Composite Material Market Size, Competitive Landscape, Regional Outlook and COVID-19 Impact Analysis 2024
The global Composite Material Market has been growing steadily and gaining traction across various industries. In 2022, the market size was estimated at USD 101.12 billion. This upward trend is set to continue, with projections indicating growth to USD 105.48 billion in 2023 and an anticipated rise to USD 154.25 billion by 2032. The compound annual growth rate (CAGR) is expected to remain at approximately 4.31% during the forecast period of 2024 to 2032. Driving Forces Behind Market Growth 1. Increased Demand in Aerospace and Automotive Industries One of the primary drivers of growth in the Composite Material Market is the surging demand within the aerospace and automotive sectors. Composite materials such as carbon fiber-reinforced polymers (CFRP) and glass fiber-reinforced polymers (GFRP) are renowned for their strength-to-weight ratio. These materials are extensively used in aircraft and high-performance vehicles to enhance efficiency and reduce overall weight, wh...