The Latest Composites Industry Statistics Explained
The global composites market size was valued at USD 92.94 billion in 2020.
The statistic “The global composites market size was valued at USD 92.94 billion in 2020” represents the total monetary value of the worldwide composites market for that year. Composites are materials made from two or more constituent materials with significantly different physical or chemical properties, combined to create a new material with enhanced characteristics. This market size figure indicates the scale and economic importance of the composites industry in 2020, reflecting the demand for composites in various industries such as aerospace, automotive, construction, and wind energy. The value of USD 92.94 billion underscores the significant market opportunity and potential growth within the composites sector.
By 2027, the global composites market size is expected to reach USD 160.54 billion, growing at a CAGR of 8.1% from 2020 to 2027.
This statistic indicates that the global composites market is projected to experience significant growth over the period from 2020 to 2027, with an expected market size of USD 160.54 billion by 2027. The compound annual growth rate (CAGR) of 8.1% suggests a steady increase in market value over the years, driven by factors such as increasing demand for lightweight and high-strength materials across industries such as automotive, aerospace, construction, and wind energy. This growth rate implies a positive trend of market expansion and opportunities for businesses operating within the composites industry.
The global carbon fiber composites supply chain market was valued at US$17.8 billion in 2019.
This statistic represents the total value of the global carbon fiber composites supply chain market in 2019, which amounted to US$17.8 billion. This figure reflects the combined worth of all transactions within the supply chain of carbon fiber composites, including the production, distribution, and sale of raw materials, intermediate components, and finished products related to carbon fiber composites. It indicates the significant economic impact and scale of the carbon fiber composites industry, highlighting the growing demand for these materials in various sectors such as aerospace, automotive, wind energy, and sports equipment. This statistic serves as a key indicator of the market size and opportunities within the carbon fiber composites industry, crucial for businesses and policymakers to understand the industry’s dynamics and potential for future growth.
The U.S. held the largest share in the North American composites market in 2018, controlling over 70% of the market.
The statistic indicates that in 2018, the United States dominated the North American composites market by capturing more than 70% of the market share. This implies that the U.S. played a significant role in the production, distribution, and consumption of composite materials within the region. The high market share suggests that the U.S. economy was a key driver of growth and innovation in the composites industry, likely due to factors such as strong investment in research and development, advanced manufacturing capabilities, and a large consumer base. This statistic underscores the U.S.’s leadership position in the composites market within North America and its influence on industry trends and developments.
The aerospace industry holds the largest share of composite usage, with a 31.7% share in 2021.
The statistic indicates that the aerospace industry utilized composites more than any other industry in 2021, accounting for 31.7% of the total composite usage across various sectors. Composites are materials made from two or more constituent materials with significantly different physical or chemical properties, combined to create a stronger, lighter, and more durable end product compared to traditional materials. The aerospace industry’s high adoption of composites suggests its recognition of the material’s benefits in reducing weight, enhancing fuel efficiency, improving performance, and increasing durability in aircraft design and manufacturing processes. This statistic underscores the aerospace industry’s leading role in driving innovation and advancements in composite materials’ utilization for improved efficiency and performance in the industry.
The European composites market is projected to exhibit a CAGR of 7.5% from 2020 to 2027.
This statistic indicates that the European composites market is expected to grow at an annual growth rate of 7.5% between the years 2020 and 2027. A Compound Annual Growth Rate (CAGR) is a useful metric for measuring the consistent annual growth rate over a specified period of time, in this case, over a 7-year period. A CAGR of 7.5% suggests a healthy and steady expansion of the European composites market, which may be driven by factors such as increasing demand for lightweight and durable materials in various industries like aerospace, automotive, construction, and others. This projection could be used by investors, policymakers, and industry stakeholders to assess opportunities and make informed decisions in the European composites market.
The Indian composite market is predicted to expand at a CAGR of 8% through 2023.
This statistic indicates that the Indian composite market is projected to grow at a Compound Annual Growth Rate (CAGR) of 8% over the period from the current year through 2023. The CAGR represents the average annual growth rate of the market during this period. The forecast suggests that the composite market in India is expected to experience steady and consistent growth over the next few years, signaling potential opportunities for businesses operating within this sector. This expansion may be driven by factors such as increasing demand for composite materials across various industries in the country, advancements in technology, and favorable economic conditions, among others.
The aerospace & defense segment dominated the composites market and accounted for over 25% of global revenue in 2019.
The statistic indicates that the aerospace & defense segment was the top revenue contributor in the composites market in 2019, generating more than a quarter of the total global revenue. This suggests that companies within the aerospace & defense industry were significant consumers of composite materials during that year. The dominance of this segment in the market could be attributed to the unique properties of composites, such as high strength-to-weight ratio and corrosion resistance, which are particularly advantageous for applications in aircraft and military equipment. Overall, the statistic highlights the strategic importance of the aerospace & defense sector in driving the demand and growth of the composites market in 2019.
By 2027, thermoplastic composites market is anticipated to reach USD 31.8 billion.
The statistic “By 2027, the thermoplastic composites market is anticipated to reach USD 31.8 billion” forecasts that the market for thermoplastic composites, a type of material that combines plastic with reinforcing fibers to create strong and lightweight products, is expected to experience significant growth by the year 2027. The projected value of USD 31.8 billion indicates the estimated total worth of the market at that time, reflecting anticipated increases in demand for thermoplastic composite materials across various industries such as automotive, aerospace, and construction. This statistic suggests a positive outlook for the thermoplastic composites industry, with continued expansion and market opportunities expected in the coming years.
The global demand for automotive composites, which was over USD 19 Billion in 2019, is anticipated to reach USD 28 Billion by 2028.
The statistic provided indicates that the global demand for automotive composites is expected to experience substantial growth over the next decade. In 2019, the market size for automotive composites was estimated to be over USD 19 billion, and it is projected to expand significantly to reach approximately USD 28 billion by 2028. This anticipated increase in demand highlights a growing trend in the automotive industry towards the adoption of composite materials for manufacturing vehicles. Factors such as the emphasis on lightweight materials for fuel efficiency and environmental concerns are driving this market growth, making automotive composites a key area of focus for manufacturers and investors in the coming years.
Latin America is expected to display the highest CAGR of 13.4% for composite materials within the wind energy market segment from 2019 to 2025.
The statistic indicates that Latin America is projected to experience the highest Compound Annual Growth Rate (CAGR) of 13.4% in the utilization of composite materials within the wind energy market between 2019 and 2025. This suggests that the adoption and implementation of composite materials in wind energy projects in Latin America are expected to grow at a significant pace over the specified timeframe. The high CAGR highlights the region’s increasing focus on renewable energy sources like wind power and the recognition of composite materials as a key technology to enhance the efficiency and sustainability of wind turbines, leading to a positive outlook for the wind energy industry in Latin America.
The North America composites market value is expected to reach around US$ 21 billion by 2026.
The statistic indicates that the market value of composites in North America is projected to increase to approximately US$ 21 billion by the year 2026. This suggests a significant growth trajectory for the composites industry in the region over the upcoming years. The increasing demand for composites, which are materials made by combining two or more materials to leverage their unique properties, is likely driven by a range of factors such as their lightweight nature, high strength, and corrosion resistance. This growth projection reflects a positive outlook for the composites sector in North America, indicating potential opportunities for businesses, manufacturers, and investors in this market.
China accounted for the largest share in Asia Pacific composites market in 2018, with 60% of the total market.
The statistic ‘China accounted for the largest share in Asia Pacific composites market in 2018, with 60% of the total market’ indicates that China dominated the composites industry in the Asia Pacific region during that period, holding a substantial majority of the market share. This suggests that China was a key player in the production and consumption of composites, which are materials made from two or more constituent materials with different properties, to fulfill specific performance requirements. The significant market share held by China highlights the country’s strong presence and influence in the composites industry within the Asia Pacific region, showcasing its importance as a major market and manufacturing hub for these advanced materials.
In 2019, the composite coatings market size had a global value of $840 million, and is expected to reach around $1.11 billion by 2025.
The statistic indicates that in 2019, the global market size for composite coatings was valued at $840 million. This market is anticipated to experience growth over time, with projections suggesting that by the year 2025, the market value will increase to approximately $1.11 billion. This data suggests a positive trend in the demand for composite coatings, likely driven by factors such as technological advancements, increased industrialization, and the growing need for durable and corrosion-resistant coatings in various industries. The expected growth reflects potential opportunities for businesses operating in the composite coatings sector, highlighting the importance of keeping abreast of market trends and innovations to remain competitive and capitalize on future growth prospects.
Transportation is projected to be the fastest-growing end-use industry of composites, with a CAGR of 7.5% between 2020 and 2025.
This statistic indicates that the transportation industry is expected to experience the highest rate of growth in the use of composite materials over the period of 2020 to 2025, with a compound annual growth rate (CAGR) of 7.5%. The CAGR represents the average annual growth rate of the industry during this period. This projection suggests that there will be an increasing adoption of composite materials in various transportation applications such as automotive, aerospace, marine, and rail sectors. The growth in the transportation industry’s use of composites can be attributed to factors such as the lightweight, high strength, corrosion resistance, and design flexibility properties of composite materials, which make them attractive for enhancing fuel efficiency, performance, and sustainability in transportation systems.
In 2020, the automotive composite materials market was valued at around USD 4.61 billion and is expected to reach approximately USD 9.37 billion by 2027.
The statistic provided indicates the valuation and expected growth of the automotive composite materials market over a specific time period. In 2020, the market was valued at approximately USD 4.61 billion, representing the total worth of composite materials used within the automotive industry. The projected growth suggests that by 2027, the market is expected to almost double in value, reaching around USD 9.37 billion. This growth may be attributed to various factors such as increasing demand for lightweight materials to improve fuel efficiency, stringent regulations promoting the use of eco-friendly materials, and advancements in composite technology making them more cost-effective and reliable for automotive applications. The statistic highlights a significant opportunity and trend in the automotive industry towards the widespread adoption of composite materials in vehicle manufacturing.
The composite materials market in the Middle East & Africa is expected to grow at a CAGR of 5.5% from 2020 to 2027.
This statistic indicates that the composite materials market in the Middle East and Africa region is forecasted to experience a Compound Annual Growth Rate (CAGR) of 5.5% from the year 2020 to 2027. This growth rate signifies the average annual growth rate of the market over this period, reflecting the potential expansion and increase in demand for composite materials in industries such as construction, aerospace, automotive, and others. The CAGR provides insight into the overall trend and sustainable growth potential of the market and can be useful for investors, businesses, and policymakers to make informed decisions and strategic plans for the future.
Conclusion
Overall, the statistics presented for the composites industry highlight its steady growth, widespread applications, and promising future prospects. As the demand for lightweight, durable, and sustainable materials continues to rise across various sectors, the composites industry is expected to play a crucial role in driving innovation and meeting the evolving needs of modern society. With ongoing advancements in material science and manufacturing technologies, the composites industry is well-positioned for sustained expansion and development in the coming years.
References
0. – https://www.www.fibre2fashion.com
1. – https://www.reportsanddata.com
2. – https://www.www.marketdataforecast.com
3. – https://www.www.grandviewresearch.com
4. – https://www.www.researchandmarkets.com
5. – https://www.www.fortunebusinessinsights.com
6. – https://www.www.marketsandmarkets.com
7. – https://www.www.globenewswire.com
8. – https://www.compositesmanufacturingmagazine.com
9. – https://www.www.acumenresearchandconsulting.com
10. – https://www.www.marketresearchfuture.com
11. – https://www.www.gminsights.com
12. – https://www.www.marketresearch.com
