Lucintel forecasts that the aerospace and wind energy segments are expected to show above average growth during the forecast period from 2019 to 2024. #CompositesIndustry, #CompositesMarket

1. Global Composites Market Report
2019-2024: Trends, Forecast and Competitive
Analysis
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2. Industry Profiles Snapshot
Major Parameter Description
Market Segments by Application
Type
Transportation, marine, wind energy, aerospace, pipe & tank, construction,
electrical & electronics, consumer goods, and others
Market Segments by Raw
Material
Glass fiber, carbon fiber, aramid fiber, polyester resin, vinyl ester, phenolic,
polyurethane, thermoplastic resin, filler, and others
Market Segments by Fiber Type
Glass fiber composites, carbon fiber composites, and aramid fiber
composites
Market Segments by Resin Type Polyester, epoxy, vinyl ester, phenolic, thermoplastics
Market Segments by Region North America, Europe, Asia Pacific and Rest of the World.
Trend Growth Rate and CAGR 3.3%
Key Industry Forecast
The global composite materials market is expected to reach an estimated
$40.2 billion by 2024 and it is forecast to grow at a CAGR of 3.3% from 2019
to 2024
Key Industry Driver
Driver: Increasing demand for lightweight materials in the aerospace &
defense and automotive industry; corrosion and chemical resistance
materials demand in construction and pipe & tank industry; electrical
resistivity and high flame retardant materials demand in electrical and
electronics industry.
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3. Industry Overview
Market Size
• The global composite materials market is
expected to reach an estimated $40.2
billion by 2024 and it is forecast to grow at
a CAGR of 3.3% from 2019 to 2024.
• Emerging trends, which have a direct impact
on the dynamics of the industry, include
development of low-cost carbon fibers, high
performance glass fiber, and rapid cure resin
system.
Market Size (2024) $40.2 billion
CAGR (2019-24) 3.3%
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Industry Performance : Forecast