The composites market size is expected to grow from US$ 88,710.42 million in 2022 to US$ 124,185.35 million by 2028; it is estimated to grow at a CAGR of 5.8% from 2022 to 2028.
Composites are more durable, corrosion resistant, and have high strength, as they are highly preferred over traditional materials such as steel and aluminum. Also, composites are improving the design process of end products across various industries. Due to all these characteristics of composites, they are widely used in various end-use industries such as construction, automotive, aerospace and defense, wind, marine, and sporting goods.
Based on end-use industry, the global composites market is segmented into automotive, aerospace & defense, wind, construction, marine, sporting goods, and others. The composites market share for the automotive segment was the largest in 2022. Composites are used in car manufacturing as they are lightweight and meet mileage standards. Composites are utilized for producing body panels and preparing car frames, rims, springs, and truck bedliners.
The global composites market is segmented into five main regions—North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America. Asia Pacific held the largest revenue share of the global composites market in 2022. A major factor driving the composites market in Asia Pacific is the increase in the use of composites from the automotive, construction, wind energy, and sporting goods industries.
Impact of COVID-19 Pandemic on Composites Market
Many economies were affected due to the onset of the COVID-19 pandemic. The COVID-19 outbreak created a temporary distortion in the operational efficiencies of industrial bases. Various end-use industries, such as automotive, energy, and building & construction, were severely affected by the pandemic, impacting the demand for composites. In Europe, the construction of buildings was negligible due to the shortage of laborers and the disrupted supply chain of raw materials. However, industries began reviving with the resumption of operations in 2021. With this, the composites market continue to witness significant recovery.
The report includes the segmentation of the global composites market as follows:
The global composites market is segmented on the basis of fiber type, resin type, and end-use industry. Based on fiber type, the global composites market is segmented into carbon fiber composites, glass fiber composites, and others. Based on resin type, the global composites market is bifurcated into thermoset and thermoplastic. The thermoset segment is further segmented into polyester, vinyl ester, epoxy, polyurethane, and others. The thermoplastic segment is subsegmented into polypropylene, polyethylene, polyvinylchloride, polystyrene, polyethylene terephthalate, polycarbonate, and others. Based on end-use industry, the global composites market is segmented into automotive, aerospace & defense, wind, construction, marine, sporting goods, and others. By geography, the global composites market is broadly segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. The North America composites market is further segmented into the US, Canada, and Mexico. The Europe composites market is subsegmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. The Asia Pacific composites market is further categorized into China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. The market in the Middle East & Africa is further segmented into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. The South & Central America composites market is further categorized into Brazil, Argentina, and the Rest of South & Central America.
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