Composites Market Size, Share, and Trends 2025 to 2034

The global composites market size was accounted for USD 118.49 billion in 2024, grew to USD 125.60 billion in 2025 and is predicted to surpass around USD 213.32 billion by 2034, representing a healthy CAGR of 6.05% between 2025 and 2034.

  • Last Updated : 31 Dec 2024
  • Report Code : 1018
  • Category : Chemical and Material

Composites Market Size and Forecast 2025 to 2034

The global composites market size was accounted for USD 118.49 billion in 2024 and is anticipated to reach around USD 213.32 billion by 2034, growing at a CAGR of 6.05% from 2025 to 2034. The composites market is driven by the increasing demand for lightweight materials in industries such as aerospace, automotive, and construction.

Composites Market Size 2025 to 2034

Composites Market Key Takeaways

  • Asia Pacific dominated the composites market with the largest market share of 46% in 2024.
  • By product, the glass fiber segment contributed the highest market share of 61% in 2024.
  • By manufacturing process, the layup process segment has held the largest market share of 36% in 2024. 
  • By end-use, the automotive and transportation segment accounted the highest market share of 22% in 2024.

Intergration of AI in the composites industry  

By predicting material properties using machine learning algorithms, data-driven approaches for material optimization, and generative models for exploring novel material compositions. AI algorithms can help researchers evaluate many variables more efficiently, reducing the time and costs associated with experimental testing.

Asia Pacific Composites Market Size and Growth 2025 to 2034

The Asia Pacific composites market size was evaluated at USD 53.91 billion in 2024 and is predicted to be worth around USD 97.27 billion by 2034, rising at a CAGR of 6.07% from 2025 to 2034. 

Asia Pacific Composites Market Size 2025 to 2034

The composites sector is an economic force that energies the American economy. This industry contributes around USD 22 billion to the U.S. economy annually. Further, as per 2016 UK Composites Strategy, the UK composites product market with nearby 1500 British companies engaged was assessed at around Euro 2.3 billion in 2015, and is projected to reach around Euro 12 billion by 2030.

Due to the strong demand from end-user sectors like construction, automotive, electrical & electronics, aerospace & defense, industrial, etc., the Asia-Pacific region holds the largest share of the global composite material market. As a result of the fast industrialization taking place in nations like China, India, and Japan, the demand for composite materials in the Asia-Pacific area is increasing at an astounding rate.

With more and more sectors using composites, demand them is rising annually. For instance, CompositesWorld estimates that China's supply of Carbon fibre, an advanced composite fibre, will be roughly 19,250 metric tonnes in past years. The International Organization of Motor Vehicle Manufacturers estimates that in 2021 when production was at about 25.22 million units, China's automobile production climbed by 3% annually. During the examined period, the composite market would rise due to the automotive industry's consistent growth.

The total domestic medical device output in Japan, according to the International Trade Administration, was estimated to be over USD 24 billion in 2021 because of the country's growing reliance on medical technology in the aftermath of COVID-19. Furthermore, due to demand and OEM adoption, India has a significant impact on the penetration of thermoplastics and thermoset composites in the automotive industry. Additionally, according to Indian government regulations, suppliers in the aerospace industry are required to source around 30% of their components domestically. Consequently, this element encourages the expansion of the composite market.

Composites Market Share, By Region, 2024 (%)

Asia Pacific dominated the composites market with the largest market share of 46% in 2024. This dominance is due to proliferating demand from different end-use sectors of major countries such as Japan, India and China. Governments of various nations such as Canada, Japan, the U.S., South Korea, China, India Mexico, and Brazil have suggested greenhouse gas emission and fuel economy standards for light commercial vehicles/light trucks and passenger vehicles. These suggested regulations in these nations are likely to support the requirement for composites from the automotive segment.

North America shows a significant growth in the composites market during the forecast period. 

The increasing need for lightweight materials is one of the primary drivers for the composites market in the United States. In the aerospace and defense industry, the demand for composites is propelled by factors such as the growth in air passenger traffic and expanding commercial space aircraft manufacturing activities for space exploration missions. Carbon fiber reinforced polymer is formed by molding carbon fiber with plastic resin. In the aircraft field, sandwich structures made of carbon fiber-reinforced polymer composite materials are extensively used for interior and exterior applications.  

United States 

  • In February 2024, Owens Corning and Masonite International Corporation declared they have entered into a definitive agreement under which Owens Corning will obtain all outstanding shares of Masonite for $133.00 per share in cash. 

Composites Market Scope

Report Highlights Details
Market Size in 2024 USD 118.49 Billion
Market Size in 2025 USD 125.60 Billion
Market Size by 2034 USD 213.32 Billion
Growth Rate from 2025 to 2034 CAGR of 6.05% 
Base Year 2024
Forecast Period 2025 to 2034
Segments Covered Product, End User, Resin, Manufacturing Process, Region

Market Dynamics

Drivers

Easy Production of Composites:

Previously, engineers had to create composites via a complicated lay-up procedure, which was time-consuming and limited the design geometry. This has been altered via Digital Composite Manufacturing (DCM). A unique manufacturing method called DCM creates composite parts devoid of physical labor. With DCM, composites can be locally or globally customized in three dimensions to produce the ideal strength, density, and flexibility for the project. Engineers may now design with the freedom of 3D printing and the high performance of composites thanks to DCM. As a result, this factor will likely contribute to growth in the composites market.

Demand for new design opportunities:

Design alternatives are available with composites that are difficult to attain with conventional materials. Item consolidation is possible with composites; a single composite part can take the place of an entire assembly of metal parts. Any finish, from smooth to textured, can be imitated by changing the surface texture. Because fibreglass can be moulded into a variety of boat designs, composite materials make up over 90% of recreational boat hulls. These advantages, which can be used in numerous industries, shorten manufacturing times and lower maintenance costs over time.

Restraints

High Cost of Composites:

Compared to other structural building materials that are utilized for similar tasks, carbon fibre products are more expensive. However, initially less expensive materials like aluminum and steel demand more labor due to their weight. Additionally, carbon fibre carries heat and electricity, making it a poor choice for building projects involving either of these substances. Consequently, this might hamper the market for composites.

Opportunities

Increase in the Production of eVTOLs:

Electric vertical takeoff and landing (eVTOL) aircraft are not the only application for composites in the transportation sector. It is no secret that composites are successful in the aerospace, automotive, and marine end sectors. An advantage for the composites industry is the eVTOL sector. For instance, the Boeing 787, which served as a trailblazer for the use of composites in aircraft, contains almost 50% composite material in its structure. The figures are substantially lower for the automotive sector, with composite materials making up 8–12% of the weight of light automobiles. However, regardless of the manufacturer, that percentage increases to an average of 70% of the material mix for eVTOLs.

Since battery power will be used by the majority of eVTOLs, lightweight is required in several ways, i.e., making lighter components and choosing designs that require fewer components. Additionally, eVTOLs have stringent structural specifications. Composites are a logical solution for eVTOL producers as a result. Composites will be used in every cubic meter of an eVTOL, from large secondary components like clips and brackets to small secondary structures like fuselages and wings. As a result, the composites industry will experience lucrative growth in the near future.

Product Insights

Among different product type segmentation, in 2024, The glass fiber segment contributed the highest market share of 61% in 2024. This tremendous growth is attributed to its large requirement demand in construction, electronics and electrical, wind energy and transportation sector. Glass fiber also names as fiberglass, is prepared from fine fibers of glass. It provides improved properties like lightweight, high durability, high strength and weather-resistant among others. Such superior qualities propel their demand in countless application sectors.

Increased acceptance of more environment-friendly construction materials is a result of the widespread implementation of strict environmental rules in both developed and developing nations. Carbon fibers and the related composites they are made of can reduce weight and improve fuel efficiency. As a result, the market for premium and sports cars is driving up demand for activated carbon fiber. For the production of 3D-printed car parts, carbon fibre is widely used in the automotive sector. Since carbon fibre is so powerful, it makes the filament stronger and more rigid. As a result, the 3D-printed parts will be significantly lighter and more dimensionally stable since the fibre will help stop the object from shrinking as it cools. The market for composites is growing in segments thanks to these most recent trends.

End use Insights

The automotive and transportation segment accounted the highest market share of 22% in 2024. The outlook of the global composites market seems eye-catching with alluring prospects in numerous end-use sectors such as wind energy, electrical and electronics, construction, pipe & tank, marine, transportation, consumer goods, and aerospace among others. Transportation sector that includes commercial vehicles, coaches, buses and automobiles, is projected emerge as one of the major U.S. markets in during coming few years. At present several prominent vehicle manufacturers are spending in composite materials technology in order to decrease weight and address the targets of authorized carbon emission reduction.

Composites also find great demand in construction industry. It finds application in GFRP include paneling, shower stalls, bathrooms, windows and doors. Growth of construction sector is mainly compelled by low mortgage rates, continuous surge in employment, and reducing house price inflation.

Around the world, composites are used to build and repair a wide range of infrastructure applications, including roads, bridges, buildings, and railroads. Because of their great strength, resistance to rust and corrosion, and low maintenance requirements, these applications endure lengthier. To increase the tensile strength and longevity of concrete buildings and construction components, several polymers are used. The composites can be utilized for both new construction and retrofit circumstances and can be applied prefabricated or on-site. Additionally, composite materials are used more frequently for new and renovated bridge construction. The benefits include excellent strength-to-weight ratios, noncorrosive characteristics, prefabrication possibilities, and design freedom.

Resin Insights

In 2024, among various resins type segment of global composites market, thermosetting resin segment lead the market. This considerable growth is attributed to climbing demand in aerospace, transportation and defense sector. Thermoset composite is typically based on glass, carbon, aramid fibers, and commonly combined with resins such as vinyl esters, epoxies, phenolics, cyanate esters, polyesters, and polyimides.

Thermoplastics are non-toxic in nature, weldable, recyclable for other processes, and have augmented toughness and are less expensive. A comprehensive range of thermoplastic resins are employed in composites including PET, PVC and polypropylene. Thermoplastics resins are preferably utilized on account of their improved impact resistance and capacity to reform than thermosetting resins.

Manufacturing process Insights

Out of various manufacturing process involved in the global composites market, The layup process segment has held the largest market share of 36% in 2024. This method is very frequently employed for manufacturing of composite. This process includes insertion of layers of composite fiber in an order with the help of matrix of resin and hardener. Then layup is permitted to cool at room temperature. At present, rising production of boats, wind turbine blades and architectural moldings is expected to spur substantially the demand of layup process segment.

The process of filament winding is typically applied to the production of hollow, prismatic, or spherical objects, such as pipes and tanks. A customized winding machine is used to wound continuous fibre tows onto a rotating mandrel. The aerospace, energy, and consumer product industries frequently use filament wound parts. The cost of the fibre is further reduced because there is no additional process needed to turn the fibre into the fabric before usage, making this technique of material application incredibly quick and cost-effective. Since straight fibres can be put in a complicated arrangement to match the applied loads, laminates' structural qualities can be quite good.

 Key Companies & Market Share Insights

Multiple initiatives including research and development, technology innovations, partnerships, acquisitions, and merger in order to produce economical and lightweight composite products have been commenced by many prominent players. Some of the significant players in the composites market include:

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

Recent Development

  • In November 2024, Teknor Apex, a trusted provider of custom plastic compounds for the healthcare industry, declared the expansion of its medical-grade thermoplastic elastomer (TPE) portfolio with new grades specifically designed for biopharmaceutical tubing applications.
  • In May 2024, BASF is committed to a sustainable future. It has set the ambitious aim of reducing its Scope 3.1 emissions by 15% across its portfolio by 2030 and getting net zero by 2050. This is only possible by procuring raw materials with reliable product carbon footprint primary data and raw materials with reduced PCF.
  • In September 2023, Teijin acquired GH Craft as part of its downstream strategy. Leveraging its technological capabilities, GH Craft has been involved in the design, prototyping, and evaluation of composite materials centered on highly demanding applications for the aerospace, railway, and automotive industries.

Segments Covered in the Report

By Product Type

  • Glass Fiber
  • Carbon Fiber
  • Others

By Resin Type

  • Thermoplastic
  • Thermosetting
  • Others

By Manufacturing Process Type

  • Injection Molding Process
  • Resin Transfer Molding Process
  • Pultrusion Process
  • Layup Process
  • Filament Winding Process
  • Compression Molding Process
  • Others

By End Use

  • Electrical & Electronics
  • Automotive & Transportation
  • Wind Energy
  • Aerospace & Defense
  • Pipes & Tanks
  • Construction & Infrastructure
  • Marine
  • Others

By Geography

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
  • Middle East & Africa
  • Latin America

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Frequently Asked Questions

As per Precedence Research, the global composites market size was reached at USD 118.49 billion in 2024 and is anticipated to surpass around USD 213.32 billion by 2034.

Some of the main influencing factors of composites market include proliferating requirement for lightweight materials in the defense, automotive and aerospace sector, rising demand for chemical and corrosion resistance materials in pipe & tank and construction field.

The global composites market is growing at a CAGR of 6.05% from 2025 to 2034.

In 2024, glass fiber appeared as prominent segment and amounted for around 61% revenue share of the total market.

In 2024, among various resins type segment of global composites market, thermosetting resin segment lead the market with over 70% revenue share.

Asia Pacific dominated the global composite market in 2024.

The top key companies contributing in composite market are Huntsman Corporation LLC, SGL Group, Teijin Ltd, PPG Industries, Inc., Toray Industries, Inc., Owens Corning, Hexcel Corporation, DuPont, Momentive Performance Materials, Inc., Jushi Group Co., Ltd., Compagnie de Saint-Gobain S.A, Weyerhaeuser Company, Cytec Industries, and Others.

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