Composite Materials Market to Near $40 Billion by 2023
Asia-Pacific is expected to remain the largest region by value and volume.
The global composite materials market is expected to reach an estimated $38 billion by 2023, and is forecast to grow at a CAGR of 4.1% from 2018-2023, according to a report available from Research and Markets. In addition, the global composites end-use market is expected to reach an estimated $107.4 billion by 2023.
Major drivers for growth in this market include: increasing demand for lightweight materials in the aerospace, defense and automotive industries; corrosion and chemical resistance materials demand in the construction, pipe and tank industries; and electrical resistivity and high flame retardant materials demand in the electrical and electronics industries. Emerging trends having a direct impact on the dynamics of the composites industry include the development of low-cost carbon fibers, high-performance glass fiber, and rapid-cure resin systems.