Composites Market Size $173.84 Billion By 2032 CAGR 7.1%

Composites Market Size Worth $173.84 Billion By 2032 | CAGR: 7.1%


The global Composites market size is expected to reach USD 173.84 billion by 2032, according to a new study by Polaris Market Research. The report “Composites Market Share, Size, Trends, Industry Analysis Report, By Fiber Type (Glass Fiber, Carbon Fiber, Others); By Resin Type; By Manufacturing Process; By End Use; By Region; Segment Forecast, 2024- 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.  

Composites, like fiberglass and carbon fiber reinforced polymers, exhibit exceptional resistance to corrosion, weathering, and wear compared to conventional materials. Their properties make them indispensable for applications requiring prolonged durability in harsh conditions, such as aerospace and marine industries. Additionally, their high strength-to-weight ratios ensure structural integrity and reliability over extended periods, resulting in reduced maintenance costs and enhanced lifecycle performance. Advanced manufacturing techniques and resin formulations further bolster durability and extend the service life of composite products.

Despite potentially higher initial costs, composites offer long-term benefits such as durability, corrosion resistance, and reduced maintenance expenses, resulting in lower lifecycle costs. Their lightweight properties also contribute to fuel savings and ease of handling, leading to reduced labor expenses. Moreover, advancements in manufacturing technologies have enhanced production efficiency, leading to economies of scale and further cost reductions. As industries prioritize cost optimization while maintaining performance standards, the cost-effectiveness of composites makes them increasingly favored across diverse applications in sectors like aerospace, automotive, construction, and renewable energy.

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The composites market is witnessing growth driven by increasing demand in the aerospace sector. Composites, known for their lightweight properties, high strength-to-weight ratios, and resistance to corrosion and fatigue, are extensively used in aircraft construction. They enable manufacturers to reduce weight, enhance fuel efficiency, and improve performance. Additionally, composites offer design flexibility, facilitating the production of complex structures that enhance aerodynamics. As the aerospace industry prioritizes fuel efficiency and cost reduction, demand for composites is expected to rise.

Additive manufacturing, or 3D printing, is revolutionizing the composites market by enabling the creation of intricate composite structures with precision and efficiency. This technique layers composite materials to produce lightweight, customized parts with minimal material waste. It offers design flexibility, allowing for the creation of complex geometries not easily achievable with traditional methods. Additive Manufacturing also integrates functional features, like sensors and reinforcement fibers, directly into composite parts during printing. Industries across aerospace, automotive, healthcare, and consumer goods are increasingly adopting this technology for composite applications. With continual advancements in materials and printing technologies, additive manufacturing is poised to drive innovation and growth in the composites market, offering new opportunities for lightweight, durable, and tailored composite products.

Composites Market Report Highlights

  • In 2023, the glass fiber segment held significant revenue share owing to versatility, cost-effectiveness, and high strength-to-weight ratio.
  • In 2023, the thermoset composites segment held significant revenue share owing to superior mechanical properties, chemical resistance, and dimensional stability.
  • In 2023, the layup process segment held significant revenue share owing to reliability, scalability, customization, and quality control.
  • In 2023, the automotive & transportation segment held significant revenue share owing to weight reduction, improved performance, and rising electric vehicle adoption.
  • In 2023, Asia-Pacific region dominated the global market due to growing industrialization, strong manufacturing base, and increasing infrastructure investments.
  • The market is highly competitive owing to the existence of market players with a global presence, including DowDuPont Inc., Hexcel Corporation, Huntsman Corporation, Mitsubishi Chemical Corporation, PPG Industries, Inc., SGL Carbon SE, Solvay S.A., and Teijin Limited among others.

Polaris Market Research has segmented the Composites market report based on fiber type, resin type, manufacturing process, and end use, and region:

Composites, Fiber Type Outlook (Revenue - USD Billion, 2019 - 2032)

  • Glass Fiber
  • Carbon Fiber
  • Others

Composites, Resin Type Outlook (Revenue - USD Billion, 2019 - 2032)

  • Thermoplastic Composites
  • Thermoset Composites

Composites, Manufacturing Process Outlook (Revenue - USD Billion, 2019 - 2032)

  • Injection Molding Process
  • Layup Process
  • Compression Molding Process
  • Filament Winding Process
  • Pultrusion Process
  • Resin Transfer Molding Process
  • Others

Composites, End Use Outlook (Revenue - USD Billion, 2019 - 2032)

  • Construction and Infrastructure
  • Automotive & Transportation
  • Aerospace & Defense
  • Marine
  • Wind Energy
  • Electrical & Electronics
  • Others

Composites, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

  • North America
  • U.S.
  • Canada
  • Europe
  • France
  • Germany
  • UK
  • Italy
  • Netherlands
  • Spain
  • Russia
  • Asia Pacific
  • Japan
  • China
  • India
  • Malaysia
  • Indonesia
  • South Korea
  • Latin America
  • Brazil
  • Mexico
  • Argentina
  • Middle East & Africa
  • Saudi Arabia
  • UAE
  • Israel
  • South Africa

Composites Market Report Scope

Report Attributes

Details

Market size value in 2024

USD 100.72 billion

Revenue forecast in 2032

USD 173.84 billion

CAGR

7.1% from 2024 – 2032

Base year

2023

Historical data

2019 – 2022

Forecast period

2024 – 2032

Quantitative units

Revenue in USD billion and CAGR from 2024 to 2032

Segments covered

  • By Fiber Type
  • By Resin Type
  • By Manufacturing Process
  • By End Use
  • By Region

Regional scope

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

Competitive Landscape

  • Composites Market Share Analysis (2023)
  • Company Profiles/Industry participants profiling includes company overview, financial information, product/service benchmarking, and recent developments

Report Format

  • PDF + Excel

Customization

Report customization as per your requirements with respect to countries, region and segmentation.

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