Composite materials have emerged as one of the fastest growing industries as it provides lightweight yet durable materials for various applications. These materials consist of a combination of 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. The growing demand for eco-friendly, strong and lightweight materials is driving increased adoption of composites across industries like aerospace, automotive, construction and more.

The Global Composite Market is estimated to be valued at US$ 107.54 Billion in 2024 and is expected to exhibit a CAGR of 7.3% over the forecast period from 2024 to 2031.

Key Takeaways

Key players operating in the composite market are Companies de, 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 advanced composite materials and expanding their production capacity to cater to the growing demand.

The Composite Market Trends is a major factor driving the adoption of composites in the automotive industry. Composite materials help reduce weight and increase mileage which is pushing automakers to incorporate more composites in vehicle manufacturing. The aerospace industry is also increasingly relying on composites to manufacture aircraft components due to benefits like corrosion resistance, high strength-to-weight ratio and durability.

With the rising environmental consciousness, the construction industry is witnessing increased uptake of composite materials as a replacement to concrete and steel. This is because composite structures require less maintenance and have a longer lifespan. Many countries are also supporting infrastructure growth which is projected to boost the demand for composites in construction applications over the forecast period.

Market Key Trends

A major trend gaining traction in the Composite Market Companies is the increasing adoption of natural fiber composites. Unlike traditional fiber, natural fibers are eco-friendly, lightweight and competitively priced. Agricultural waste is increasingly being used to manufacture natural fiber composites, thus reducing environmental impact. Leading players are actively working on developing superior quality natural fiber composites for industries like automotive and construction. This emerging trend of green composites is expected to drive future growth opportunities in the overall composite materials market.

Porter’s Analysis

Threat of new entrants: High capital requirements and economies of scale in production inhibit new companies from entering the market.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes.
Bargaining power of suppliers: Composite materials manufacturers face low threat from suppliers as raw materials are commonly available from multiple suppliers.
Threat of new substitutes: New composite materials pose minimal threat as existing materials meet application requirements.
Competitive rivalry: The market is dominated by large manufacturers and fierce competition keeps pricing and profit margins in check.

The geographical region where the composite market is currently concentrated in terms of value is North America. This region accounts for over 30% of the global market revenue as the transportation, construction and wind energy industries in the US and copyright dominate demand.

The Asia Pacific region represents the fastest growing market for composites over the forecast period. China is leading the way with government initiatives and investments to boost adoption of composites in infrastructure, rail transportation and wind power generation. The emerging middle-class is also increasing consumption of composite materials in various end-use industries.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)