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Global Composites Market to Reach $183.1 Billion by 2029
This report offers a comprehensive analysis of the global composites market, focusing on five types: reinforcement materials, resins, fillers, nanocomposites and natural fibers. It segments the market by material type, application and region, highlighting trends, strategies, regulations, and leading companies. The study uses 2023 as the base year with forecasts through 2029, targeting commercially viable products and technologies.
• Advances in the energy sector.
• Adoption of composites in infrastructure and construction.
The global market for composites is projected to grow from $122.1 billion in 2023 to $183.1 billion by the end of 2029, at a compound annual growth rate (CAGR) of 7.6% during the forecast period.
Growing demand for advanced composites in the electrical and electronics sector, rising adoption of composites in the aerospace industry, advances in the energy sector and the growing use of composites in the automotive sector.
The automotive application segment will be dominant. The market for automotive composites is expected to expand, driven by developing markets such as hydrogen-powered vehicles, solar EVs, and battery EVs, which use more sustainable and efficient composite materials and process technologies.
Asia-Pacific holds the largest share of the market.
The global bio-based composite material market is growing as industries seek sustainable alternatives to traditional composites. These eco-friendly materials are made from renewable resources and offer improved environmental benefits.
The global plastics compounding market is expanding as industries require more customized plastic materials. This process blends polymers with additives to enhance performance and functionality.
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