Composites Market to Record CAGR of 7.8% Over 2024-2032; OEMs’ Focus on Reducing Vehicle Weight To Fuel Market Growth

The global composites market size was valued at USD 82.92 billion in 2023 and is predicted to reach USD 88.98 billion in 2024. The market is anticipated to touch USD 162.66 billion by 2032, recording a CAGR of 7.8% over 2024-2032.

Fortune Business Insights™ presents this information in its latest report titled “Composites Market Size, Share & Industry Analysis, By Matrix (Polymer Matrix Composites (PMCs) [Fiber {Glass, Carbon, Aramid, and Others} and Resin {Thermoset and Thermoplastic}], Ceramic Matrix Composites (CMCs), and Metal Matrix Composites (MMCs)), By Manufacturing Process (Hand Lay-Up, Injection Molding Process, Resin Transfer Molding (RTM), Filament Winding, Compression Molding, Pultrusion, and Others), By Application (Automotive, Building & Construction, Electrical & Electronics Goods, Pipes & tank manufacturing, Consumer Goods, Wind Power, Maritime, Defense & Aviation, and Others)), and Regional Forecast, 2024-2032”.

Composites are materials formed by integrating two or more distinct substances to create a new material that exhibits improved characteristics. The attributes of composite materials, including corrosion resistance, a high strength-to-weight ratio, and extended durability, render them particularly well-suited for infrastructure projects.

The COVID-19 pandemic slowed down the manufacturing processes in the automotive and aerospace sectors which are the major consumers of the composites. However, wind energy and construction sectors showed resillence to the difficult conditions with the demand for the product in energy and infrastructure projects in the wind energy and construction sectors.

Integration and Rebranding of TenCate Advanced Composites by Toray Group

Toray Group, a prominent global leader in advanced thermoplastic and thermoset composite materials, acquired TenCate Advanced Composites in 2018. The company is actively working on the integration of TenCate into its opeartions. As part of this transition, TenCate announced its rebranding to Toray Advanced Composites, while TenCate Performance Composites will be renamed Toray PMC.

OEMs’ Focus on Reducing Vehicle Weight To Fuel Market Growth

The automotive industry is increasingly influenced by fuel economy and emission regulations, which drive the continuous development of lightweight composite materials. Currently, more than 100 vehicle models incorporate carbon-fiber-reinforced plastic for OEM components. The growing trend of utilizing thermoplastics in vehicles is also contributing to market growth. OEMs are employing automotive composites to reduce vehicle weight, lower emissions, and improve fuel efficiency.

However, heightened regulations and increased costs associated with landfill disposal are posing challenges to composites market growth.

Key Players to Adopt Diverse Strategic Initiatives to Gain Competitive Advantage in Market

The key industry players are focused on securing long-term supply contracts with end-users to ensure sustainable business growth. The adoption of diverse strategic initiatives, such as expansion and joint ventures, contributes to gaining a competitive advantage in the market.

Notable Industry Development:

• April 2024: Aurora Flight Sciences, a Boeing Company located in Bridgeport, West Virginia, expanded its manufacturing facility by approximately 50,000 square feet. This expansion is designed to accommodate significant growth in the production of high-quality composite components and assemblies for both current production programs and new opportunities within the aerospace sector.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/composites-market-102295

List of the Companies Profiled in the Report:

• Owens Corning (U.S.)


• Toray Industries, Inc. (Japan)


• Teijin Limited( Japan)


• Mitsubishi Chemical Holdings Corporation (Japan)


• Hexcel Corporation (U.S.)


• SGL Carbon (Germany)


• Huntsman International LLC. (U.S.)


• Solvay (Belgium)


• Exel Group(France)


• Veplas d.d. (Slovenia)


• Composite Solutions (U.S.)

Further Report Findings

• The Asia Pacific region captured the major composites market share and is going to be the fastest-growing region in the coming years. The rapid progress of nations such as China and India, along with the presence of key manufacturers, such as Toray Industries Inc. and Mitsubishi Chemical Holdings Corporation, is anticipated to fuel the region’s market growth.


• The European region is projected to witness substantial growth during the forecast period. The region’s growth can be attributed to the significant investment in electric vehicles, driven by environmental regulations, which have led to a greater adoption of lightweight materials in the automotive manufacturing industry within the region.


• Based on manufacturing process, the hand lay-up segment holds the largest share of the market and is projected to maintain its leadership during the forecast period. This growth can be attributed to significant flexibility and cost-effectiveness that the hand lay-up  process provides for the production of composite parts, particularly in small to medium-sized production runs and custom applications.

Table of Segmentation