The global Composite Market is estimated to be valued at US$ 100.22 Bn or Mn in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Composite materials are a combination of two or more materials that when combined, exhibit properties that are different from the individual components. The combined materials result in enhanced strength, stiffness and durability compared to conventional materials. Composites find use in various end-use industries like construction, automotive, aerospace and many more.
Market key trends:
One of the key trends driving the growth of composite market is increasing use of lightweight and high strength materials in automotive industry. Vehicle manufacturers are focusing on reducing vehicle weight to improve fuel efficiency and decrease carbon emissions from vehicles. Use of composite materials in automobile structural components, panels, and other parts enable considerable weight reduction. Carbon fiber composites are increasingly becoming popular for manufacturing structural parts, thereby supporting the growth of the composite market over the forecast period.
Market key trends:
The Global Composite Market has been witnessing strong growth owing to increasing automation and use of lightweight materials in various end-use industries such as aerospace and defense, wind energy, transportation, and construction. Composite materials provide high strength to weight ratio along with corrosion resistance which makes them suitable for use in structural components. Furthermore, continuous research and development activities in the field of nanocomposites have widened the scope of applications for composites.
SWOT Analysis
Strengths: High strength to weight ratio, corrosion resistance.
Weaknesses: High manufacturing cost, issues with recycling.
Opportunities: Usage in emerging industries like wind energy, electric vehicles.
Threats: Volatility in raw material prices, threat from substitutes like metals.
Key Takeaways
The global composite market is expected to witness high growth, exhibiting CAGR of 7.3% over the forecast period of 2023-2030, due to increasing automation and usage of lightweight materials. The market size for composites was valued at US$ 100.22 Bn in 2023.
Regional analysis: North America dominates the global composite market owing to robust presence of aerospace and defense industry in the region. However, Asia Pacific is expected to display fastest growth in coming years led by emerging economies like China, India investing heavily in wind energy and transportation sectors.
Key players operating in the composite market are Saint-Gobain S.A., Momentive Performance Materials, Inc., Kineco Limited, Veplas Group, China Jushi Group Co., Ltd., Braj Binani Group, Guardian Fibre Glass. These players are focusing on new product development and expansion in developing markets to strengthen their position.
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