Composites Market Challenges, Addressing Sustainability And Recycling Issues

Composites Market Size & Trends

 

The global composites market size was estimated at USD 93.69 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 7.2% from 2023 to 2030. This growth is attributed to the rising demand for lightweight components in the automotive and transportation industry. Furthermore, increasing utilization of advanced lightweight components across the manufacturing industries is anticipated to support the market growth during the forecasted years.

 

Composites find application in the aerospace & defense sector owing to their ability to reduce the body weight of military aircraft and helicopters to a large extent. A reduction in weight is considered important in order to increase fuel efficiency and overall performance and is expected to emerge as the key driver propelling the industry’s growth.

 

Gather more insights about the market drivers, restrains and growth of the Composites Market

 

The COVID-19 outburst across the globe has significantly impacted the supply chains as major economies suspended trade operations. Moreover, demand for the product across various end-use industries such as aerospace, automotive, and construction has been reduced in 2020. However, with the ease of trade restrictions, the situation is expected to recover in 2021, which is expected to restore the growth trajectory of the market.

 

The U.S. composites market is expected to grow in aerospace & defense on account of the increasing penetration of the product coupled with the presence of the leading aircraft manufacturer in the country i.e. The Boeing Company. The rapid growth of the aerospace industry in the country and expected growth in the defense sector is likely to drive the demand over the forecast period.

 

The growing environmental concerns and stringent regulations regarding pollution control have forced automotive manufacturers to enhance their technologies and develop vehicles having low pollution. Moreover, the implication of environmental regulations primarily in Europe and the U.S. has forced automotive manufacturers to include composites in automotive production. This is expected to accelerate market growth progressively.

 

The high cost of raw materials for composites is likely to challenge procurement operations by the component manufacturers. Moreover, the growing demand for these raw materials by other manufacturing industries is likely to pose a challenge for composites manufacturers. However, key players are conducting extensive R&D activities to develop low-cost composite grades with similar mechanical properties as that of the high-cost variants. This is expected to spur the demand for composites during the forecast period.

 

Browse through Grand View Research’s Advanced Interior Materials Industry Research Reports.

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  • The global shooting ranges market size was estimated at USD 1.84 billion in 2023 and is projected to grow at a CAGR of 7.8% from 2024 to 2030. This growth is attributed to a growing interest in recreational shooting activities and increased participation in shooting sports. This surge is fueled by heightened awareness of competitive shooting events and hunting, leading to a demand for accessible and well-equipped facilities.

 

Composites Market Segmentation

 

Grand View Research has segmented the collated screws market on the basis of product, manufacturing process, end-use, and region:

 

Composites Product Outlook (Volume, Kilotons; Revenue, USD Billion, 2023 – 2030)

  • Carbon Fiber
  • Glass Fiber
  • Others

 

Composites Manufacturing Process Outlook (Volume, Kilotons; Revenue, USD Billion, 2023 – 2030)

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

 

Composites End-Use Outlook (Volume, Kilotons; Revenue, USD Million, 2023 – 2030)

  • Automotive & Transportation
  • Wind Energy
  • Electrical & Electronics
  • Construction and Infrastructure
  • Pipes & Tanks
  • Marine
  • Others

 

Composites Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2023 – 2030)

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • Italy
    • U.K.
    • Spain
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
  • Central & South America
    • Brazil
    • Argentina
  • Middle East & Africa

 

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

 

Key Companies profiled:

  • 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

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