Demand for lightweight and high-strength materials in sectors such as aerospace, automotive, and construction and increasing use of composites in consumer electronics is driving the growth at a CAGR of 4.29% during the forecast period 2024 to 2032

Market Research Future (MRFR) has published a cooked research report on the “Global Composite Materials market” that contains the information from 2018 to 2032. The Composite Materials Market is estimated to register a CAGR of 6.03% during the forecast period of 2024 to 2032.

MRFR recognizes the following companies as the key players in the Global Composite Materials Market— Toray Industries, Huntsman Corporation, Gurit Holding AG, Mitsubishi Chemical Corporation, SGL Carbon, Hexcel Corporation, Nippon Electric Glass Co., Ltd., Syensqo, Owens Corning and Teijin Ltd.

Market Highlights

The Global Composite Materials Market is accounted for to register a CAGR of 4.29% during the forecast period and is estimated to reach USD 77,902.3 Million by 2032.

The global composite material market is poised for significant growth, driven by key factors such as the increasing demand for lightweight and high-strength materials in various industries, including construction, aerospace, and automotive. While challenges such as high production costs and the complexity of material processing may act as restraints, opportunities abound in the development of advanced composites that cater to sustainability and performance needs. Trends such as the rising emphasis on green building practices and the integration of smart technologies further bolster market prospects, making composites a preferred choice for modern applications. The benefits of composites—ranging from enhanced durability and corrosion resistance to reduced maintenance requirements—make them indispensable in achieving both efficiency and longevity in structural designs. As industries continue to innovate and invest in composite solutions, the market stands to thrive, offering transformative potential across a multitude of applications.

Different Composite Material manufacturers are adopting numerous business development strategies for strengthening their position in the market. On July 2023, Toray Advanced Composites, the leader in developing and producing advanced thermoplastic and thermoset composite materials, announced the planned expansion of its Morgan Hill (CA, USA) plant operations. The new facility will add 74,000 square feet (6,800 square meters) to the existing campus facilities. In concert with other Toray announcements for carbon fiber and advanced composite business units around the globe, this accelerated expansion at the Morgan Hill location will support both thermoset and Cetex thermoplastic production, supply chain readiness, as well as increase technology laboratory capability and capacity in preparation for the surging market demand for materials.

Access full report @ https://www.marketresearchfuture.com/reports/composite-material-market-33737

Segment Analysis

The global composite materials market has been segmented based on type, matrices, form, method, end use, and region. The Composite Materials Market has been categorized based on type into FRP Composites and Resins. Among these, the Resins segment is projected to dominate the Global Composite Materials Market revenue throughout the projected period. Resins are the backbone of composite materials, acting as the matrix that holds the reinforcing fibers together. The resin segment in the global composite materials market is crucial because the choice of resin affects the performance, durability, and processing of the composite material. The primary types of resins used in composites include thermosetting resins like epoxy, polyester, and vinyl ester, as well as thermoplastic resins such as polypropylene and polyamide. Epoxy resins are favored for their superior strength, chemical resistance, and thermal stability, making them ideal for high-performance applications in aerospace and automotive industries. Polyester and vinyl ester resins, on the other hand, are more cost-effective and are commonly used in marine, construction, and recreational industries. With the increasing demand for lightweight, durable, and high-performance materials, the resin segment plays a pivotal role in the continued development and innovation of composite materials.

The Composite Materials Market has been categorized based on Polymer Matrix Composite (PMC), Metal Matrix Composite (MMC) and Ceramic Matrix Composites (CMC). Among these, the Polymer Matrix Composite (PMC) segment is projected to dominate the Global Composite Materials Market revenue through the projected period. Polymer Matrix Composites (PMC) are the most commonly used type of composite material, primarily due to their versatility, ease of manufacturing, and cost-effectiveness. These composites consist of a polymer resin matrix reinforced with fibers such as glass, carbon, or aramid. PMCs are known for their lightweight properties, excellent corrosion resistance, and ease of shaping into complex forms. These characteristics make PMCs ideal for applications in industries like aerospace, automotive, sports equipment, and construction. The growth of the PMC segment is driven by increasing demand for lighter and more fuel-efficient vehicles, as well as advancements in manufacturing technologies such as resin transfer molding (RTM) and 3D printing.

Based on Form, the Composite Materials market has been segmented into Fiber Tow, Unidirectional Tape and Cloth. Among these, the Fiber Tow segment is projected to dominate the Global Composite Materials Market revenue throughout the projected period. The global composite materials market is diverse, and one of its key segments is fiber tow. Fiber tow refers to a bundle of continuous fibers that are used as the base material in the production of composite materials. This fiber is typically made from materials like carbon, glass, aramid, or basalt. Fiber tow is essential in many industrial applications due to its strength, durability, and flexibility. It is often used in aerospace, automotive, and sports equipment manufacturing, where the combination of high performance and lightweight properties is crucial. The increasing demand for lightweight materials that offer improved mechanical properties, especially in the aerospace and automotive industries, drives the growth of this segment.

Based on Method, the Composite Materials market has been segmented into Open Molding, Closed Molding and Others. Among these, the Open Molding segment is projected to dominate the Global Composite Materials Market revenue through the projected period. Open molding is a traditional and widely used method for manufacturing composite materials, primarily in industries such as automotive, marine, aerospace, and construction. This technique involves the manual or automated placement of reinforcing fibers, such as glass or carbon, into an open mold, which is then saturated with resin. The mold is left open during the curing process, allowing the material to solidify. Open molding offers advantages like lower tooling costs, flexibility in part complexity, and the ability to produce large, complex parts. It is particularly effective for smaller production runs or when producing parts with intricate geometries. The process is often slower than closed molding, and it may result in higher emissions and waste due to the open exposure of resin. However, it remains a popular choice for manufacturers looking for cost-effective composite production.

Based on End Use, the Composite Materials market has been segmented into Aerospace & Defense, Automotive & Transportation, Marine, Electrical & Electronics, Building & Construction, Renewable Energy and Others. Among these, the Building & Construction segment is projected to dominate the Global Composite Materials Market revenue through the projected period. The building and construction industry has seen growing adoption of composite materials due to their versatility, durability, and ability to withstand harsh environmental conditions. Composites are used in a variety of construction applications, including building facades, roofing, flooring, bridges, and reinforcement materials. Their resistance to corrosion, low maintenance requirements, and strength make them ideal for both residential and commercial construction projects. Additionally, lightweight composites offer ease of handling and installation, contributing to faster project timelines. As the demand for sustainable, energy-efficient, and long-lasting buildings increases, composite materials are increasingly seen as a solution for modern construction challenges.

Regional Analysis

By region, the global market is segmented into North America, Europe, Asia Pacific, Latin America, Africa, and Rest of the World. Among these, Asia Pacific is projected to dominate the Composite Materials Market revenue through the projected period. The Asia-Pacific composite materials market is experiencing significant growth, driven by the increasing demand for lightweight, high-performance materials across various industries, including automotive, aerospace, construction, and wind energy. Countries like China, Japan, India, and South Korea are key players in this market, benefiting from rapid industrialization, advancements in manufacturing technologies, and rising investments in renewable energy. The growing need for fuel-efficient vehicles, coupled with environmental regulations promoting sustainability, is further boosting the adoption of composites, which offer superior strength-to-weight ratios and corrosion resistance. Additionally, the expansion of the construction sector and infrastructure projects is fueling the demand for composites, particularly in applications requiring durability and flexibility.

Key Findings of the Study

• The global composite materials market is expected to reach USD 77,902.3 million by 2032, at a CAGR of 4.29% during the forecast period.


• Asia pacific region accounted for the fastest growth in the global market.


• Based on type, resins segment was attributed to holding the largest market in 2023.


• Based on matrices, polymer matrix composite (PMC) segment was attributed to holding the largest market in 2023.


• Based on form, the Fiber Tow segment was attributed to holding the largest market in 2023.


• Based on Method, the open molding segment was attributed to holding the largest market in 2023.


• Based on end use, the building & construction segment was attributed to holding the largest market in 2023.


• Toray Industries, Huntsman Corporation, Gurit Holding AG, Mitsubishi Chemical Corporation, SGL Carbon, Hexcel Corporation, Nippon Electric Glass Co., Ltd., Syensqo, Owens Corning and Teijin Ltd.