by The global Composite Market is estimated to be valued at US$ 100.22 Bn or in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview: Composites are materials made from two or more constituent materials with significantly different physical or chemical properties that, when combined, produce a material with characteristics different from the individual components. Composites offer advantages such as flexibility in design, high strength to weight ratio, resistance to corrosion, and lower maintenance. They find wide applications in transportation, construction, consumer goods and others.
Market key trends: One of the key trends in the composite market is the growing production of recyclable composites.Traditionally composite materials are difficult to recycle and incinerate at the end of their lifecycle thereby adding to environmental pollution. However, with recyclable composites, composite materials are engineered to be recycled or reused at the end of their lifecycle. Recyclable thermoset resins and recyclable reinforcement materials are being developed that can be reclaimed and reprocessed into new composite materials. This is driving greater sustainability and boosting market growth.
Segment Analysis
The global composite market is dominated by the fiber reinforced plastic (FRP) segment. FRP composites consist of reinforcing fibers like glass, carbon or aramid embedded in a plastic resin matrix such as epoxy, polyester or vinyl ester. They exhibit high strength, rigidity and resistance to corrosion. Growing demand from end use industries like aerospace, construction and wind energy generation has been driving the FRP segment. Carbon FRP is finding increasing usage because of its high strength-to-weight ratio.
Key Takeaways
The Global Composite Market is expected to witness high growth, exhibiting CAGR of 7.3% over the forecast period, due to increasing usage of lightweight and high strength materials in end use industries.
Regional analysis: North America dominates the global composite market currently. However, Asia Pacific is expected to grow at the fastest pace during the forecast period owing to rising adoption of composites in aerospace as well as construction industries of China and India.
Market size: The global composite market size was valued at US$ 100.22 Bn in 2023 and is projected to reach over US$ 191 Bn by 2030.
Key players: Key players operating in the composite market are Saint-Gobain S.A., Momentive Performance Materials, Inc., Kineco Limited, Veplas Group, China Jushi Group Co., Ltd., Braj Binani Group, and Guardian Fibre Glass. These players are focusing on developing innovative and customized products to cater to diverse needs across different industries.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
