The global composites market size was estimated at USD 93.69 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 7.2% from 2023 to 2030. This growth is attributed to the rising demand for lightweight components in the automotive and transportation industry. Furthermore, increasing utilization of advanced lightweight components across the manufacturing industries is anticipated to support the market growth during the forecasted years.

Composites find application in the aerospace & defense sector owing to their ability to reduce the body weight of military aircraft and helicopters to a large extent. A reduction in weight is considered important in order to increase fuel efficiency and overall performance and is expected to emerge as the key driver propelling the industry’s growth.

The COVID-19 outburst across the globe has significantly impacted the supply chains as major economies suspended trade operations. Moreover, demand for the product across various end-use industries such as aerospace, automotive, and construction has been reduced in 2020. However, with the ease of trade restrictions, the situation is expected to recover in 2021, which is expected to restore the growth trajectory of the market.

Gather more insights about the market drivers, restrains and growth of the Global Composites Market

Composites Market Segments Highlights:

• Glass fiber led the market and accounted for the largest revenue share of 60.0% in 2022. Glass fibers are largely used as a raw material for composites owing to their high tensile strength, rigidity, and lightweight. Additionally, it has excellent impact resistance due to which glass fiber is mainly used in composite manufacturing.
• The CFRP composites are lightweight and have high tensile strength, they are more fuel-efficient, require less upkeep, and help OEMs adhere to the strict environmental laws in Europe and North America
• Technological developments for enhancements in the strength and durability of these composites have increased penetration in pipe manufacturing applications.
• Other composite products mainly include silicon carbide fiber, aromatic polyamide fiber, and hybrid fiber. Silicon carbide fiber is a compound of carbon and silicon.
• The layup process led the market and accounted for the largest revenue share of 34.9% in 2022. The increasing production of boats, wind turbine blades, and architectural moldings are expected to fuel the growth of the layup process segment in the global composites market over the forecast period.
• Wet layup processes help in producing a variety of shapes and sizes of composite products that are used in different end-uses such as marine prototypes and storage tanks, at a lower cost of production.
• The automotive & transportation segment led the market and accounted for the largest revenue share of 21.0% in 2022. Composites find applications in automobiles, trucks, trailers, buses, trains, subways, and motorcycles. These industries utilize composites for the manufacturing of strong and lightweight components replacing the usage of metal.
• The growing demand for advanced electronics in households, as well as industrial applications, is expected to increase the demand for composites.
• The use of composites in the construction & infrastructure sector is growing rapidly due to their increasing usage in refabrication and retrofit applications. Composites are used in the construction of windows, doors, non-structural gratings, bridge components, long-span roof structures, paneling, complete bridge systems, and furniture & other interiors.
• Asia Pacific region dominated the market and accounted for a revenue share of 45.4% in the global composites demand in 2022. The Asia Pacific composite market is projected to grow significantly during the forecast period. The region is one of the most lucrative destinations for automotive, construction, aerospace, and electronics manufacturers owing to the presence of key manufacturers in the major economies including China, India, and Japan.
• In the U.S., the demand for composites is primarily driven by the increasing demand for lightweight materials in the automotive industry. Rising electrical & electronics capacity additions and steady growth in the automotive and aerospace sectors are the factors that are expected to augment the industry growth over the forecast period.
• Central & South America is one of the most lucrative markets for composites. Moreover, in recent years, the regional market exhibited relatively solid growth in construction, especially in Brazil is expected to augment demand for composites. The regional and local players are finding the market attractive on account of robust growth in end-use industries.

Browse through Grand View Research's Advanced Interior Materials Industry Research Reports.

• Thermal Interface Materials Market: The global thermal interface materials market size was estimated at USD 4.10 billion in 2024 and is expected to register a CAGR of 11.6% from 2025 to 2030.
• Thermal Paper Market: The global thermal paper market size was estimated at USD 4.07 billion in 2024 and is projected to grow at a CAGR of 4.2% from 2025 to 2030.

Key Companies & Market Share Insights:

The global composites market is characterized by the presence of a large number of players, with established players leading the market trends. The majority of these companies focus on forward integration by providing their products directly to end-users across different industry verticals. Some of these companies also use an established distribution and sales network to connect with their customers across regions easily.

The competitive rivalry among manufacturers of composites is high as the market is characterized by the presence of several global and regional players. High processing and manufacturing costs of composites are challenging the growth and profitability of composite manufacturers across the globe. Other than the high production cost, initial capital investment is anticipated to pose a challenge in the forecast period. Some prominent players in the composites market include:

• Teijin Ltd.
• Toray Industries, Inc.
• Owens Corning
• PPG Industries, Inc.
• Huntsman Corporation LLC
• SGL Group
• Hexcel Corporation
• DuPont
• Compagnie de Saint-Gobain S.A.
• Weyerhaeuser Company
• Momentive Performance Materials, Inc.
• Cytec Industries (Solvay, S.A.)
• China Jushi Co., Ltd.
• Kineco Limited
• Veplas Group

Order a free sample PDF of the Composites Market Intelligence Study, published by Grand View Research.