Press Releases

Global Composite Market to See Significant Growth Through 2022

October 31, 2018

WELLESLEY, Mass., October 31, 2018–The composite market is expected to grow from approximately $94.5 billion in 2016 to $145.7 billion in 2022, expanding at a compound annual growth rate (CAGR) of 7.4%., according to a new BCC Research report.

As examined in the report The Global Market for Composites: Resins, Fillers, Reinforcements, Natural Fibers and Nanocomposites Through 2022, composites are crafted from two or more materials and they have unique properties such as resistance to chemicals, fire, corrosion, heat and electricity. Composites also offer a high strength-to-weight ratio, flexibility and are low cost in design.

The rising demand for lightweight and environmentally sustainable composite materials in various applications such as automotive, building and construction; an increasing use of composites in aerospace and defense applications; and emerging trends and improving economic conditions in developing countries contribute to the growth of the composites market.

Research Highlights

  • The market is driven by lightweight composite materials that improve fuel efficiency with better stability at elevated temperatures and longer durability.
  • The Asia-Pacific region will observe a high growth rate due to an increased consumption of composites in wind energy, construction and infrastructure, aerospace, electrical and electronics, and automotive sectors.
  • Development of advanced composites using 3D printing technologies, such as for fiber reinforced composite tooling, ceramic matrix composites (CMCs), and woven fiber composites, is one of the current trends in this market.

“The global composites market is expected to grow over the next five years due to the increasing demand from various industries such as transportation, aerospace and defense, electrical and electronics, wind energy, construction and infrastructure, automotive interiors, pipes and tanks, and marine,” the report notes.

Editors/reporters requesting analyst interviews should contact Eric Surber at press@bccresearch.com.

The Global Market for Composites: Resins, Fillers, Reinforcements, Natural Fibers and Nanocomposites Through 2022( PLS029F )
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