The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

A Rapidly Expanding Market

• The composites market has witnessed substantial growth, reaching $97.06 billion in 2023 and projected to hit $107.19 billion in 2024, with a CAGR of 10.4%.
• Factors driving historic growth include heightened awareness of environmental benefits, increased demand for fuel-efficient vehicles, and the rise of composites in various industries.

Anticipating Strong Growth Ahead

• Forecasts predict significant expansion, with the market expected to reach $154.82 billion by 2028, boasting a CAGR of 9.6%.
• Growth drivers in the forecast period include the expansion of electric vehicles, infrastructure renewal projects, and increased usage in the marine and defense industries.

Automotive and Aerospace Sectors as Key Catalysts

• The automotive and aerospace industries play pivotal roles in propelling composites market growth.
• Composites offer improved performance, corrosion resistance, and fuel savings in these sectors.
• Notable data from industry associations and reports highlight the substantial growth in exports and automotive production, further driving the demand for composites.

View More On The Composites Market Report 2024 –
https://www.thebusinessresearchcompany.com/report/composites-global-market-report

Technological Advancements Fueling Lightweight Solutions

• Technological innovations are reshaping the composites landscape, driving lightweight solutions, particularly in aerospace applications.
• Hexcel Corporation’s successful maiden flight of a lightweight camera drone showcases the potential of composite materials in reducing structural mass.
• These advancements contribute to enhanced efficiency and performance across industries.

Strategic Acquisitions Enhance Industry Position

• JGC Holdings Corporation’s acquisition of ceramic composite products from Showa Denko Materials Co. Ltd. strengthens its position in automotive, semiconductor, and industrial equipment applications.
• Showa Denko Materials Co. Ltd. is recognized for its high-density silicon carbide ceramics and alumina ceramics, vital components in various industrial processes.

Market Segmentation Insights

• Product: Carbon Fiber, Glass Fiber.
• Manufacturing Process: Layup Process, Filament Winding Process, Injection Molding Process, and more.
• Resin Type: Thermoset Composites, Thermoplastic Composites.
• End-Use Industry: Aerospace and Defense, Wind Energy, Automotive and Transportation, and others.

Regional Dynamics

• Asia-Pacific emerged as the largest region in the composites market in 2023 and is expected to witness the fastest growth in the forecast period.
• The region’s dominance reflects the growing industrial activities and infrastructure development projects.

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The Composites Global Market Report 2024  provides comprehensive insights on the composites market size, trends and drivers, opportunities, strategies, and competitor analysis. The countries covered in the composites market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

View More Related Reports –

Medical Composites Global Market Report 2024

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