Composite Materials Market Research Report Information By Type (FRP Composites and Resins), By Matrices (Polymer Matrix Composite (PMC), Metal Matrix Composite (MMC) and Ceramic Matrix Composites (CMC)), By Form (Fiber Tow, Unidirectional Tape and Cloth), By Method (Open Molding, Closed Molding and Others), By End Use (Aerospace & Defense, Automotive & Transportation, Marine, Electrical & Electronics, Building & Construction, Renewable Energy and Others) and By Region - Global Forecast to 2034

Global Composite Materials Market Overview

The Composite Materials Market Size was valued at USD 114.77 Million in 2024. The Composite Materials Market is projected to grow to USD 119.72 Million by 2025 and reach USD 175.06 Million by 2034, exhibiting a compound annual growth rate (CAGR) of 4.3% during the forecast period (2025 - 2034).

Composite materials are engineered materials formed by combining two or more distinct constituents, which typically exhibit different physical or chemical properties. This combination results in a material that possesses enhanced characteristics, such as increased strength, stiffness, and durability, compared to the individual components. Common examples include polymer matrix composites (PMCs), where fibers like carbon or glass are embedded in a polymer matrix, and metal matrix composites (MMCs), which combine metals with ceramic or other metallic reinforcements. The versatility of composite materials allows for tailored properties, making them ideal for a wide range of applications across industries such as aerospace, automotive, construction, and sports equipment, where performance, weight reduction, and resistance to environmental factors are critical.

Composite Materials Market Trends

DEMAND FOR LIGHTWEIGHT AND HIGH-STRENGTH MATERIALS IN SECTORS SUCH AS AEROSPACE, AUTOMOTIVE, AND CONSTRUCTION

The increasing demand for lightweight and high-strength materials is a primary driver for the global composite material market, particularly in sectors such as aerospace, automotive, and construction. As industries strive for enhanced performance, efficiency, and sustainability, the unique properties of composite materials—namely their superior strength-to-weight ratios—make them an attractive choice for a wide range of applications. The shift toward these advanced materials is reshaping manufacturing processes and design philosophies across multiple sectors.

In the aerospace industry, the need for lightweight materials is critical for improving fuel efficiency and reducing emissions. Aircraft manufacturers are under constant pressure to minimize weight while maintaining structural integrity, as even slight reductions in weight can lead to significant fuel savings over the lifecycle of an aircraft. Composites, such as carbon fibre-reinforced plastics, offer exceptional strength without the added weight of traditional materials like aluminium or steel. For example, the Boeing 787 Dreamliner utilizes approximately 50% composite materials in its structure, resulting in a lighter aircraft that consumes less fuel and emits fewer greenhouse gases. This trend not only enhances operational efficiency for airlines but also aligns with global sustainability goals, driving further demand for advanced composite materials in aerospace applications.

In 2022, the United States contributed approximately 102.8 billion U.S. dollars in aerospace exports, significantly boosting the demand for composite materials. As leading manufacturers prioritize lightweight, high-strength solutions to enhance aircraft performance and fuel efficiency, the reliance on advanced composites becomes essential. This surge in aerospace activity creates greater opportunities for composite material suppliers to meet the escalating needs of the industry, reinforcing the market's growth trajectory.

Similarly, the automotive sector is experiencing a transformative shift towards lightweighting, particularly with the rise of electric vehicles (EVs). As automakers seek to enhance the range and efficiency of EVs, reducing vehicle weight becomes paramount. Composites provide a viable solution, as they can replace heavier metal components while offering high performance and durability. For instance, manufacturers are increasingly using composite materials for components such as body panels, interiors, and structural elements. Companies like Tesla have embraced composite materials in their EV designs, allowing them to achieve a competitive edge in terms of efficiency and performance. This growing demand for lightweight materials in the automotive industry not only drives innovation in composite manufacturing but also fosters advancements in material technology, enabling the creation of even more sophisticated and efficient products.

The production of approximately 14.8 million vehicles in North America in 2022 significantly boosts the demand for composite materials in the automotive sector. As manufacturers increasingly prioritize lightweight and high-strength solutions to improve fuel efficiency and reduce emissions, composites become essential for vehicle components. This trend not only enhances vehicle performance but also aligns with regulatory demands for sustainability, driving further growth in the composite material market.

In the construction sector, the emphasis on sustainability and durability is driving the adoption of composite materials. The need for lightweight, high-strength materials that can withstand harsh environmental conditions is leading architects and builders to explore composites for various applications. For example, fibre-reinforced polymer (FRP) composites are increasingly used in bridge construction and reinforcement due to their excellent corrosion resistance and high strength. These materials allow for longer spans and reduced maintenance costs compared to traditional materials. Additionally, as urbanization accelerates and infrastructure projects expand globally, the demand for composites in construction is expected to grow significantly, providing solutions that are not only lightweight but also sustainable and cost-effective. The construction industry of the USA is worth $1.8 trillion, while the global construction industry is valued at $8.9 trillion in 2023.

The U.S. construction industry, valued at $1.8 trillion, significantly boosts the demand for composite materials due to their lightweight, strength, and sustainability benefits. As builders increasingly seek materials that enhance energy efficiency and reduce overall project weight, composites become essential for applications in infrastructure, residential, and commercial projects. This growing focus on innovative building solutions drives further adoption of composites, contributing to the expansion of the market.

Furthermore, the focus on sustainability is propelling the development of bio-based composites that utilize renewable resources. For instance, natural fibre composites made from materials like hemp, jute, and flax are being increasingly used in applications ranging from automotive interiors to consumer products. Companies like Ford are exploring these bio-composites in their vehicles, promoting not only weight reduction but also environmental benefits by utilizing renewable energy.

GROWING AUTOMOTIVE INDUSTRY

The growing automotive industry is a significant driver of the global composite material market, as manufacturers increasingly seek to enhance vehicle performance, improve fuel efficiency, and meet stringent environmental regulations. As the automotive landscape evolves—particularly with the rise of electric vehicles (EVs)—the demand for lightweight, high-strength materials is becoming paramount. Composites, known for their excellent strength-to-weight ratios and versatility, are being adopted across various components of vehicles, enabling automakers to achieve their design and sustainability goals.

One of the key factors influencing this trend is the stringent regulations aimed at reducing carbon emissions and improving fuel economy. Governments around the world are implementing stricter standards, prompting automotive manufacturers to innovate and seek materials that can help them meet these targets. For instance, the use of carbon fibre reinforced plastics (CFRPs) in vehicle structures is gaining traction due to their lightweight characteristics. BMW's i3 electric vehicle serves as an exemplary case; it incorporates CFRPs in its body and chassis, resulting in a significantly lighter vehicle that enhances battery efficiency and extends driving range. By reducing the weight of the i3, BMW not only improves the vehicle’s performance but also aligns with the growing consumer preference for environmentally friendly options. This shift towards composite materials in the automotive sector underscores the role of innovation in addressing regulatory challenges and consumer demands.

Additionally, the increasing popularity of electric and hybrid vehicles further accelerates the demand for composite materials. As automakers strive to optimize battery performance and range, reducing the overall weight of the vehicle becomes critical. Composites offer a viable solution, allowing manufacturers to construct lighter frames and body panels without compromising safety or structural integrity. For example, the use of composite materials in the Ford F-150, which includes a high-strength aluminium alloy in its body, showcases how innovative materials can enhance performance while maintaining the durability expected in a pickup truck. This approach not only improves fuel efficiency but also positions Ford competitively in the market by meeting the evolving needs of consumers looking for more efficient vehicles.

Moreover, the integration of composites in automotive interiors is also gaining momentum, driven by consumer preferences for aesthetics and functionality. Composites can be molded into complex shapes, allowing for more ergonomic and stylish designs in dashboards, seating, and other interior components. For instance, companies like Tesla are using advanced composite materials in the interiors of their vehicles, providing not only a premium feel but also enhancing the overall user experience. This focus on design, combined with the performance benefits of composites, is becoming a key differentiator in an increasingly competitive automotive market.

MATERIALS SCIENCE AND ENGINEERING

Materials science and engineering provide a profound opportunity for the global composite material market, facilitating advancements that enhance material performance and broaden application fields. At the core of materials science is the understanding of how the structure and composition of materials affect their properties and behaviours. This knowledge enables researchers and engineers to develop innovative composite materials tailored to meet the specific demands of various industries. For instance, in the aerospace sector, the need for lightweight yet strong materials are critical for improving fuel efficiency and reducing emissions. By applying principles of materials science, engineers can create advanced carbon fibre-reinforced composites that offer exceptional strength-to-weight ratios, thus making aircraft more efficient and environmentally friendly.

One of the key aspects of materials science in the context of composites is the ability to tailor material properties through precise formulation and processing techniques. Advanced composites can be engineered to exhibit specific characteristics such as improved strength, enhanced thermal resistance, or superior fatigue performance. For instance, by manipulating the type and arrangement of reinforcing fibres and the matrix material, scientists can create composites that are specifically designed for high-performance applications in aerospace, automotive, or marine sectors. This level of customization not only meets the stringent requirements of modern engineering but also opens new market segments, allowing for the application of composites in areas that were previously deemed unsuitable due to material limitations.

Another exciting opportunity lies in the integration of nanotechnology within composite materials, which is a rapidly evolving area of materials science. Nanocomposites, which incorporate nanoscale fillers, can drastically improve the mechanical, thermal, and electrical properties of traditional composites. For instance, the incorporation of carbon nanotubes can enhance the tensile strength and electrical conductivity of polymer composites, making them suitable for applications in advanced electronics and smart materials. An example of this is seen in the automotive industry, where manufacturers are exploring the use of nanocomposite materials in the production of lightweight, high-performance components. These materials not only reduce the overall weight of vehicles, contributing to better fuel efficiency, but also enable functionalities such as improved crash resistance and enhanced sensor integration.

Composite Materials Market Segment Insights:

Composite Materials Market by Type Insights

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 Composite Materials Market revenue through the projected period. Resins are crucial components of composite materials, serving as the matrix that binds the reinforcing fibers and significantly influencing the composite's mechanical properties, durability, and environmental resistance. Common types of resins include epoxy resins, known for their exceptional adhesion, mechanical strength, and chemical resistance, making them popular in aerospace and automotive applications. Polyester resins are often more cost-effective and widely used in construction, valued for their ease of use and good mechanical properties. Vinyl ester resins combine features of both polyester and epoxy, offering improved corrosion resistance and strength for demanding environments. Thermoplastic resins, such as polypropylene and nylon, can be re-melted and reshaped, providing flexibility and ease of recycling. Each resin type contributes uniquely to the overall performance of the composite, affecting factors like weight, strength, and processing methods.

Composite Materials by Type, 2023, 2032 (USD Million)

Composite Materials Market by Matrices Insights

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 Composite Materials Market revenue through the projected period.

Polymer Matrix Composites (PMCs) are materials made by combining a polymer resin with reinforcing fibers, such as carbon, glass, or aramid. These composites leverage the lightweight and corrosion-resistant properties of polymers, while the fibers provide enhanced strength and stiffness. PMCs are widely used in various industries, including aerospace, automotive, and sporting goods, due to their excellent strength-to-weight ratio and versatility in design. The Methodes for PMCs, such as hand lay-up, resin transfer molding, and pultrusion, allow for efficient production of complex shapes and structures.

Composite Materials by Matrices, 2023, 2032 (USD Million)

Composite Materials Market by Form Insights

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 Composite Materials Market revenue throughout the projected period.

Fiber tow is a critical component in composite manufacturing, consisting of bundles of continuous fibers that provide exceptional strength and stiffness. Typically made from materials like carbon, glass, or aramid, fiber tow can be precisely engineered to enhance the mechanical properties of composites. Its continuous nature allows for the creation of strong, lightweight structures by enabling uniform distribution of stress throughout the material. In applications ranging from aerospace and automotive to sports equipment, fiber tow can be layered or oriented in various directions to achieve specific performance characteristics, making it an essential element in the development of advanced composite materials.

Composite Materials by Form, 2023, 2032 (USD Million)

Composite Materials Market by Method Insights

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 Composite Materials Market revenue through the projected period.

Open molding is a versatile and cost-effective method primarily used for creating composite materials like fiberglass, where layers of reinforcement material, such as fiberglass cloth, are placed in an open mold and saturated with resin. This method is ideal for producing various shapes and sizes, especially in industries like marine, automotive, and construction, though it may require additional finishing for smoothness and can lead to imperfections. Hand lay-up is a manual technique where layers of resin-impregnated reinforcement materials are laid into a mold by hand, offering flexibility and customization for large or complex shapes, commonly used in aerospace, automotive, and marine industries, though it can be labor-intensive. Spray-up combines the benefits of hand lay-up and spray methods, where a mixture of resin and chopped fibers is sprayed onto a mold for quicker production and reduced labor intensity, making it effective for large, complex parts but with potentially lower surface finish and strength. Filament winding, used for creating cylindrical or spherical shapes like pipes and pressure vessels, involves winding continuous strands of reinforcement fibers impregnated with resin around a rotating mandrel in a precise pattern, producing high-strength, lightweight components with excellent dimensional accuracy, often used in aerospace, automotive, and industrial applications, and is well-suited for automation in large production runs.

Composite Materials by Method, 2023, 2032 (USD Million)

Composite Materials Market by End Use Insights

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 Composite Materials Market revenue through the projected period.

In the building and construction sector, composite materials are gaining popularity for their durability, strength, and versatility. Composites, such as fiberglass and reinforced polymer products, are used in a variety of applications, including structural components, facades, and roofing systems. Their lightweight nature simplifies transportation and installation, while their resistance to corrosion and environmental degradation enhances longevity and reduces maintenance costs. Composites also allow for innovative design possibilities, enabling architects and engineers to create complex shapes and efficient structures that meet aesthetic and functional requirements. Additionally, their insulating properties contribute to energy efficiency in buildings.

Composite Materials by End Use, 2023, 2032 (USD Million)

Composite Materials Market Regional Insights

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.

Asia-Pacific composite materials market is experiencing rapid expansion, driven by increasing industrialization, urbanization, and a growing demand for lightweight materials across various sectors. The aerospace and automotive industries are leading the charge, with manufacturers increasingly incorporating composites to enhance fuel efficiency and performance. Countries like China, India, and Japan are at the forefront, investing heavily in advanced manufacturing technologies and infrastructure. The construction sector is also embracing composites for their durability and design flexibility, particularly in infrastructure projects. Additionally, the rise of renewable energy initiatives, especially in wind energy, is boosting the demand for composite materials.

Composite Materials by Regional, 2023, 2032 (USD Million)

Composite Materials Key Market Players & Competitive Insights

The Composite Materials Market is highly competitive and multifaceted, featuring established players such as Hexcel Corporation, Toray Industries, Teijin Limited, and Mitsubishi Chemical, alongside a growing number of innovative startups focusing on specialized applications. The market is primarily segmented into fiber-reinforced composites, including carbon fiber and glass fiber, and matrix materials like thermosetting and thermoplastic resins, with fiber-reinforced composites leading the way due to their high strength-to-weight ratio. Key applications span various industries, with aerospace and automotive sectors being the largest consumers, driven by the need for lightweight, high-performance materials that enhance fuel efficiency and reduce emissions. Additionally, sectors like construction, wind energy, and sporting goods are witnessing increased adoption of composites, fueled by advancements in material science and manufacturing techniques.

Recent trends indicate a strong push towards sustainability, as manufacturers explore bio-based composites and recycling methods to address environmental concerns. Innovations such as automated fiber placement and 3D printing are also reshaping production processes, making them more efficient and cost-effective. Regulatory support, particularly in North America and Europe, further bolsters demand for lightweight materials as part of broader energy efficiency and sustainability initiatives.

Key Companies in the Composite Materials Market includes:

• Toray Industries


• Huntsman Corporation


• Gurit Holding AG


• Mitsubishi Chemical Corporation


• SGL Carbon


• Hexcel Corporation


• Nippon Electric Glass Co., Ltd.


• Syensqo


• Owens Corning


• Teijin Ltd.

Composite Materials Industry Developments

September 2024: Toray Advanced Composites, a leading innovator in advanced material technology, announced the launch of Toray Cetex TC1130 PESU thermoplastic composite material. This high-performance thermoplastic composite material is specifically engineered to address the growing need for lightweight and environmentally sustainable materials in aircraft interior applications, offering significant benefits to the aerospace industry.

September 2023: Huntsman Corporation announced construction has commenced on the 30-ton MIRALON carbon nanotube materials plant, originally announced at Huntsman's 2021 Investor Day event. The new plant, which converts methane gas to carbon nanotubes and clean-burning hydrogen, will be one of the largest of its kind in the Americas. It represents a major step forward in the commercialization of the innovative MIRALON technology and another step closer to an industrial-scale production facility.

October 2023: The Mitsubishi Chemical Corporation announced it had attained full ownership of CPC SRL (CPC), a renowned Italian company specializing in the manufacturing and distribution of automobile components crafted from carbon fiber reinforced plastic (CFRP). This pivotal acquisition that began with minority ownership in 2017 aligns with MCG Group’s long-term strategic vision to further expand and enhance its vertically integrated carbon fiber supply chain. The transaction, subject to regulatory approvals, is expected to close in late 2023.

Composite Materials Segmentation

Composite Materials Type Outlook

• FRP Composites (Fiber Reinforcement Polymers)
  
  
  
  • Glass Fiber Reinforced Polymers (GFRP)
  
  
  • Carbon Fiber Reinforced Polymers (CFRP)
  
  
  • Aramid Fiber Reinforced Polymers (AFRP)
  
  
  • Others
  
  
  
  


• Resins
  
  
  
  • Thermoset Resins
  
  
  • Epoxy
  
  
  • Vinyl Ester
  
  
  • Polyester
  
  
  • Thermoplastic Resins
  
  
  
  

Composite Materials Matrices Outlook

• Polymer Matrix Composite (PMC)


• Metal Matrix Composite (MMC)


• Ceramic Matrix Composites (CMC)

Composite Materials Form Outlook

• Fiber Tow


• Unidirectional Tape


• Cloth

Composite Materials Method Outlook

• Open Molding
  
  
  
  • Hand Lay-Up
  
  
  • Spray-Up
  
  
  • Filament Winding
  
  
  
  


• Closed Molding
  
  
  
  • Compression Molding
  
  
  • Pultrusion
  
  
  • Reinforced Reaction Injection Molding (RRIM)
  
  
  • Resin Transfer Molding (RTM)
  
  
  • Vacuum Bag Molding
  
  
  
  


• Others

Composite Materials End Use Outlook

• Aerospace & Defense


• Automotive & Transportation


• Marine


• Electrical & Electronics


• Building & Construction


• Renewable Energy


• Others

Composite Materials Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Russia
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • South Korea
  
  
  • Australia & New Zealand
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Middle East & Africa
  
  
  
  • GCC Countries
  
  
  • South Africa
  
  
  • Rest of Middle East & Africa
  
  
  
  


• Latin America
  
  
  
  • Brazil
  
  
  • Argentina
  
  
  • Mexico
  
  
  • Rest of Latin America
  
  
  
  

Report Attribute/Metric	Details
Market Size 2024	USD 114.77 Billion
Market Size 2025	USD 119.72 Billion
Market Size 2034	USD 175.06 Billion
Compound Annual Growth Rate (CAGR)	4.3% (2025-2034)
Base Year	2024
Forecast Period	2025 - 2034
Historical Data	2020 - 2024
Forecast Units	Value (USD Million)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	Type, Matrices, Form, Method and Region
Geographies Covered	North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
Countries Covered	The U.S, Canada, Germany, France, UK, Italy, Russia, Spain, China, Japan, India, Australia & New Zealand, South Korea, Brazil, Mexico, Argentina, GCC Countries, South Africa.
Key Companies Profiled	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.
Key Market Opportunities	·       Materials science and engineering
Key Market Dynamics	·       Demand for lightweight and high-strength materials in sectors such as Aerospace, Automotive, and Construction ·       Growing Automotive Industry