U.S. Composites Market Size & Outlook, 2024-2030
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U.S. composites market highlights
- The U.S. composites market generated a revenue of USD 15,582.0 million in 2023 and is expected to reach USD 22,991.6 million by 2030.
- The U.S. market is expected to grow at a CAGR of 5.8% from 2024 to 2030.
- In terms of segment, glass fiber was the largest revenue generating product in 2023.
- Carbon Fiber is the most lucrative product segment registering the fastest growth during the forecast period.
Composites market data book summary
| Market revenue in 2023 | USD 15,582.0 million |
| Market revenue in 2030 | USD 22,991.6 million |
| Growth rate | 5.8% (CAGR from 2024 to 2030) |
| Largest segment | Glass fiber |
| Fastest growing segment | Carbon Fiber |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Carbon Fiber, Glass Fiber |
| Key market players worldwide | Teijin Ltd, Toray Industries Inc, Owens-Corning Inc, PPG Industries Inc, Huntsman Corp, SGL Group, Hexcel Corp, DuPont de Nemours Inc, Compagnie de Saint-Gobain SA, Weyerhaeuser Co, Cytec Industries, Jushi, KINECO, Momentive, Veplas Group |
Other key industry trends
- In terms of revenue, U.S. accounted for 15.7% of the global composites market in 2023.
- Country-wise, China is expected to lead the global market in terms of revenue in 2030.
- In North America, U.S. composites market is projected to lead the regional market in terms of revenue in 2030.
- Canada is the fastest growing regional market in North America and is projected to reach USD 3,046.2 million by 2030.
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Composites Market Scope
Composites Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|---|---|---|---|
| Jushi | View profile | 5001-10000 | Tongxiang, Zhejiang, China, Asia | https://jushi.com/ |
| Veplas Group | View profile | - | Velenje, Velenje Urban Commune, Slovenia, Europe | https://www.veplasgroup.com |
| Momentive | View profile | 5001-10000 | Schenectady, New York, United States, North America | https://www.momentive.com/ |
| KINECO | View profile | 251-500 | Pilerne, Goa, India, Asia | https://www.kinecogroup.com |
| Weyerhaeuser Co | View profile | 9318 | 220 Occidental Avenue South, Seattle, WA, United States, 98104-7800 | https://www.weyerhaeuser.com |
| PPG Industries Inc | View profile | 53000 | One PPG Place, Pittsburgh, PA, United States, 15272 | https://www.ppg.com |
| Owens-Corning Inc | View profile | 18000 | One Owens Corning Parkway, Toledo, OH, United States, 43659 | https://www.owenscorning.com |
| Cytec Industries | View profile | 1001-5000 | Little Falls, New Jersey, United States, North America | http://cytec.com |
| SGL Group | View profile | 11-50 | Adelaide, South Australia, Australia, Oceania | https://www.sglgroup.net |
| Hexcel Corp | View profile | 5590 | 281 Tresser Boulevard, Two Stamford Plaza, 16th Floor, Stamford, CT, United States, 06901 | https://www.hexcel.com |
| Teijin Ltd | View profile | 24499 | 6-7, Minami Hommachi 1-chome, Chuo-ku, Osaka, Japan, 541-8587 | http://www.teijin.co.jp |
| Toray Industries Inc | View profile | 48682 | Nihonbashi Mitsui Tower 2-1-1, Nihonbashi Muromach, Chuo-ku, Tokyo, Japan, 103-8666 | http://www.toray.co.jp |
| DuPont de Nemours Inc | View profile | 24000 | 974 Centre Road, Building 730, Wilmington, DE, United States, 19805 | https://www.dupont.com |
| Compagnie de Saint-Gobain SA | View profile | 168508 | 12, Place de l'Iris, Tour Saint-Gobain, Courbevoie, France, 92400 | http://www.saint-gobain.com |
| Huntsman Corp | View profile | 6000 | 10003 Woodloch Forest Drive, The Woodlands, TX, United States, 77380 | https://www.huntsman.com |
U.S. composites market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to composites market will help companies and investors design strategic landscapes.
Glass fiber was the largest segment with a revenue share of 59.28% in 2023. Horizon Databook has segmented the U.S. composites market based on carbon fiber, glass fiber covering the revenue growth of each sub-segment from 2018 to 2030.
In the U.S, the demand for composites is primarily driven by the increasing demand for lightweight materials in the automotive industry. Rising electrical & electronics capacity additions and steady growth in the automotive and aerospace sectors are the factors that are expected to augment the market growth over the forecast period.
In the aerospace & defense applications, the demand for composites is driven by factors such as increasing air passenger traffic, leading to increasing fleet sizes coupled with the growth in the manufacturing activities of commercial space aircraft on account of space exploration missions by NASA and space tourism expeditions by Space Exploration Technologies Corp, Northrop Grumman Corporation, and Virgin Galactic.
In wind blade manufacturing, composite materials offer significant weight reduction and high stiffness, which in turn raises the level of energy output. In addition, the burgeoning offshore wind market compels blade manufacturers to use composites materials that can reduce system weight without compromising the mechanical properties of the wind turbine.
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Horizon Databook provides a detailed overview of country-level data and insights on the U.S. composites market , including forecasts for subscribers. This country databook contains high-level insights into U.S. composites market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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U.S. composites market size, by product, 2018-2030 (US$M)
U.S. Composites Market Outlook Share, 2023 & 2030 (US$M)
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