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Composite Material Market Size (2024 - 2029)

The composites market is projected to experience significant growth over the forecast period, driven by advancements in manufacturing technologies such as nanotechnology and out-of-autoclave curing. Despite challenges posed by high manufacturing costs, which may impede growth, the market is expected to expand, with the transportation sector leading in application demand. The Asia-Pacific region is anticipated to hold the largest market share and exhibit the highest growth rate globally.

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Market Size of Composite Material Industry

Composite Material Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 45.96 Billion
Market Size (2029) USD 60.59 Billion
CAGR (2024 - 2029) > 5.00 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific
Market Concentration Low

Major Players

Composite Material Market Major Players

*Disclaimer: Major Players sorted in no particular order

Composite Materials Market Analysis

The Composite Material Market size is estimated at USD 45.96 billion in 2024, and is expected to reach USD 60.59 billion by 2029, growing at a CAGR of greater than 5% during the forecast period (2024-2029).

The market increased in 2021 compared to 2020. After the lifting of lockdowns in several countries and the resumption of many manufacturing and construction projects, the market has partially recovered from the negative effects of the COVID-19 pandemic.

  • Recent improvements in technological advancements such as Nanotechnology, Out-of-Autoclave (OOA) Curing, and others in composite material manufacturing are expected to drive the growth of the market.
  • On the other hand, high manufacturing costs, which result in a higher price for the end-user market, are expected to hinder market growth.
  • Transportation application is expected to dominate the market studied in the forecasted period.
  • Asia-Pacific has the largest share across the globe. The region is also expected to have the highest growth rate during the forecasted period.

Composite Materials Industry Segmentation

Composite materials are made by combining two or more materials with different properties without blending or dissolving them into each other. The global composite material market is segmented by matrix material, reinforcement fiber, end-use application, and geography. By matrix material, the market is segmented by polymer matrix composites(thermoset resins, thermoplastic resins), ceramic/carbon matrix composites, and other matrices(metal matrice composites). On the basis of reinforcement fiber, the market is segmented by glass fiber, carbon fiber, aramid fiber, and others. Similarly, by end-use application, the market is segmented into automotive and transportation, wind energy, aerospace and defense, pipes and tanks, electrical and electronics, sports and recreation, and other end-use applications. The report also offers market size and forecasts for 27 countries across major regions. For each segment, market sizing and forecasts have been done on the basis of revenue (USD).

Matrix Material
Polymer Matrix Composites (PMC)
Thermoset Resins
Thermoplastic Resins
Ceramic/Carbon Matrix Composites (CMCs)
Other Matrices (Metal Matrix Composites)
Reinforcement Fiber
Glass Fiber
Carbon Fiber
Aramid Fiber
Other Fibers
End-use Application
Automotive and Transportation
Wind Energy
Aerospace and Defense
Pipes and Tanks
Construction
Electrical and Electronics
Sports and Recreation
Other End-use Applications
Geography
Asia-Pacific
China
India
Japan
South Korea
Thailand
Malaysia
Indonesia
Vietnam
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Spain
Russia
NORDIC Countries
Turkey
Rest of Europe
South America
Brazil
Argentina
Colombia
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Nigeria
Qatar
Egypt
United Arab Emirates
Rest of Middle-East and Africa
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Composite Material Market Size Summary

The composites market is poised for significant growth, driven by advancements in technology and increasing demand across various sectors. The market is recovering from the impacts of the COVID-19 pandemic, with transportation applications expected to lead the growth. The Asia-Pacific region holds the largest market share, fueled by rapid industrialization and high demand from industries such as construction, automotive, and aerospace. The region's growth is further supported by the increasing application of composite materials in electric vehicles and other sectors, aligning with global efforts towards sustainability and zero emissions.

Technological innovations like nanotechnology and out-of-autoclave curing are enhancing composite material manufacturing, although high production costs remain a challenge. The market is moderately fragmented, with key players like TORAY INDUSTRIES, Owens Corning, and Solvay actively engaging in strategic collaborations and acquisitions to strengthen their market positions. The demand for carbon fiber, a preferred polymer composite, is rising due to its applications in automotive, aerospace, and defense industries. As the market evolves, the Asia-Pacific region is expected to maintain its dominance, supported by strong industrial growth and increasing reliance on composite materials in various applications.

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Composite Material Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Technological Advancement in the Field of Material Science

      2. 1.1.2 Increasing Use of Composites in the Aerospace and Defense Industry

      3. 1.1.3 Other Drivers

    2. 1.2 Restraints

      1. 1.2.1 High Cost of Composite Materials

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Consumers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

  2. 2. MARKET SEGMENTATION (Market Size in Value)

    1. 2.1 Matrix Material

      1. 2.1.1 Polymer Matrix Composites (PMC)

        1. 2.1.1.1 Thermoset Resins

        2. 2.1.1.2 Thermoplastic Resins

      2. 2.1.2 Ceramic/Carbon Matrix Composites (CMCs)

      3. 2.1.3 Other Matrices (Metal Matrix Composites)

    2. 2.2 Reinforcement Fiber

      1. 2.2.1 Glass Fiber

      2. 2.2.2 Carbon Fiber

      3. 2.2.3 Aramid Fiber

      4. 2.2.4 Other Fibers

    3. 2.3 End-use Application

      1. 2.3.1 Automotive and Transportation

      2. 2.3.2 Wind Energy

      3. 2.3.3 Aerospace and Defense

      4. 2.3.4 Pipes and Tanks

      5. 2.3.5 Construction

      6. 2.3.6 Electrical and Electronics

      7. 2.3.7 Sports and Recreation

      8. 2.3.8 Other End-use Applications

    4. 2.4 Geography

      1. 2.4.1 Asia-Pacific

        1. 2.4.1.1 China

        2. 2.4.1.2 India

        3. 2.4.1.3 Japan

        4. 2.4.1.4 South Korea

        5. 2.4.1.5 Thailand

        6. 2.4.1.6 Malaysia

        7. 2.4.1.7 Indonesia

        8. 2.4.1.8 Vietnam

        9. 2.4.1.9 Rest of Asia-Pacific

      2. 2.4.2 North America

        1. 2.4.2.1 United States

        2. 2.4.2.2 Canada

        3. 2.4.2.3 Mexico

      3. 2.4.3 Europe

        1. 2.4.3.1 Germany

        2. 2.4.3.2 United Kingdom

        3. 2.4.3.3 France

        4. 2.4.3.4 Italy

        5. 2.4.3.5 Spain

        6. 2.4.3.6 Russia

        7. 2.4.3.7 NORDIC Countries

        8. 2.4.3.8 Turkey

        9. 2.4.3.9 Rest of Europe

      4. 2.4.4 South America

        1. 2.4.4.1 Brazil

        2. 2.4.4.2 Argentina

        3. 2.4.4.3 Colombia

        4. 2.4.4.4 Rest of South America

      5. 2.4.5 Middle-East and Africa

        1. 2.4.5.1 Saudi Arabia

        2. 2.4.5.2 South Africa

        3. 2.4.5.3 Nigeria

        4. 2.4.5.4 Qatar

        5. 2.4.5.5 Egypt

        6. 2.4.5.6 United Arab Emirates

        7. 2.4.5.7 Rest of Middle-East and Africa

Composite Material Market Size FAQs

The Composite Material Market size is expected to reach USD 45.96 billion in 2024 and grow at a CAGR of greater than 5% to reach USD 60.59 billion by 2029.

In 2024, the Composite Material Market size is expected to reach USD 45.96 billion.

Composites Market Report Snapshots

Composites Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)