Composites Market Size Worth $144.5 Billion by 2028 with CAGR: 6.6%: Grand View Research, Inc.

SAN FRANCISCO, March 9, 2022 /PRNewswire/ -- The global composites market size is expected to reach USD 144.5 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.6% from 2021 to 2028. Increasing demand for lightweight materials in various industries such as automotive and transportation, along with the increasing government investment in green transportation is augmenting growth of the market.

Key Insights & Findings from the report:

• The glass fiber composites segment is expected to witness the fastest CAGR of 5.6% from 2021 to 2028. The beneficial properties of these fibers such as low thermal expansion, high stiffness, high chemical resistance, and low weight make them popular for use in industrial applications.
• The automotive and transportation segment is expected to reach USD 30.9 billion by 2028. Global awareness to control carbon emissions is propelling the electric vehicle industry, which in turn has resulted in growth in the market.
• The market in North America was estimated to account for USD 18.8 billion in 2020, owing to investment by technological advancements and investments by government and private companies in the automotive, electronics, and aerospace industries.
• China is major producer of electrical and electronics goods in the world. The robust electrical and electronics capacity additions offer significant growth opportunities to the manufacturers of composites in the country.
• Growing construction and infrastructure industry in the Middle East is projected to boost the demand for composites over the forecast period. In addition, increasing government investment in infrastructure is expected to boost the demand for composites in the coming years.

Get Sample of this market research report, "Composites Market Size, Share & Trends Analysis Report By Product (Carbon, Glass), By Manufacturing Process (Layup, Filament, RTM), By End Use, By Region, And Segment Forecasts, 2021 - 2028", published by Grand View Research.

Composites Market Growth & Trends

The market is witnessing huge potential on account of continuous R&D activities by the major companies. Composites are anticipated to gain popularity owing to their superior properties coupled with their diversified applications in industries such as aerospace, automotive, electronics, construction, and energy.

The growth of the market is adversely impacted by the economic crisis and lockdown caused by the Covid-19 pandemic. However, increasing product demand in the automotive and electronics industry is anticipated to benefit the market growth. Industries are gradually shifting towards a new normal to gain a similar growth trend as before the pandemic.

The market is characterized by the presence of established players with a strong financial base; as a result, the entry barriers are high. In addition, high initial investments are required to sustain in the market, hence, the threat of new entrants is expected to be low.

Composites Market Segmentation

Grand View Research has segmented the global composites market on the basis of product, manufacturing process, end use, and region:

Composites Product Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)

• Carbon Fiber
• Glass Fiber
• Others

Composites Manufacturing Process Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)

• Layup Process
• Filament Winding Process
• Injection Molding Process
• Pultrusion Process
• Compression Molding Process
• Resin Transfer Molding Process
• Others

Composites End-use Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)

• Automotive & Transportation
• Electrical & Electronics
• Wind Energy
• Construction & Infrastructure
• Pipes & Tanks
• Marine
• Others

Composites Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)

• North America
• The U.S.
• Canada
• Mexico
• Europe
• Germany
• U.K.
• France
• Italy
• Spain
• Asia Pacific
• China
• Japan
• India
• South Korea
• Central & South America
• Brazil
• Argentina
• Middle East & Africa

List of Key Players of Composites Market

• Teijin Ltd
• Toray Industries, Inc.
• Owens Corning
• PPG Industries, Inc.
• Huntsman Corporation LLC
• SGL Group
• Hexcel Corporation
• DuPont
• Compagnie de Saint-Gobain S.A
• Weyerhaeuser Company
• Momentive Performance Materials, Inc.
• Cytec Industries (Solvay. S.A.)
• China Jushi Co., Ltd.
• Veplas Group
• Kineco Limited

Check out more related studies published by Grand View Research:

• Automotive Polymer Composite Market - The global automotive polymer composites market size is expected to reach USD 11.6 billion by 2025, according to a new report by Grand View Research, Inc., exhibiting a CAGR of 6.8% during the forecast period. Polymer, metal, and ceramic matrix composites are key composites used in the automotive industry.
• Ballistic Composites Market - The global ballistic composites market size is expected to reach USD 2.18 billion by 2025, expanding at a CAGR of 6.8%, according to a new report by Grand View Research, Inc. Unstable geopolitical relations, increasing cross-border tensions have forced nations to strengthen their defense units. Providing lightweight, efficient and advanced combat equipment has been on top priorities of most of the developed as well as developing countries. This has triggered the use of ballistic composites over the past few years.
• Sports Composites Market - The global sports composites market is expected to be valued at USD 4.58 billion by 2024, according to a new report by Grand View Research, Inc. The market is expected to exhibit significant growth owing to increasing demand for high-performance materials for manufacturing lightweight as well rigid sporting goods.

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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