important aspects of electric vehicles (EVs) is their range with weight playing major factor behind it. Composites can play a bigger role in achieving longer range by reducing the weight and dependency on heavier, denser metals.

World wind capacity installations have grown fourfold between 2010 and 2020 with 60.4 GW of capacity added in 2019. Wind energy is the perfect bet to deliver the goals set for renewable energy in Europe. Wind energy is a clean, sustainable, and cost-effective option compared to fossil fuels. Manufacturers are focused on creating turbines with longer blades to capture more wind in return generating more power output. To keep up with growing demand for wind turbines, composites can play an important role in delivering lightweight, and energy-efficient blades.

High-cycle Time, and Raw Material Costs a Question at Hand

Mass production, and affordability of composite materials is a main challenge in the market. In automotive industry, high material cost, and cycle time has significantly impacted the penetration of composites in high-volume cars. Supply of carbon fibre is also adding to the woes of automotive industry as most of the lot is consumed in high-value aerospace sector. Lack of automation, higher raw materials prices compared to traditional steel, wood, and thermoplastics, and high production costs are limiting the market growth of composites across various verticals. Composites industry also needs to tackle recycling issues. Recycling carbon fibre composites is expensive and challenging as it cannot melt down and reform as other materials.

Asia Pacific Retains Lead, Regulatory Support Favours Composites Market in Western Regions

Asia Pacific accounted for more than 40% of the total composites market valuation in the year 2018. While accelerated industrial growth in the region has been the major driving force behind composites market growth here, China will continue to play a substantial role in shaping the Asia Pacific composites market. China’s scientific and sustainable development strategy heralds a bright future for energy-saving products in automotive, marine, and electrical and electronics. There has been a huge development in China’s wind energy market, creating ample opportunities of composites consumption, thereby fostering the growth of composites market in the region.

In Europe, and North America, advancements in the field of lightweight materials have largely fuelled the growth of composites. Demand for composites is on the rise, especially from the automotive and aerospace industry. Carbon fibre-reinforced composites (CFRC) have exceptional properties that make them ideal materials for car manufacturers, and modern aircrafts, focusing on weight reduction, and enhanced fuel-efficiency. Government regulations such as Corporate Average Fuel Economy (CAFÉ), and EU mandate on CO₂ emissions will drive the developments in composites market space in the region over the course of next few years.

Capacities Expansion, and Synergies to Dictate Strategic Growth of Key Companies

Manufacturers of composites are engaging in capacity expansions, and business integration operations to strengthen their position in global composites market. In 2019, Solvay announced expansion of its thermoplastic composite facility in the US to meet strong demand from aerospace industry. The expansion is expected to aid Solvay to meet the high-quality standards, and industrial reliability. Solvay also announced the first horizontal strategic platform to fast-track development of advanced composites.

In 2019, Teijin announced acquisition of Renegade Materials Corporation, a US-based supplier heat-resistant thermoset prepreg to aerospace industry. The acquisition helped Teijin to integrate its business operations and strengthen its foothold in aerospace industry. This will also help the company to upgrade its existing production capacities with technological advancements.

Key Players 

• Toray Industries, Inc.
• Owens Corning
• Hexcel Corporation
• Teijin Limited
• SGL Carbon SE
• Mitsubishi Chemical Group
• Solvay S.A.
• Huntsman Corporation
• BASF SE
• PPG Industries, Inc.
• DuPont
• Compagnie de Saint-Gobain S.A.
• Jushi Group Co., Ltd.
• Arkema S.A.
• Exel Group

Global Composites Market Segmentation is Listed Below:

By Matrix
• Polymer matrix composites (PMCs)
o Fiber
o Resin
• Ceramic matrix composites (CMCs)
• Metal matrix composites (MMCs)

By Manufacturing Process
• Hand Lay-Up
• Injection Molding Process
• Resin Transfer Molding (RTM)
• Filament Winding
• Compression Molding
• Pultrusion
• Others

By Application
• Automotive
• Building & construction
• Electrical & Electronics goods
• Pipes & tank manufacturing
• Consumer goods
• Wind power
• Maritime
• Defense & Aviation
• Others

By Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa