Global Market Size of Composites Market – 10 Year Market Forecast

Chemicals

Composites Market Size Forecast 2022-2029

 

Global market database estimates the global composites market to grow from USD 106.29 billion in 2022 to USD 217.59 billion by 2029 with a CAGR of 11%. An increase in demand from aerospace and defense, wind energy, and automotive and transportation industries guides the growth of the composites market. However, due to COVID-19, there has been a decline in sales of several industries leading to a reduction in demand for composites. The construction and infrastructure sectors are the main consumers of composites. Rising demand for advanced electronics in industrial applications as well as households is expected to increase the demand for composites.

Frequently Asked Questions(FAQ)

• What is Global Market Database?

• Global market database studies the ongoing trends within the market and updates the market information on a quarterly basis.
• What are the industries which use composites?

• Composites are used in aerospace and defense, transportation, construction and infrastructure etc.
• What is the total composite market value analysed for the year 2022?

• The total composite market value analysed for the year 2022 is USD 106.29 billion.
• Which of the two fibre type segments are the key drivers of the composite market?

• Glass fibre composites and carbon fibre composites are the two key drivers of the composite market.
• How did the COVID-19 pandemic affect the global composites market?

• Due to the COVID-19 pandemic, the reduced demands for composites resulted in a decline in sales of various sectors thereby negatively impacting the global composites market.

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