Composites market will hit US$ 160bn by 2027

According to Precedence Research, the global composites market size was valued at US$ 88.34 billion in 2019 and predicted to hit around US$ 160bn by 2027, growing at a CAGR of 7.8% from 2020 to 2027.

So, what are the growth factors of composites market? The global composites market is largely influenced by ascending lightweight materials demand in many sectors like automotive, wind energy, transportation, aerospace and defence. Growing demand for composites in the automotive sector of emerging economies is predicted to lift the growth of global composite market during forecast period. Escalating prices of fuel have prompted the requirement for fuel-efficient vehicles. Composites are largely employed as the replacement for wood, aluminium, and steel due to its greater strength to weight ratio.

At present, against the backdrop of unsettled China/US trade disagreements, the US composites sector stays optimistic and endures to demonstrate positive growth. This mainly backed by stable growth of aerospace, wind energy, and construction areas.

Report highlights


  • Asia Pacific is predicted to mirror its dominance by both value and volume throughout the forecast period. This high growth is attributed to rising demand form expanding transportation, electrical and electronics, construction segments in this region.

  • Some of the driving factors for extensive growth of composites market are high growth in construction, cumulative automotive production, and infrastructure advancements.

  • Glass fibre-based composites products dominated the global marketplace in 2019, followed by carbon fibre-based composites.

  • The appearance of the Singapore, Philippines, Indonesia, Malaysia, and Vietnam as chief shipbuilding hubs in Asia Pacific is projected to stimulate composites demand in the region during years to come

  • The global composites market has emerged as exciting workplace due to new materials, processes and increasing applications areas.
Regional snapshots

Asia Pacific dominated the global composite market in 2019, with around 45% revenue share of the overall market. Some of the major consumers of glass fibre composites in the US are the transportation construction, and pipe and tank sectors. These segments collectively accounts for around 70% of the whole usage. Forthcoming trends show that these crucial segments provide noteworthy growth latent for the US composites commerce. Growing commercial and residential construction, water and wastewater infrastructure, constant growth in gas and oil accomplishments and proliferating demand for lightweight vehicles are predicted to support the market growth.

Latin America is extremely challenging region for composites market. Economic and political uncertainty in this region had decelerated the growth of the market in the past few years. Nevertheless, in recent few years, the regional market showed comparatively solid growth, particularly in Brazil. Local and regional market companies are finding this market attractive due to vigorous growth in the end use sectors of this region.

Key players & strategies

Some of the topmost suppliers of glass fibre in the US are Jushi, Nippon Electric Glass, Owens Corning, CPIC and Johns Manville. The glass fibre business is quite consolidated, with the upper most players occupying more than 50% of the total output by value. In order to accomplish the growing demand for glass fibre in numerous applications, enterprises are trying to develop both inorganically and organically. For example, in 2019, Jushi USA started operation of its alkali-free fibre production line along with capacity of 96,000 tons annually and an overall investment of $USD 350 million. On the other hand, in 2017-18, Nippon Electrical Glass acquired the outstanding PPG USA fiberglass operations with around USD 550 million.

High manufacturing and processing costs of composites are challenging the profitability of the composites market. Along with great production cost, high early capital investment is further posing challenge for the market players. Players such as Owens Corning, Toray Industries, and Teijin are united across the value chain of composites in distribution and production undertakings. They are also striving hard to diversify their product portfolio.

The key players in the market include Teijin, Nippon Electrical Glass Co., Gurit, Mitsubishi Chemical Holdings Corporation, Hexcel Corporation, Owens Corning, Toray Industries, Inc., SGL Group, Huntsman International and Solvay among others. These corporations are accepting numerous organic and inorganic business strategies to surge their presence in the global composites market.

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