From GlobeNewswire: 2024-11-19 07:45:00

The Composites Market is set to reach a valuation of USD 231.2 billion by 2032, growing at a CAGR of 9.2% from 2024. Key trends include the adoption of carbon fiber-reinforced composites in aerospace and automotive industries, as well as a shift towards sustainable and recyclable materials like bio-based composites.

Glass fiber dominated the Composites Market in 2023, holding a market share of around 65% due to its affordability, versatility, and mechanical properties. The Automotive & Transportation sector led end-use industries in 2023, accounting for 25% of the market, with composites offering lightweight solutions for vehicles across different modes of transport.

In 2023, the Asia Pacific region held the largest market share in the Composites Market, accounting for over 47.3% of global demand. This region’s growth is driven by increasing production capabilities in electrical and electronics sectors, infrastructure development, and government initiatives towards green technology.

Recent developments in the market include Toray Industries introducing bio-based carbon fiber composites and Hexcel Corporation expanding production capacity for high-strength carbon fiber composites. The market is expected to see robust growth driven by demand across aerospace, automotive, and construction applications, supported by trends towards lightweight materials and sustainability.

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