PUBLISHER: Roots Analysis | PRODUCT CODE: 1803908
PUBLISHER: Roots Analysis | PRODUCT CODE: 1803908
As per Roots Analysis, the global composite market size is estimated to grow from USD 117.09 billion in the current year to USD 290.61 billion by 2035, at a CAGR of 8.61% during the forecast period, till 2035.
The opportunity for composite market has been distributed across the following segments:
Type of Matrix
Type of Resin
Type of Process
End-User
Type of Distribution Channel
Geographical Regions
Composite Market: Growth and Trends
The rise of the global composite market can be attributed to several factors, one of which is its capability to produce customized and specialized materials tailored to specific industry requirements. Composites play a crucial role in industrialization, being utilized across various sectors for the production of diverse products. Moreover, factors contributing to the growth of the composite industry include the applications of lightweight composites and the utilization of durable, corrosion-resistant materials.
It is important to note that the properties of composites can be adjusted through different processing techniques, enhancing flexibility and performance for designated applications. Significantly, composites find applications in a wide range of industries, including aerospace, automotive, construction, and renewable energy. Additionally, with ongoing technological advancements, the demand for composites is anticipated to rise, driven by the quest for sustainable material solutions and innovative chemical processes.
The composite industry is in a state of constant evolution, propelled by innovation and technological progress. This transformation has led to the development of composites as a more efficient and high-performance material. Other material innovations and advanced material analyses include the increasing use of carbon fiber reinforced polymers (CFRPs) in various sectors, particularly in aerospace and automotive applications, due to their exceptional strength-to-weight ratio and resilience.
Another significant development is the growth of the bio-based composite market, which addresses concerns related to environmental sustainability. Due to these ongoing initiatives, the composite market is expected to experience significant growth during the forecast period.
Composite Market: Key Segments
Based on type of matrix, the global composite market is segmented into carbon fiber, glass fiber composites market trends and others. According to our estimates, currently, the carbon fiber segment captures the majority share of the market.
Moreover, this segment is expected to experience a relatively higher CAGR during the forecast period. This growth can be attributed to its exceptional combination of lightweight properties, strength, and versatility, which are highly valued in critical industries such as aerospace, defense, and automotive.
Based on type of resin, the composite market is segmented into thermoplastic composites and thermosetting plastic composites. According to our estimates, currently, the thermoplastic composites segment captures the majority of the market. Moreover, this segment is expected to experience a relatively higher CAGR during the forecast period.
This growth can be attributed to the increasing demand for lightweight materials in the automotive industry, fueled by the need to lower carbon emissions, prompting manufacturers to utilize lighter composite materials. Additionally, benefits such as quicker processing times and recyclability enhance their attractiveness for applications and are significant factors driving the demand for thermoplastic composites.
Based on type of process, the composite market is segmented into compression molding process, filament winding process, injection molding process, layup process, pultrusion process and others. According to our estimates, currently, the compression molding process segment captures the majority share of the market. This is due to its capacity to provide excellent surface finishes and resist corrosion, making it suitable for use in the transportation, construction, and electrical industries.
However, the market for injection molding segment is expected to grow at a higher CAGR during the forecast period. Key factors driving this growth include its versatility, efficiency, and ability to quickly produce large quantities of intricate parts.
Based on type of end user, the composite market is segmented into aerospace & defense, automotive & transportation, building & construction, electrical & electronics, marine and wind energy. According to our estimates, currently, the automotive & transportation segment captures the majority share of the market. This is due to the rising demand for innovation and advancements in the automotive industry, especially in the fields of electric vehicles and sustainable transportation options.
However, the aerospace & defense segment is expected to grow at a higher CAGR during the forecast period. This can be attributed to the increasing need for composites that offer lightweight and durable characteristics, which improve fuel efficiency and performance in aircraft design.
Based on type of distribution channel, the composite market is segmented into direct sales, distributors and retailers. According to our estimates, currently, the distributors segment captures the majority share of the market. This can be attributed to their capability to manage large quantities of composites and to offer broad access across different markets, along with the rising industrial need for effective supply chain solutions.
Based on geographical regions, the composite market is segmented into North America, Europe, Asia, Latin America, Middle East and North Africa, and the rest of the world. According to our estimates, currently, Asia-Pacific captures the majority share of the market. The key factors contributing to this leadership are the growing demand for composites in various industries such as automotive, aerospace, and construction, especially in developing nations like China and India.
However, North America is expected to witness a relatively higher CAGR during the forecast period, due to the increasing consumer awareness and a transition to sustainable materials.
Composite Market: Research Coverage
The report on the composite market features insights on various sections, including:
Key Questions Answered in this Report
Reasons to Buy this Report
Additional Benefits