The composites market is anticipated to increase at an 8.63% annual pace throughout the forecast period, with a market share that might reach USD 219.41 billion by the end of 2030

Due to qualities like outstanding tensile strength, high modulus, and fatigue resistance, carbon fiber-reinforced plastics are among the most sought-after composite products in the global composites business. Due to its high performance under challenging conditions, CFRP finds use in various components and aircraft manufacturing. The acceptance of these kinds of composite materials to satisfy the growing demand for lighter aircraft with lower fuel consumption is one of the composites market trends.
However, the global sector is facing a significant deal of difficulties. Given the lengthy cycle time, composites have extremely high production costs. Given this, the cost of the glass and carbon fibers needed to create composite materials is very high. Most composite material producers are collaborating with automotive original equipment manufacturers (OEMs) to create new technologies and processes that will enable the production of composite materials in less time and contribute to the composites market share. This will support business growth and lower the overall cost of producing composite materials.
 

Regional Analysis 

Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa have all been researched about the global market. According to the composites market forecast,  with a market value of USD 40,867.95 million and a market share of 40.81%, Asia-Pacific is expected to register a CAGR of 10.14% in the years to come. Due to several factors, including a shift in the manufacturing base from western to Asian nations, robust economic growth, and the expansion of end-use industries like aerospace & defense, automotive & transportation, electrical and electrical electronics, building & construction, and others, Asia-Pacific is anticipated to become the fastest-growing regional market. Over the future years, China and India are expected to rule the Asia-Pacific market.

North America was the second-largest region, with a market size of USD 24,682.26 million in 2020. It is expected to see the greatest CAGR of 7.46% during the projection period. A few reasons driving the growth of the market in this area include the expansion of the North American aviation industry, an increase in the number of aircraft deliveries, and capacity expansion in manufacturing aerospace composites by many major players. Due to the high demand from commercial airline businesses, increased funding for defense aircraft programs, and a stable economy, the consumption of aerospace composites in aerospace & defense has increased significantly in recent years.

 
Market Segmentation
 
The type, resin type, process, and end-use segments of the global market have been established.
The global market for composites has been divided into segments based on type, including glass fibers, carbon fiber, and others.
The market has been divided into thermoplastic composites and thermosetting composites based on the type of resin used. Due to its wide range of qualities and expanding applicability across numerous end-use industries, including wind energy, automotive, and building & infrastructure, thermosetting composites held a 73.29% share of the global market in 2020.
The market has been divided into layup, injection, filament winding, pultrusion, compression, and other processes according to the processes used.
The market has been divided into various end-use categories, including aerospace & defense, automotive & transportation, electrical & electronics, building & construction, marine, wind energy, and others. The aerospace & defense industry held the greatest composites market share of these at 32.03% in the global market and is projected to expand at a rate of 9.28% throughout the forecast period.
 
Key Players
 
However, the companies that are contributing to the market and are keeping up with the composites market trends are:

• PPG Industries Inc. (US)


• Hexion (US)


• Jushi Group Co. Ltd (China)


• Toray Industries Inc. (Japan)


• Owens Corning (US)


• Teijin Limited (Japan)


• Hexcel Corporation (US)

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