Global Composites Market to Reach $183.1 Billion by 2029

"The global composites market is booming, driven by innovative materials like resins, fillers, reinforcements, natural fibers and nanocomposites. These advanced materials are transforming industries with their strength, durability, and sustainability."

BOSTON, March 24, 2025 /PRNewswire/ -- According to the latest study from BCC Research, the demand for The Global Market for Composites: Resins, Fillers, Reinforcements, Natural Fibers and Nanocomposites was $126.8 billion in 2024 and is projected to reach $183.1 billion by the end of 2029, at a compound annual growth rate (CAGR) of 7.6% during the forecast period of 2024 to 2029.

This report offers a comprehensive analysis of the global composites market, focusing on five types: reinforcement materials, resins, fillers, nanocomposites and natural fibers. It segments the market by material type, application and region, highlighting trends, strategies, regulations, and leading companies. The study uses 2023 as the base year with forecasts through 2029, targeting commercially viable products and technologies.

Interesting facts 

• eVTOL (electric vertical takeoff and landing) manufacturers are boosting demand for composites as they move toward certification and production scaling.
• Natural fibers such as flax are increasingly used in boat building due to their eco-friendliness and lightweight properties.
• Carbon nanotube makers are adopting greener production methods using bio-based materials.
• Smart metal composites, which adapt to stress or temperature changes, are unlocking new possibilities in aviation.

Factors contributing to the market's growth include:

1. Growing demand for advanced composites in the electrical and electronics sectors: The electrical and electronics sectors are driving demand for advanced composites due to their lightweight, durability, and heat resistance. These materials improve performance and efficiency in many devices and systems.
2. Rising adoption of composites in the aerospace industry: The aerospace industry is increasingly using composites due to their lightweight strength and fuel efficiency. These materials enhance performance while reducing costs and emissions.
3. Advances in the energy sector: The energy sector is marked by breakthroughs in renewable technologies and smarter, more efficient materials. These advances enhance sustainability and reduce environmental impact.
4. Composites adoption in infrastructure and construction: Composites are increasingly used in infrastructure and construction for their strength, durability, and lightweight properties. They enhance design flexibility and improve sustainability.

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Report Synopsis

This report addresses the following questions:

1. What is the projected market size and growth rate?

The global market for composites is projected to grow from $122.1 billion in 2023 to $183.1 billion by the end of 2029, at a compound annual growth rate (CAGR) of 7.6% during the forecast period.

2. What factors are driving the growth of the market?

Growing demand for advanced composites in the electrical and electronics sector, rising adoption of composites in the aerospace industry, advances in the energy sector and the growing use of composites in the automotive sector.

3. Which application segment will be dominant in 2029?

The automotive application segment will be dominant. The market for automotive composites is expected to expand, driven by developing markets such as hydrogen-powered vehicles, solar EVs, and battery EVs, which use more sustainable and efficient composite materials and process technologies.

4. Which region has the largest market share?

Asia-Pacific holds the largest share of the market. 

Leading companies in the market include:

• Arkema
• China Jushi Co. Ltd.
• Dupont
• Gurit Services AG
• Hexcel Corp.
• Hexion Inc.
• Huntsman International LLC
• IDI Composites International
• Ineos
• Kureha Corp.
• LG Chem
• Lyondellbasell Industries Holdings B.V.
• Mitsubishi Chemical Group Corp.
• Nippon Electric Glass Co. Ltd.
• Norske Skog ASA
• Owens Corning
• RTP Co.
• Sabic
• Saint-Gobain
• SGL Carbon
• Syensqo
• Tecnaro GmbH
• Teijin Ltd.
• Toray Industries Inc.
• UFP Industries Inc.
• UPM

Related reports:  

Global Bio-based Composite Material Market.: The global bio-based composite material market is growing as industries seek sustainable alternatives to traditional composites. These eco-friendly materials are made from renewable resources and offer improved environmental benefits.

Global Market for Plastics Compounding.: The global plastics compounding market is expanding as industries require more customized plastic materials. This process blends polymers with additives to enhance performance and functionality.

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