Composites Market to Reach USD 175 Billion by 2030, Driven by Demand Across Multiple Sectors
According to Next Move Strategy Consulting, the global Composites Market is projected to experience robust growth, expanding to USD 175 billion by 2030. With a compound annual growth rate (CAGR) of 8% by 2030, composites are poised to play a significant role in various industries.
Composites materials, made by combining fibers, polymers, and matrix materials, are renowned for their exceptional properties, including lightweight, strength, resistance to corrosion, and temperature resilience. These characteristics have made them increasingly indispensable in sectors such as aerospace, automotive, construction, and healthcare, among others.
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Market Dynamics and Trends
The growing adoption of composite materials in construction, marine, aerospace, and wind energy applications is expected to drive the market's growth. For example, composites are gaining traction in the construction of buildings and infrastructure due to their durability, corrosion resistance, and cost-effectiveness. They are also widely used in marine and aerospace industries to enhance safety and performance in extreme conditions, such as racing powerboats and yachts, which are utilizing hybrid composites to reduce weight and improve efficiency.
Tax incentives for wind energy, particularly for wind turbines incorporating carbon fiber composites for longer and more efficient blades, are further fueling market expansion. Additionally, the growing use of composite materials in healthcare—such as dental fillings to replace decayed teeth—presents new opportunities for market players.
However, challenges remain, notably the high costs associated with raw materials such as fibers, resins, and graphene, as well as the difficulty of recycling composite materials due to their heterogeneous structures.
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Segment Overview
The composites market is segmented by product type, fiber type, resin type, manufacturing process, and application. Key product categories include polymer matrix composites, metal matrix composites, and ceramic matrix composites. Fiber types are classified into carbon fiber composites, glass fiber composites, and natural fiber composites.
On the resin side, the market includes thermoset composites (polyester, vinyl ester, and phenolic) and thermoplastic composites (SFT, LFT, CFT, and others). Manufacturing processes range from layup and filament winding to injection molding and resin transfer molding. The application spectrum spans aerospace & defense, transportation, construction & infrastructure, wind energy, marine, and more.
Geographical Insights
Asia-Pacific is expected to remain the dominant region for the composites market, driven by the demand for transportation materials, particularly in China and India. The region’s strong focus on electric vehicle production and lithium-ion batteries further contributes to the increased demand for composites. In fact, China accounted for 70-80% of the global electric vehicle supply chain in 2021.
North America, on the other hand, is witnessing a rapid rise in demand for composites, particularly in the aerospace and defense sectors, where composites are integral to engine blades, brackets, and other parts. Key players like 3M Company and Dentsply Sirona are expected to fuel this demand with new product innovations and strategic market investments.
Competitive Landscape
The composites market is highly competitive, with several key players leading the charge in technological advancements and product development. Prominent companies in the sector include Dentsply Sirona, IDC Composite International Inc., Kulzer GmbH, Royal DSM N.V., SGL Carbon SE, 3M Company, Toray Industries Inc., Zeus Industrial Products Inc., Owens Corning, and Mitsubishi Chemical Holdings Corporation.
In 2020, 3M Company developed a new ergonomic syringe tip for dental applications, while Kulzer launched Venus Diamond shade composites for tooth restorations. In 2021, 3M and Alvant merged to accelerate the development of metal matrix composite technology, particularly for electric machines.
Key Market Segments
- By Product: Polymer Matrix Composites, Metal Matrix Composites, Ceramic Matrix Composites
- By Fiber Type: Carbon Fiber Composites, Glass Fiber Composites, Natural Fiber Composites
- By Resin Type: Thermoset Composites (Polyester, Vinyl Ester, Phenolic), Thermoplastic Composites (SFT, LFT, CFT)
- By Manufacturing Process: Layup Process, Filament Winding Process, Injection Molding, Pultrusion, Compression Molding
- By Application: Transportation, Aerospace & Defense, Wind Energy, Construction & Infrastructure, Marine
- By Geography: North America, Europe, Asia-Pacific, and Rest of the World (RoW)
Conclusion
The global composites market is on track for substantial growth, driven by the increasing adoption of these versatile materials across various industries. While challenges related to raw material costs and recycling remain, the expanding applications in construction, aerospace, automotive, and healthcare present lucrative opportunities. As companies continue to innovate and adopt advanced technologies, the market is set to evolve rapidly in the coming years.
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