The global composite market size was valued at approximately USD 108.8 billion in 2023 and is expected to reach to reach USD 181.7 billion by 2028, projecting a CAGR of 10.8% during the forecast period between 2023 and 2028. A composite material is a mixture of two different materials with different properties, such as mechanical, micro-cracking, and fatigue resistance, remarkable tensile strength, electrical conductivity, and high strength-to-weight ratio, which, when combined, offers an end-product with superior properties. Composites are composed of reinforcement fibers bound together by polymer matrix resins. Various fibers (glass, carbon, natural, and others) and polymer matrix (thermoset and thermoplastic) can be used in composites depending on applications and the required specifications. Composites are used in several end-use industries, including aerospace & defense, automotive & transportation, wind energy, marine, pipe, tanks & pressure vessel, construction & infrastructure, and electronics.
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The Aerospace & Defense Industry is the second major end-use sector in the composites market due to decreased weight and increased fuel efficiency. In addition, more efficient structural and aerodynamic design is achieved due to a greater strength-to-weight ratio. In developed countries, governmental focus on replacing old aircraft is driving the adoption of composite materials to meet regulatory standards set by aviation authorities. These materials offer significant advantages such as lightweight properties, high strength-to-weight ratios, and corrosion resistance, making them ideal for modernizing aging aircraft fleets. Regulatory bodies, such as the Federal Aviation Administration (FAA) in the United States and the European Union Aviation Safety Agency (EASA), enforce stringent safety and environmental standards
Prominent players include Owens Corning (US), Toray Industries, Inc. (Japan), Teijin Limited (Japan), Mitsubishi Chemical Holdings Corporation,(Japan), and SGL Group (Germany). These players have adopted various growth strategies to strengthen their position in the market. These include product launches, contracts, partnerships, mergers and acquisitions, and new product development activities to expand their presence in the composite market further.
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Toray Industries, Inc
Toray Industries Inc. is a multinational corporation headquartered in Japan and is one of the largest manufacturers of industrial materials in the world. Toray has grown into a diversified company with operations spanning various sectors, including fibers and textiles, plastics and chemicals, IT-related products, carbon fiber composite materials, and life science products. Toray’s business encompasses a wide range of industries, including automotive, aerospace, electronics, healthcare, and environmental solutions. With a strong focus on innovation and sustainability, Toray is a leading producer of carbon fiber composite materials used in aerospace, automotive, and sporting goods industries, providing lightweight, high-strength solutions.Toray Industries, Inc.’s subsidiary, Zoltek Composites, Inc. (US) offers carbon composites for the automotive, maritime, commercial, and mobility industries. The company has manufacturing and research facilities in North America, Latin America, Europe, Africa, Asia, and other regions and operates in 29 countries. It has 283 subsidiaries, with 103 in Japan and 180 overseas.
Teijin Limited
Teijin Limited is a Japanese chemical, pharmaceutical, and information technology company involved in the manufacture, processing, and selling of chemical products. Its main fields of operations are high-performance fibers such as aramid, carbon fibers & composites, healthcare, films, resin & plastic processing, polyester fibers, product converting, and IT products. The company offers advanced solutions having applications in the transportation, electronics, energy, and healthcare sectors. Teijin has a wide geographical presence with manufacturing facilities in North America, Europe, and the Asia Pacific, covering over 20 countries.
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