The composites market size has grown strongly in recent years. It will grow from $105.74 billion in 2024 to $116.25 billion in 2025 at a compound annual growth rate (CAGR) of 9.9%. The growth in the historic period can be attributed to growing awareness of the environmental benefits of using composites, increased demand for fuel-efficient vehicles, rise in demand for composites inThe construction industry, wind energy growth, corrosion resistance in chemical industry.
The composites market size is expected to see strong growth in the next few years. It will grow to $169.92 billion in 2029 at a compound annual growth rate (CAGR) of 10%. The growth in the forecast period can be attributed to electric vehicles expansion, infrastructure renewal, increasing use in marine industry, space exploration initiatives, increasing demand for composites in the defense industry. Major trends in the forecast period include bio-based composites, smart composites, recycling and circular economy, digital twin technology, hybrid composites.
The growth of the automotive and aerospace sectors is anticipated to significantly boost the composites market. In these industries, composites are utilized to enhance performance, provide corrosion resistance, and achieve fuel savings.
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07 February 2025