Composite Materials Market Size to grow by USD 32.46 billion between 2024-2028
According to a research report “ Composite Materials Market” by Type (Glass fiber, Carbon fiber, Aramid Fiber, Others) End-user (Electricals and electronics, Construction, Aerospace and defense, Others) Geography (North America, Europe, APAC, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 32.46 billion, at a CAGR of 10.94% during the forecast period. The automotive industry's focus on reducing carbon emissions and enhancing vehicle safety has led to a substantial increase in the adoption of composite materials. These materials, particularly carbon fibers, offer significant benefits such as weight reduction, improved fuel efficiency, and enhanced durability. Composite materials have expanded their application beyond just body panels, now being utilized for car frames, rims, springs, and truck bed liners. Their damage-resistant properties further add to the safety and security of vehicles, making them an essential component in the evolving automotive landscape. With the growing emphasis on e-mobility and stringent mileage standards, the demand for lightweight and robust materials like composite materials is expected to surge in the coming years..
Browse market data tables, figures, and in-depth TOC on “Composite Materials Market” by Type (Glass fiber, Carbon fiber, Aramid Fiber, Others) End-user (Electricals and electronics, Construction, Aerospace and defense, Others) Geography (North America, Europe, APAC, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample
By Type, the Glass fiber segment is projected to dominate the market size in 2024
The composite materials market represents a significant business opportunity due to the material's superior strength-to-weight ratio, high corrosion resistance, and excellent thermal properties. These advantages make composite materials an attractive alternative to traditional materials in various industries, including aerospace, automotive, construction, and wind energy. Market growth is driven by increasing demand for lightweight and durable products, as well as advancements in manufacturing technologies. Companies that can effectively produce and distribute composite materials will be well-positioned to capitalize on this trend.
By End-user, Electricals and electronics segment is expected to hold the largest market size for the year 2024
The composite materials market represents a significant business opportunity due to the material's high strength-to-weight ratio, excellent corrosion resistance, and ability to withstand extreme temperatures. Composite materials, which consist of reinforcing fibers embedded in a matrix of resin, are increasingly being adopted in various industries, including aerospace, automotive, and construction, due to their superior performance and cost-effectiveness compared to traditional materials. The global composite materials market is projected to grow at a CAGR of 8.5% from 2021 to 2026, driven by increasing demand from end-use industries and technological advancements in composite materials production.
North America is forecasted to hold the largest market size by region in 2024
The composite materials market encompasses a broad range of industries, including aerospace, automotive, construction, and wind energy. These materials, which consist of two or more constituent materials with significantly different physical or chemical properties, offer superior strength-to-weight ratios, corrosion resistance, and durability compared to traditional materials. As a result, composite materials are increasingly being adopted for applications requiring high performance and sustainability. The global composite materials market is projected to grow at a CAGR of 8.5% from 2021 to 2028, driven by factors such as increasing demand for lightweight and fuel-efficient vehicles, growing infrastructure spending, and advancements in composite materials technology.
The Composite Materials Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
.
For insights on company offerings- Request a sample report!
Research Analysis Overview
Composite materials have revolutionized various industries with their unique properties, including high strength-to-weight ratio, corrosion resistance, and excellent thermal and electrical insulation. The global composite materials market is witnessing significant growth due to the increasing demand from sectors like Nanotechnology, Sports and Recreation, Electrical and Electronics, Pipes and Tanks, Aerospace and Defense, Automotive and Transportation, and Infrastructure projects. Aramid fiber and glass fiber are widely used as reinforcement fibers in composite materials. Metal Matrix Composites (MMCs) and Carbon Matrix Composites (CMCs) are gaining popularity due to their high strength and stiffness. Ceramics, Thermoplastic Resins, and Polymer Matrix Composites are also used as matrix materials. The Aerospace and Defense industry is a major consumer of composite materials due to their lightweight and high-performance properties. Aircraft manufacturers are increasingly using composites to reduce fuel consumption and improve aircraft efficiency. The Automotive and Transportation sector is also adopting lightweight composites to build fuel-efficient and eco-friendly vehicles. Traditional materials like Steel are being replaced with composites in various applications due to their superior properties. Composites are also used in Building materials, Pipes and Tanks, and Infrastructure projects to improve durability and reduce maintenance costs. Nanotechnology is being used to enhance the properties of composite materials, making them more efficient and sustainable. Composites are also being used to reduce pollutants by replacing heavy and bulky materials. The future of composite materials looks bright, with endless possibilities in various industries.
Market Research Overview
Composite materials, made from reinforcing fibers embedded in a matrix material, are gaining significant attention in various industries due to their high specific modulus and specific strength. The market for composite materials is expanding in sectors such as high pressure storage, aerospace and defense, automotive and transportation, construction, and renewable energy sources. High-pressure storage applications include hydrogen and compressed natural gas (CNG) storage, where carbon fiber composites offer superior strength and corrosion resistance. In the aerospace industry, carbon fiber composites are used in aircraft applications due to their lightweight properties and high fatigue resistance, reducing CO2 emissions and increasing fuel efficiency. Carbon fiber manufacturers, such as Toray and SGL Carbon, dominate the market, but aramid and glass fibers are also used in various applications. The medical device market uses composites for implants and prosthetics, while the sports and recreation industry uses them for lightweight equipment. Environmental regulations and the shift towards zero emissions are driving the demand for composites in the energy industry, particularly in offshore wind energy, where blade strength and fatigue resistance are crucial. Nanotechnology is also being explored to enhance the properties of composites further. Construction and infrastructure projects are using composites for their lightweight and corrosion-resistant properties, while the transportation sector is adopting composites for fuel-efficient vehicles and electric vehicles. Maintenance technology and recycling of composites are also areas of focus to reduce the environmental impact of composite manufacturing companies. Traditional materials like aluminum and steel are being replaced by high-performance composites in various applications, including pipes and tanks, breathing air, and pressure vessels. The future of composite materials lies in their ability to meet the demands of various industries while minimizing their environmental footprint.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
