“According to a new report published by Introspective Market Research, Composites Market by Fiber Type (Glass Fiber Composites, Carbon Fiber Composites, and Natural Fiber Composites), By Resin Type (Thermoset Composites and Thermoplastic Composites), By End-Use Industry (Automotive & Transportation, Aerospace & Defense, and Wind Energy), The Global Composites Market Size Was Valued at USD 100.3 Billion in 2023 and is Projected to Reach USD 187.5 Billion by 2032, Growing at a CAGR of 7.2%.”

The global Composites Market involves the manufacturing and application of advanced materials created by combining two or more constituent materialsa matrix and a reinforcement fiberto create a new material with superior properties to the individual components. These products, such as Carbon Fiber Reinforced Polymer (CFRP) and Glass Fiber Reinforced Polymer (GFRP), offer exceptional strength-to-weight ratios, high stiffness, durability, and excellent corrosion resistance. This makes them significantly advantageous over traditional materials like steel and aluminum, which are often heavier and more susceptible to corrosion.

The main uses of composites span major industries globally. In Automotive & Transportation, they are vital for lightweighting vehicles to improve fuel efficiency and increase the battery range of Electric Vehicles (EVs). The Aerospace & Defense sector relies on composites for airframe structures and components to enhance performance and reduce operating costs. Furthermore, the massive expansion of the renewable energy sector, particularly in Wind Energy, uses composites to construct large, durable, and lightweight turbine blades. The continuous innovation in material science, focusing on low-cost carbon fibers and recyclable composites, is driving the increased penetration of these materials across construction, marine, and electrical & electronics sectors.

Market Segmentation:

The Composites Market is segmented into Fiber Type, Resin Type, and End-Use Industry. By Fiber Type, the market is categorized into (Glass Fiber Composites, Carbon Fiber Composites, and Natural Fiber Composites). By Resin Type, the market is categorized into (Thermoset Composites and Thermoplastic Composites). By End-Use Industry, the market is categorized into (Automotive & Transportation, Aerospace & Defense, Wind Energy, Construction & Infrastructure, Pipes & Tanks, and Others).

Growth Driver:

A key growth driver for the Composites Market is the ever-increasing global demand for lightweight and fuel-efficient materials in the automotive and aerospace industries. Stricter government regulations regarding vehicle emissions and the push for greater fuel economy (e.g., CAFÉ standards) are compelling manufacturers to replace traditional metal parts with lighter, high-performance composites. In the rapidly expanding Electric Vehicle (EV) segment, composites are crucial for battery enclosures and structural components, as a reduction in vehicle weight directly translates to an extended driving range. This necessity for weight savings, coupled with enhanced performance and corrosion resistance, firmly positions composites as indispensable materials for next-generation transportation.

Market Opportunity:

A significant market opportunity exists in the development and scaling of cost-effective recycling technologies and bio-based composites. The industry is currently restrained by the high cost of carbon fiber and the difficulty of recycling thermoset composites, which often end up in landfills. Growing environmental scrutiny and the global shift towards a circular economy are creating an urgent need for solutions. Investment in innovative processes like pyrolysis for fiber reclamation, and the commercialization of sustainable bio-based fibers and resins, offers a pathway to reduce the environmental footprint, lower material costs in the long term, and unlock massive market potential in high-volume, cost-sensitive sectors like construction and consumer goods.

Detailed Segmentation:

The Composites Market is segmented on the basis of Fiber Type, Resin Type, and End-Use Industry.

Fiber Type

The Fiber Type segment is further classified into Glass Fiber Composites, Carbon Fiber Composites, and Natural Fiber Composites. Among these, the Glass Fiber Composites sub-segment accounted for the highest market share in 2024. The dominance of Glass Fiber Composites is attributed to their low cost, favorable strength-to-weight ratio, and excellent electrical insulation and corrosion-resistant properties. They are widely used across high-volume applications in construction, marine, and pipes/tanks. Furthermore, glass fibers, particularly E-glass, are the primary reinforcement material in the massive wind energy sector for manufacturing large turbine blades, ensuring their continued leadership in terms of overall production volume.

End-Use Industry

The End-Use Industry segment is further classified into Automotive & Transportation, Aerospace & Defense, Wind Energy, Construction & Infrastructure, Pipes & Tanks, and Others. Among these, the Automotive & Transportation sub-segment is expected to account for the highest market share in 2025. The market leadership of Automotive & Transportation is primarily driven by the mass adoption of composites for vehicle lightweighting to meet stringent emission standards and enhance fuel economy. The explosive growth of Electric Vehicles (EVs) further accelerates this trend, as composites are essential for manufacturing lightweight battery enclosures and structural parts, directly impacting driving range. The continuous focus on safety, design flexibility, and durability solidifies this segment's position as the primary consumer of composite materials.

Some of The Leading/Active Market Players Are-

·         Toray Industries, Inc. (Japan)

·         Owens Corning (USA)

·         Teijin Limited (Japan)

·         Hexcel Corporation (USA)

·         SGL Carbon SE (Germany)

·         Solvay SA (Belgium)

·         PPG Industries, Inc. (USA)

·         Huntsman Corporation LLC (USA)

·         Gurit Holding AG (Switzerland)

·         Mitsubishi Chemical Holdings Corporation (Japan)

·         China Jushi Co., Ltd. (China)

·         BASF SE (Germany)

·         DuPont de Nemours Inc. (USA)

·         Compagnie de Saint-Gobain S.A. (France)

·         TPI Composites Inc. (USA)

and other active players.

Key Industry Developments

Hexcel Announces Expansion for High-Rate Aerospace Composites

In October 2024, Hexcel Corporation announced a strategic initiative to expand its manufacturing capabilities, specifically targeting high-rate production of carbon fiber composites for the aerospace sector.

This move is in direct response to the increasing build rates for next-generation commercial aircraft, which rely heavily on advanced composites for lighter, more fuel-efficient airframes. The expansion will help secure the supply chain for key OEMs, ensuring that the necessary advanced materials are available to meet the aerospace industry’s sustained, high-volume production demands.

Toray Advanced Composites Acquires Thermoplastic Assets

In November 2024, Toray Advanced Composites announced the acquisition of Gordon Plastics' assets to expand its portfolio of continuous fiber-reinforced thermoplastic composites.

This acquisition strategically strengthens Toray's position in the industrial and automotive sectors, particularly in supporting the rising demand for advanced thermoplastic composites. Thermoplastics are crucial for high-speed, automated manufacturing processes and are highly desirable for their recyclability, which is a major focus for sustainable automotive and transportation applications.

Key Findings of the Study

·         Dominant segments: Glass Fiber Composites lead in volume, while Automotive & Transportation is the largest consuming end-use industry.

·         Leading regions: Asia-Pacific holds the largest market share and is expected to be the fastest-growing region, driven by industrial and infrastructure growth.

·         Key growth drivers: Increasing demand for lightweighting in EV and aerospace sectors due to strict fuel efficiency and emission regulations.

·         Market trends: Major shift towards thermoplastic composites and investment in advanced recycling technologies to achieve circularity.

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