Composites Market Assessment and Market Growth Evolution By 2028

Composites Industry Overview

The global composites market size is expected to reach USD 144.5 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.6% from 2021 to 2028. Increasing demand for lightweight materials in various industries such as automotive and transportation, along with the increasing government investment in green transportation is augmenting growth of the market.

U.S. composites market size, by product, 2018 - 2028 (USD Billion)

Composites Market Segmentation

Grand View Research has segmented the global composites market on the basis of product, manufacturing process, end use, and region:

Based on the Product Insights, the market is segmented into Carbon Fiber, Glass Fiber and Others.

  • The glass fiber composites segment led the market and accounted for about 61.1% share of the revenue in 2020. The beneficial properties of these fibers such as low thermal expansion, high stiffness, high temperature tolerance, high chemical resistance, and low weight make them popular for use in industrial and manufacturing applications.
  • Carbon fiber consists of carbon atoms that are bonded together in crystals aligned parallel to the fiber and these fibers are combined with other materials to form a composite. The beneficial properties of these fibers such as low thermal expansion, high stiffness, high temperature tolerance, high chemical resistance, and low weight make them popular for use in industrial and manufacturing applications.
  • Technological developments for enhancements in the strength and durability of these composites have increased penetration in pipe manufacturing applications.
  • Other products mainly include silicon carbide fiber, aromatic polyamide fiber, and hybrid fiber.Silicon carbide fiber is a compound of carbon and silicon.

Based on the Manufacturing Process Insights, the market is segmented into Layup Process, Filament Winding Process, Injection Molding Process, Pultrusion Process, Compression Molding Process, Resin Transfer Molding Process and Others.

  • The layup process for manufacturing composites led the market and accounted for about 33.7% share of the revenue in 2020.
  • Advancements in the filament winding process have created a wide scope for products including golf club shafts, automobile drive shafts, small aircraft fuselages, spacecraft structures, pressure vessels like firefighter oxygen bottles, and others.
  • The growing demand for lightweight components in automobile manufacturing is expected to aid the demand for the injection molding process.
  • The pultrusion process is an efficient method for manufacturing fiber reinforced composite products. The process can be used with thermoplastic matrices like Polyethylene Terephthalate (PET), and Polybutylene Terephthalate (PBT), either by surrounding it with sheet material of the thermoplastic matrix or by powder impregnation of the glass fiber.

Based on the End-use Insights, the market is segmented into Automotive & Transportation, Electrical & Electronics, Wind Energy, Construction & Infrastructure, Pipes & Tanks, Marine and Others.

  • The automotive and transportation segment led the market and accounted for about 21.2% share of the revenue in 2020. 
  • Growing demand for advanced electronics in the household as well as industrial applications is expected to ascend the demand for composites.
  • The use of composites in the construction and infrastructure sector is growing rapidly due to their increasing usage in refabrication and retrofit applications.

Composites Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Central & South America
  • Middle East & Africa

Key Companies Profile & Market Share Insights

Key industry participants spend heavily on product and services innovation and customized products to meet the customer needs.

 Some of the prominent players in the composites market 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.
  • Veplas Group
  • Kineco Limited 

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

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