Composites Market Analysis: Major Players and Competitive Landscape Explored

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The global composites market reached an estimated size of USD 93.69 billion in 2022, with an expected compound annual growth rate (CAGR) of 7.2% from 2023 to 2030. This growth is driven by the automotive and transportation sectors' demand for lightweight materials. The increased adoption of lightweight components across various manufacturing industries is also expected to boost the market in the coming years. Composites are widely used in aerospace and defense due to their capacity to significantly reduce the weight of military aircraft and helicopters, which enhances fuel efficiency and performance, making weight reduction a crucial factor in industry growth.

The COVID-19 pandemic disrupted supply chains globally as trade operations were halted in major economies, resulting in reduced demand from sectors like aerospace, automotive, and construction in 2020. However, with the easing of restrictions in 2021, the market is anticipated to recover and regain its growth momentum. In the U.S., the composites market is poised for growth in aerospace and defense due to increasing adoption and the presence of major manufacturers, such as The Boeing Company. This is supported by the rapid expansion of the aerospace sector and expected defense industry growth, which will likely drive market demand over the forecast period.

Gather more insights about the market drivers, restrains and growth of the Global Composites Market

Environmental regulations, especially in Europe and the U.S., have prompted automotive manufacturers to adopt technologies that lower emissions. Composites, incorporated into vehicle production to meet stringent regulations, are anticipated to accelerate market growth. While the high cost of raw materials remains a challenge for composite manufacturers, rising demand from other manufacturing industries also creates procurement hurdles. However, significant R&D efforts to create lower-cost composites with comparable properties to expensive variants are expected to stimulate demand in the forecast period

Manufacturing Process Insights

The layup process held the largest market share, 34.9%, in 2022. This process, integral to manufacturing boats, wind turbine blades, and architectural moldings, is anticipated to drive segment growth over the forecast period. Wet layup processes offer cost-effective production of diverse composite shapes and sizes for applications such as marine prototypes and storage tanks. Dry layup processes, involving pre-impregnated fibers (prepregs), utilize resins absorbed within the fibers, molded under heat and pressure. The filament winding technique creates circular, hollow products like pipes and tanks by winding resin-dipped fibers over a mandrel, with applications in energy and consumer products.

Pultrusion is an efficient technique for producing fiber-reinforced composites. It involves drawing fiberglass through resin, providing continuous lengths of composite materials with polymer matrices, a resource-saving approach. Resin transfer molding (RTM) is a vacuum-assisted process suited for producing larger, mid-volume components with a high strength-to-weight ratio. This method produces 200 to 10,000 parts per year.

End-Use Insights

The automotive and transportation sectors led in 2022, with a revenue share of 21.0%, using composites to manufacture lightweight, strong components in vehicles such as trucks, buses, and trains, replacing metals for lighter, more durable alternatives. In the wind energy sector, composites are primarily used to reduce blade weight, imparting fire resistance, corrosion resistance, design flexibility, and durability. Wind energy is expected to be the fastest-growing application segment due to the increasing adoption of composites and the rise in wind farm installations.

Rising demand for advanced electronics across both household and industrial applications is likely to increase composite usage, with applications in items like terminal boxes, lamp housings, electrical enclosures, plugs, sockets, and energy distribution components. The construction and infrastructure sectors are rapidly incorporating composites, using them for windows, doors, bridge components, roof structures, paneling, complete bridge systems, and furniture. The use of composites in refurbishments and retrofit applications is also on the rise.

Order a free sample PDF of the Composites Market Intelligence Study, published by Grand View Research.

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