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How has the composites market grown over the years?

In recent times, there has been robust growth in the size of the composites market. Its growth is anticipated to elevate from $105.74 billion in 2024 to $116.25 billion in 2025, observing a compound annual growth rate (CAGR) of 9.9%. The growth experienced during the historical period can be accredited to heightened awareness of the environmental advantages of composite usage, augmented demand for fuel-efficient vehicles, a surge in the demand for composites in the construction sector, expansion of wind energy, and their corrosion resistance in the chemical industry.

What Is the forecasted market size and growth rate for the composites market?

In the forthcoming years, the composites market size is anticipated to experience robust growth, swelling to $169.92 billion in 2029 with a compound annual growth rate (CAGR) of 10.0%. The growth during this prediction period is likely due to the expansion of electric vehicles, infrastructure revitalization, escalated usage in the marine sector, space exploration endeavors, as well as the rising demand for composites in the defense industry. Key trends projected within this period encompass bio-based composites, intelligent composites, recycling and the circular economy, digital twin technology, and hybrid composites.

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What are the major factors driving growth in the composites market?

The composites market is anticipated to expand due to growth in both automotive and aerospace sectors. Composites play a crucial role in enhancing performance, ensuring corrosion resistance, and aiding fuel efficiency in these industries. For example, the Aerospace Industries Association (AIA), a trade association representing civil, military and business aircraft, helicopters, space systems, and UAVs, reported that exports from the A&D industry surged by 11.2% to a total value of $100.4 billion in the year of 2022. Similarly, during April 2021 to June 2021, Indian automobile exports hit a count of 1,419,430 units, a substantial rise against 436,500 units in the same timeframe last year, according to IBEF. Hence, the increasing growth trends in the automotive and aerospace sectors are fueling the expansion of the composites market.

What key areas define the segmentation of the global composites Market?

The composites market covered in this report is segmented –

1) By Product: Carbon Fiber, Glass Fiber

2) By Manufacturing Process: Layup Process, Filament Winding Process, Injection Molding Process, Pultrusion Process, Compression Molding Process, Resin Transfer Molding Process, Other Processes

3) By Resin Type: Thermoset Composites, Thermoplastic Composites

4) By End-Use Industry: Aerospace and defense, Wind Energy, Automotive and Transportation, Construction & Infrastructure, Marine, Pipe and Tank, Electrical and Electronics, Other End-Users

Subsegments:

1) By Carbon Fiber: Prepreg Carbon Fiber, Continuous Carbon Fiber, Short Carbon Fiber

2) By Glass Fiber: E-Glass Fiber, S-Glass Fiber, C-Glass Fiber

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What are the top market players propelling the growth of the composites industry?

Major companies operating in the composites market include General Electric Company, Rolls-Royce plc, SGL Carbon Graphite Technic Co. Ltd., Axiom Materials Inc., Minnesota Mining and Manufacturing Company, COI Ceramics Inc., CoorsTek Inc., Applied Thin Films Inc., Ultramet Technologies Limited, CFC Carbon Co. Ltd., UBE Industries Ltd., Kyocera Corporation, Speciality Materials Inc., Safran SA, Mitsubishi Rayon Carbon Fiber & Composites Inc., Johns Manville International Inc., Asahi Fibreglass Company, Owens Corning Fiberglass Company, China Fibreglass Company, Teijin Limited, Taishan Fibreglass SA, Kurarey Co. Ltd., Formosa Plastic Corp., Toray Industries Inc., DuPont de Nemours Inc., Nippon Sheet Glass Co. Ltd., Korea Nylon Inc., KCC Corporation, SAERTEX Wagener GmbH & Co. KG, Taiwan Glass Industry Corporation, Solvay SA, BASF SE, Huntsman Corporation LLC, TPI Composites Inc., Gurit Holding AG

What are the key trends shaping the future of the composites market?

Leading firms in the composites sector are concentrating on technological innovations like high-strength, lightweight composite materials to serve industries such as aerospace, automotive, and renewable energy. The HexForce 1K woven reinforcement fabric, developed for augmented resilience and strength, is typically employed in a variety of industrial uses like the automotive and aerospace sectors. For example, Hexcel Corporation, an American producer of composite materials, engineered products, and reinforcement items, announced the introduction of its new HexForce 1K woven reinforcement fabric in September 2024. This fabric, being lightweight, utilizes the company’s exclusive HexTow AS4C 1K carbon fiber, facilitating the creation of strong, light composite materials. Such fabrics are quite adaptable, making them ideal for various industrial uses, including golf club shafts, hockey sticks, and automobile parts.

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What regions are dominating the composites market growth?

Asia-Pacific was the largest region in the composites market in 2024 and is also expected to be the fastest-growing region in the forecast period. The regions covered in the composites market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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