Latest News- Composite Materials Market: Glass fiber is expected to lead the Type segment during 2025-2029

The Composite Materials Market is being driven by Rising demand for composite materials in transportation industry

The Composite Materials Market is expected to grow at a CAGR of 11.3% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 37237.4 million. The composite materials market is witnessing a strategic wave of collaborations, partnerships, and mergers and acquisitions. Companies are forging alliances to develop advanced, cost-effective composite materials. Notable transactions include Mitsubishi Chemical Group's full acquisition of CPC SRL in January 2024, an Italian firm specializing in carbon fiber reinforced plastics for the automotive sector. In February 2024, Gurit expanded its North American presence by acquiring 100% of FX Composites LLC's assets in Texas, USA. This deal bolstered Gurit's core material finishing, kitting, and logistics capabilities in the marine and industrial sectors, thereby strengthening its market position. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Type
  • Glass fiber
  • Carbon fiber
  • Aramid Fiber
  • Others
• End-user
  • Electricals and electronics
  • Construction
  • Aerospace and defense
  • Others
• Material
  • Polymer Matrix Composites
  • Ceramic and carbon matrix composites
  • Metal matrix composites
• Geography
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • APAC
    • China
    • India
    • Japan
  • South America
    • Brazil
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Rising demand for composite materials in transportation industry
• Increasing number of opportunities for textile glass fibers and glass fibers in electronics sector
• Increasing demand for composite fibers in construction

However, the market also witnesses some limitations, which are as follows:

• High cost of composites
• Health hazards associated with glass fibers
• Poor fire resistance of natural fiber composites (NFCs)

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Market Scope in Composite Materials Market Research Report

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Research Analysis Overview

The Composite Materials Market encompasses fiber orientation, interlaminar shear strength, tensile strength, flexural strength, compressive strength, and impact resistance. Fracture toughness, specific strength, and specific stiffness are also essential properties. Fatigue life, creep behavior, thermal conductivity, thermal expansion, dielectric strength, and acoustic properties are additional considerations. Fire resistance, smoke emission, and performance optimization are crucial for various applications. Supply chain resilience, additive manufacturing, 3D printing, ooa curing, cure monitoring, NDE, quality assurance, product certification, regulatory compliance, and technology roadmap are key trends shaping the market.

Market Research Overview

In the realm of composite materials, key components include fiber reinforcement, resin systems, polymer matrix, and various molding techniques such as filament winding, compression molding, and injection molding. The global building products market, encompassing manufacturers of building components and home improvement products and equipment, is projected to experience significant growth. This expansion is attributed to the thriving construction sector, with increasing demand in both developed and emerging economies due to urbanization and infrastructure development for residential and healthcare facilities. Technavio's market analysis calculates the market size based on the combined revenue generated by these industries.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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