• In November 2022, The Timken Company finalized a strategic acquisition of GGB Bearing Technology, a key global leader in self‑lubricating composite bearings. This move bolsters Timken’s expertise in advanced fiber‑reinforced bearing solutions and expands its industrial portfolio.

• In October 2024, SKF divested its non‑core aerospace ring and seal operations in Hanover, Pennsylvania to Carco PRP for SEK 2.3 billion (216 million), underscoring its strategy to sharpen focus on core industrial bearing businesses.

In this report, the Composites Market has been segmented by Fiber Type, Resin Type, Manufacturing Process, End-Use Industry and Geography.

Composites Market, Segmentation by Fiber Type

The Composites Market has been segmented by Fiber Type into Glass Fiber Composites, Carbon Fiber Composites, Natural Fiber Composites, and Others.

Glass Fiber Composites

Glass fiber composites are extensively utilized in the composites industry due to their cost-effectiveness, high strength-to-weight ratio, and corrosion resistance. These materials are commonly applied in sectors such as automotive, construction, and wind energy. In 2024, glass fiber composites accounted for approximately 61% of the composites market share.

Carbon Fiber Composites

Carbon fiber composites are renowned for their exceptional strength, lightweight properties, and durability. They are predominantly used in aerospace, automotive, and sports equipment industries. As of 2023, carbon fiber composites held approximately 43% of the global market share.

Natural Fiber Composites

Natural fiber composites, derived from renewable resources like hemp, flax, and jute, offer environmentally friendly alternatives with good mechanical properties. They are increasingly adopted in automotive and construction applications. In 2023, natural fiber composites accounted for over 60% of the market revenue in their segment.

Others

This category encompasses various specialized fibers such as aramid and basalt fibers, which are utilized in applications requiring high thermal resistance and impact strength. Collectively, these fibers contribute to the remaining 5% of the composites market share.

Composites Market, Segmentation by Resin Type

The Composites Market has been segmented by Resin Type into Thermoset Composites and Thermoplastic Composites.

Thermoset Composites

Thermoset composites are widely utilized in industries requiring high strength, thermal stability, and chemical resistance. Once cured, these materials cannot be remolded, making them ideal for applications in aerospace, automotive, and construction. In 2023, thermoset composites accounted for approximately 65% of the composites market share.

Thermoplastic Composites

Thermoplastic composites are known for their recyclability, impact resistance, and ease of processing. These materials can be reheated and reshaped, making them suitable for applications in automotive, aerospace, and consumer goods. As of 2023, thermoplastic composites held about 35% of the composites market share.

Composites Market, Segmentation by Manufacturing Process

The Composites Market has been segmented by Manufacturing Process into Lay-Up Process, Filament Winding Process, Injection Molding Process, Pultrusion Process, Compression Molding Process, Resin Transfer Molding (RTM) Process and Others.

Lay-Up Process

The lay-up process, encompassing both hand lay-up and spray-up techniques, is widely utilized for producing large composite structures such as boat hulls and wind turbine blades. Despite being labor-intensive, it offers cost-effective solutions for low to medium volume production. This method accounts for approximately 30% of the composites manufacturing market.

Filament Winding Process

Filament winding is a highly automated process ideal for creating cylindrical structures like pipes and pressure vessels. It provides high strength-to-weight ratios and precise fiber placement, making it suitable for high-performance applications. This process contributes to about 15% of the composites manufacturing market.

Injection Molding Process

Injection molding is favored for its high production efficiency and ability to produce complex shapes with tight tolerances. Commonly used in the automotive and consumer goods sectors, it supports mass production of composite parts. Injection molding holds approximately 20% of the composites manufacturing market share.

Pultrusion Process

Pultrusion is a continuous process used to manufacture constant cross-section profiles such as rods, beams, and channels. It offers high mechanical properties and consistent quality, making it ideal for infrastructure and construction applications. Pultrusion accounts for around 10% of the composites manufacturing market.

Compression Molding Process

Compression molding is suitable for producing large, intricate parts with high strength and dimensional stability. It is widely used in the automotive and electrical industries for components like body panels and electrical housings. This process represents about 12% of the composites manufacturing market.

Resin Transfer Molding (RTM) Process

RTM is a closed-mold process that enables the production of complex, high-performance parts with excellent surface finish. It is commonly applied in the aerospace and automotive sectors for manufacturing structural components. RTM contributes approximately 8% to the composites manufacturing market.

Others

This category includes various specialized processes such as vacuum infusion and automated fiber placement, which cater to specific application requirements. Collectively, these methods make up the remaining 5% of the composites manufacturing market.

Composites Market, Segmentation by End-Use Industry

The Composites Market has been segmented by End-Use Industry into Transportation, Aerospace & Defense, Wind Energy, Construction & Infrastructure, Pipe & Tank, Marine, Electrical & Electronics and Others.

Transportation

Composites are extensively utilized in the transportation sector due to their lightweight and high-strength properties, which contribute to improved fuel efficiency and reduced emissions. Applications include automotive components, rail vehicles, and commercial vehicles. In 2024, the transportation segment accounted for approximately 22% of the composites market share.

Aerospace & Defense

The aerospace and defense industry leverages composites for their exceptional strength-to-weight ratio and corrosion resistance, enhancing aircraft performance and fuel efficiency. Composites are integral in manufacturing aircraft structures, missile components, and defense equipment. This segment is projected to experience significant growth, contributing to the overall expansion of the composites market.

Wind Energy

In the wind energy sector, composites are crucial for constructing lightweight and durable turbine blades, which enhance energy efficiency and reduce maintenance costs. The demand for renewable energy solutions has propelled the adoption of composites in this industry, making it a significant contributor to the market's growth.

Construction & Infrastructure

Composites are increasingly used in construction and infrastructure projects due to their corrosion resistance, lightweight nature, and durability. Applications include bridges, buildings, and reinforcement materials. The construction & infrastructure segment holds a substantial share in the composites market, driven by the need for sustainable and long-lasting building materials.

Pipe & Tank

In the pipe and tank industry, composites offer advantages such as corrosion resistance, lightweight, and ease of installation. They are commonly used in chemical storage tanks, water treatment facilities, and industrial piping systems. This segment represents a notable portion of the composites market, catering to various industrial applications.

Marine

The marine industry utilizes composites for constructing boat hulls, decks, and other structural components due to their resistance to corrosion and lightweight properties. Composites contribute to improved fuel efficiency and performance in marine vessels. This segment continues to grow as the demand for durable and efficient marine solutions increases.

Electrical & Electronics

In the electrical and electronics industry, composites are employed for their insulating properties, thermal stability, and lightweight characteristics. Applications include circuit boards, enclosures, and insulating components. This segment plays a vital role in the composites market, supporting the development of advanced electronic devices.

Others

The 'Others' category encompasses various industries such as consumer goods, medical devices, and sports equipment, where composites are valued for their versatility and performance. These applications contribute to the diversification and expansion of the composites market, addressing a wide range of consumer and industrial needs.

Composites Market, Segmentation by Geography

In this report, the Composites Market has been segmented by Geography into five regions; North America, Europe, Asia Pacific, Middle East and Africa and Latin America.

Composites Market Share (%), by Geographical Region

North America

North America holds a significant position in the composites market, driven by robust demand from the aerospace and automotive industries. The region accounted for approximately 21.7% of the global composites market in 2022. The presence of major manufacturers and continuous investments in research and development contribute to the market's growth in this region.

Europe

Europe is a prominent player in the composites industry, with increasing adoption in sectors such as automotive, wind energy, and construction. The region's focus on sustainability and lightweight materials has propelled the demand for composites. In 2021, Europe held the second-largest market share globally, driven by stringent environmental regulations and advancements in composite technologies.

Asia Pacific

The Asia Pacific region dominates the composites market, accounting for approximately 46% of the market share in 2025. Rapid industrialization, urbanization, and the presence of key manufacturers in countries like China, India, and Japan contribute to this growth. The region's expanding automotive, aerospace, and construction industries are major consumers of composite materials.

Middle East and Africa

The Middle East and Africa region is experiencing growth in the composites market due to increasing investments in infrastructure and the oil and gas sector. Composites are favored for their corrosion resistance and durability in harsh environments. In 2022, the region accounted for approximately 5.2% of the composites market.

Latin America

Latin America is witnessing a steady rise in the adoption of composites, particularly in the automotive, aerospace, and construction sectors. Countries like Brazil and Mexico are leading the region's market growth, driven by infrastructure development and increasing demand for lightweight materials. The region is expected to showcase considerable growth in the global composites market during the forecast period.

This report provides an in depth analysis of various factors that impact the dynamics of Composites Market. These factors include; Market Drivers, Restraints and Opportunities Analysis.

Drivers, Restraints and Opportunity Analysis

Drivers

• Lightweighting in automotive industry
• Increasing use in aerospace applications
• Demand for corrosion-resistant materials

• Growth in wind energy sector - The growth in the wind energy sector is significantly influencing demand for lightweight and durable composite materials. Wind turbine blades, in particular, require high-strength, low-weight composites to ensure optimal energy efficiency and performance. The global push toward renewable energy generation is resulting in large-scale installations of onshore and offshore wind farms, creating long-term opportunities for the composites industry.

  Composites are preferred in wind energy applications due to their fatigue resistance, low maintenance requirements, and corrosion resistance, especially in marine environments. As wind turbines increase in size to improve energy output, the need for larger and lighter blades has grown, directly increasing the use of carbon fiber and glass fiber composites. These materials not only improve structural integrity but also extend the lifespan of the turbines.

  In addition, government policies supporting clean energy transition have accelerated investments in wind infrastructure, particularly in countries such as the U.S., China, Germany, and India. This has led to an increase in procurement of composite blade components and support structures. Manufacturers are scaling up to meet rising demand by expanding production capabilities and enhancing supply chain resilience.

  The ongoing shift from fossil fuels to sustainable sources is expected to further boost demand for engineered composite materials in wind turbine manufacturing. Companies investing in research and customization for wind-specific applications are likely to benefit from steady growth in this segment, as the wind energy market continues to expand globally.

Restraints

• High raw material costs
• Complexity in recycling composites
• Regulatory challenges in applications

• Limited fire retardancy in some - Limited fire retardancy in some composite materials remains a critical challenge, especially in sectors requiring stringent fire safety standards such as construction, aerospace, and transportation. While composites offer exceptional strength-to-weight ratios, many variants lack inherent flame resistance, making them unsuitable for use in high-risk environments without additional treatment.

  The incorporation of fire-retardant additives or coatings can address this issue, but it often results in increased material cost, reduced mechanical performance, or environmental concerns related to the chemicals used. Moreover, these treatments may not comply with evolving environmental and safety regulations, creating challenges for manufacturers aiming to strike a balance between safety, cost, and sustainability.

  In some applications, regulatory bodies require compliance with rigorous fire safety codes, such as ASTM, EN, or NFPA standards. Failing to meet these standards may limit market entry or lead to the disqualification of composite solutions in critical infrastructure projects. This constraint is particularly impactful in urban construction, where building codes prioritize flame-retardant materials.

  To overcome this barrier, ongoing research is focused on developing intrinsically fire-resistant resins and halogen-free flame retardants that do not compromise performance. Companies that can innovate in this area and offer fire-safe, sustainable composite solutions will have a competitive edge in markets with growing safety and environmental expectations.

Opportunities

• Advancements in nanocomposites technology
• Expansion in construction applications
• Rise in renewable energy projects

• Development of bio-based composites - The development of bio-based composites is gaining momentum as industries seek more sustainable alternatives to conventional synthetic materials. These composites, derived from natural fibers and biodegradable resins, reduce environmental impact and help organizations meet carbon reduction goals. Growing concerns over climate change and material waste are driving the adoption of green manufacturing practices across automotive, packaging, and consumer goods sectors.

  Bio-based composites offer benefits such as lower energy consumption during production, recyclability, and lightweight design. These advantages make them especially attractive to companies seeking to align with eco-labeling certifications and sustainability mandates. Additionally, innovations in natural fiber reinforcements such as flax, hemp, and jute are improving the mechanical properties of these materials, making them viable for wider applications.

  Governments are supporting the shift through subsidies and R&D grants aimed at reducing dependence on fossil-based resources. This has led to a surge in collaborations between research institutions and material manufacturers focused on improving the durability and cost-effectiveness of bio-composites. Such partnerships are key to overcoming current limitations in thermal and moisture resistance.

  As the global market continues to prioritize circular economy principles, companies that integrate bio-based, low-impact composite solutions into their portfolios are likely to gain regulatory, economic, and branding advantages. The shift toward eco-conscious material innovation will reshape the competitive landscape in composite manufacturing in the years ahead.

Key players in Composites Market include:

• Toray Industries
• Owens Corning
• Hexcel Corporation
• Teijin Limited
• Solvay S.A
• Mitsubishi Chemical Corporation
• SGL Carbon SE
• Gurit Holding AG
• Huntsman Corporation
• AOC Resins

In this report, the profile of each market player provides following information:

• Company Overview and Product Portfolio
• Market Share Analysis
• Key Developments
• Financial Overview
• Strategies
• Company SWOT Analysis