Composites Market Size Trends

The global composites market is poised for significant expansion, with an estimated USD 93.69 billion valuation as of 2022. A compound annual growth rate (CAGR) of 7.2% from 2023 to 2030 underscores the sector's promising prospects. This upward trajectory can be attributed to a surge in demand for lightweight components within the automotive and transportation sectors, where they are increasingly being sought after for their efficiency benefits. Moreover, the adoption of advanced lightweight composites across various manufacturing industries is expected to fuel further growth over the forecasted period. 

The aerospace and defense sector has long recognized the benefits of composite materials, leveraging their unique properties to significantly reduce the weight of military aircraft and helicopters. By minimizing body weight, these aircraft can achieve substantial fuel efficiency gains and enhanced overall performance. As a result, composites are poised to play a crucial role in driving industry growth, with reduced weight emerging as a key driver of innovation and development.

Get A Free Sample Research Report PDF: https://www.theresearchinsights.com/reports/composites-market-1/request-sample

The COVID-19 pandemic's far-reaching impact on global supply chains has left a lasting impression, as major economies imposed trade restrictions, severely disrupting the flow of goods and services. The demand for products across critical industries such as aerospace, automotive, and construction plummeted in 2020. Nevertheless, with the easing of these trade restrictions, experts predict a significant recovery in 2021, paving the way for the market to regain its growth momentum.

The U.S. composites market is poised for significant expansion in the aerospace and defense sectors, driven by the increasing adoption of composite materials across various industries. At the forefront of this trend is The Boeing Company, a leading aircraft manufacturer with a strong presence in the country. As the aerospace industry continues to grow rapidly, and the defense sector experiences expected growth over the forecast period, demand for composites is likely to rise, presenting opportunities for market participants.

Browse Detailed Research Report Summary: https://www.theresearchinsights.com/reports/composites-market-1

Key Companies Market Share Insights

The global composites market is marked by a diverse array of players, where prominent firms drive market direction and innovation. Most of these companies prioritize forward integration by delivering their products directly to end-users across multiple industry sectors. Some notable companies also leverage an extensive distribution network and sales channels to efficiently connect with customers worldwide.

The competitive landscape of the composites industry is marked by a multitude of global and regional players vying for dominance. The significant processing and manufacturing costs associated with composites pose a substantial barrier to growth and profitability, while also presenting an initial capital investment hurdle that could hinder expansion in the forecast period. Notable entities operating within this space include:

• Teijin Ltd.

• Toray Industries, Inc.

• Owens Corning

• PPG Industries, Inc.

• Huntsman Corporation LLC

• SGL Group

• Hexcel Corporation

• DuPont

• Compagnie de Saint-Gobain S.A.

• Weyerhaeuser Company

• Momentive Performance Materials, Inc.

• Cytec Industries (Solvay, S.A.)

• China Jushi Co., Ltd.

• Kineco Limited

• Veplas Group

Regional Insights

The Asia Pacific region has established itself as a leading hub for composite demand, boasting a 45.4% market share globally in 2022. As we look ahead to future growth, this region is poised for substantial expansion, driven by its attractiveness to major industries such as automotive, construction, aerospace, and electronics. The presence of prominent manufacturers in countries like China, India, and Japan has cemented the region's position as a lucrative destination, fostering a thriving composite market that promises significant opportunities for investors and industry players alike.

Frequently Asked Questions About This Report