Estimates for the composite materials market show a compound annual growth rate (CAGR) of 6.45% from 2022 to 2027. It is anticipated that the market will grow by USD 17.15 billion.
Senior analyst at Technavio Quoted ~ "One major driver propelling the market expansion is the transportation industry's increasing demand for composite materials. "
Strategic Collaboration, Partnerships, and Mergers and Acquisitions will Fuel the Market Advancement
As per market trends, a strategic approach to partnerships, mergers, and acquisitions is the main focus of the global composites market.Partnering with one another, vendors are creating new materials that are both more sophisticated and less expensive than their predecessors.
Snapshot of Composite Materials Market Analysis
Rising Demand for Composite Materials in the Transportation to Drive Market Growth
One major driver propelling the market expansion is the transportation industry's increasing demand for composite materials.In the automobile sector, composite materials are highly sought-after. Due to the automobile industry's explosive growth and the need for lighter cars that can more consistently exceed mileage requirements, their use has expanded in recent years.
Composite Materials Market Players
Some of the major composite materials market Players are:
3M Co.
Cabot Corp.
Compagnie de Saint Gobain SA
COMPOSITES UNIVERSAL GROUP
DuPont de Nemours Inc.
Gurit Holding AG
Hexcel Corp.
Huntsman Corp.
Kineco Ltd.
Mitsubishi Chemical Corp.
Momentive Performance Materials Inc.
Nippon Electric Glass Co. Ltd.
Owens Corning
Scott Bader Co. Ltd.
SGL Carbon SE
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Composite Materials Market Outlook 2027
The composite materials market share will value over USD 17.15 billion through 2023-2027
It is estimated to expand at a CAGR of 6.45% from 2022 to 2027
The composite materials market size will witness a YOY growth rate of 7.34% in 2023
Composite materials market is segmented by type (glass fiber, carbon fiber, aramid fiber, and others), end-user (electricals and electronics, construction, aerospace and defense, and others), and geography (North America, Europe, APAC, South America, and Middle East and Africa).
