Market Composites Trends Forecasts to 2030

The global composites market is experiencing steady and significant growth. Market analysts expect that it will rise from USD 93.69 billion in 2022 to approximately USD 160.48 billion by 2030 at a Compound Annual Growth Rate (CAGR) of 7.2%.

Scientists create composites by combining two or more distinct materials, often with contrasting properties, to produce a material with enhanced qualities. Manufacturers highly value these materials for their ability to reduce weight and improve performance. This makes them especially important in the aerospace, defense, and automotive industries. Composites are increasingly essential for meeting these sectors’ energy efficiency and environmental compliance requirements.

You can also read: Advanced Composites Will Be $88.7 Billion Market in 2031

Demand, Innovation, Challenges

The composite’s market share is experiencing a surge in demand due to the increasing need for lightweight properties across industries. The high price of raw materials for composites and rising demand from other sectors present challenges for manufacturers. However, major companies invest in R&D to create lower-cost composite grades with mechanical properties similar to those of more expensive alternatives. Experts expect these innovations to drive demand for composites, making them more accessible while keeping performance and quality.

Analysts value the global carbon fiber composites market at USD 21.58 billion in 2023 and project it will reach USD 37.41 billion by 2032, growing at 6.3% CAGR. Carbon fiber composites formed by combining carbon fibers with resin (CFRP), are ideal for aerospace, automotive, and sports industries. Known for their high tensile strength, fuel efficiency, and minimal maintenance, CFRP composites help manufacturers meet strict environmental regulations. Technological advances have also increased their use in pipeline manufacturing. Market researchers expect that the growing demand for high-strength materials in the automotive and aerospace sectors will continue supporting the market.

Fiberglass led the market with 60.0% of the revenue in 2022, thanks to its high tensile strength, rigidity, lightweight, and excellent impact resistance. Widely used in composite materials, such as fiberglass-reinforced polymers (GFRP), it is a key choice in the industry.

Key Regions and Industry Leaders

Market analysts valued the Asia-Pacific composites market at USD 45.31 billion in 2023. The region is one of the most lucrative destinations for automotive, construction, aerospace, and electronics manufacturers. It has the presence of key manufacturers in the major economies including China, India, and Japan. The key players in the market include Toray Industries and Teijin Ltd.

The North America composites market generated USD 20,289.2 million in revenue in 2022. Experts found the glass fiber segment as the largest revenue generator in 2022, while analysts predict carbon fiber will be the fastest-growing segment.

In the same way, researchers estimate that the Europe composites market will be worth 19.35 billion USD in 2022. Germany led the market with a 32.8% revenue share in 2022. Driven by aerospace and automotive demand, particularly from Future Combat Air System projects. Analysts have forecasted the UK market to grow at a 7.0% CAGR, fueled by offshore electrical installations and marine industry growth.

Composites are increasingly essential in aerospace, automotive, energy, and electronics industries due to their ability to reduce weight and enhance efficiency. As the demand for lighter, stronger, and more efficient products rises, technological advances will make production more cost-effective and accessible.

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