Global Composites Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2027

Composites Market Overview

Global Composites Market was valued at $91 billion in 2021 & is projected to reach $120.6 billion by 2027. It is expected to grow at a 7.3% CAGR between 2021 and 2027.

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The Composites Market report has been segmented on the basis of product type, technology, application, and region. A Composite is a physical combination of two or more materials to produce a combination of structural properties which is not present in any individual component.

Composites that are in the natural or synthetic form are also called fiber-reinforced polymer (FRP) composites. These composites are obtained from a polymer matrix as these protect the fibers from any environmental and external damage which is strengthened with an engineered, man-made, or natural fiber and then transfers the load between the fibers.

Global Composites Market Dynamics: 

Increasing demand for glass fiber composites in the automotive, construction & infrastructure applications, aerospace, and wind energy coupled with increasing usage of these composites in many applications such as electrical & electronics, aerospace, automotive, marine, and oil & gas are the major factors driving the growth of the global composites market.

In addition, increasing demand for glass fiber strengthens composite pipes in emerging economies and the rising adoption of natural composites are other factors fueling the growth of the target market.

As these composites need a complex fabrication process and this process is labor-intensive and complex which increases the cost is one of the major factors hampering the growth of the target market.

Furthermore, increasing usage of composites in wind energy is one of the factors expected to drive the growth of the global composites market.

However, the high initial costs of these composites are a factor expected to hamper the growth of the global composites market. Nevertheless, the availability of cheapest labor and low production costs in developing countries can create high revenue growth opportunities for players in the target market.

Global Composites Market Segment Analysis:

On the basis of product type, the polymer matrix composites segment dominates the global market in terms of revenue and is anticipated to maintain its position in the near future.

On the basis of technology, the Pultrusion process segment dominates the global market in terms of revenue and is anticipated to maintain its position in the near future.

On the basis of application, the automotive and transportation segment dominates the global market in terms of revenue and is anticipated to maintain its position in the near future.

Global Composites Market Regional Analysis:

Currently, the market in North America accounts for a major share in terms of revenue and is expected to lucrative growth over the forecast period. Increasing usage of glass fiber composites in the manufacturing of printed circuited boards (PCBs) especially in the US is the factor expected to drive the growth of the target market in the region.

Asia Pacific market is anticipated to witness the fastest growth in terms of revenue in the near future. As there is an increase in the use of composites in aerospace, wind energy, and transportation applications coupled with rapid urbanization and growth in the economy in countries is one of the factors fueling the growth of the target market in the Asia Pacific region.

Europe also accounts major share in terms of revenue. Furthermore, the market in Latin America is anticipated to witness average growth over the forecast period, followed by the Middle East and Africa in the global market.

Global Composites Market Segmentation:

Segmentation by Product Type

• Polymer Matrix Composites
• Carbon Fiber Reinforced Plastic
• Glass Fiber Reinforced Plastic
• Others (Aramid fiber composites, etc.)
• Metal Matrix Composites
• Ceramic Matrix Composites

Segmentation by Technology:

• Pultrusion Process
• Layup Process
• Filament Winding
• Compression Molding
• Injection Molding
• Resin Transfer Molding
• Others (include, Automated fiber placement, automated tape laying, etc.)

Segmentation by Application:

• Automotive & Transportation
  • Interior
  • Exterior
  • Power Train Components
  • Others (Chassis, brake pads, etc.)
• Construction
• Aerospace & Defense
• Electrical & Electronics
• Marine & Oil & Gas
• Pipes
• Others (include Topside applications, etc.)
• Wind Energy
• Others (include consumer goods, etc.)

Segmentation by region:

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