The Global Composites Market is expected to grow at a significant rate during the forecast period. The Global Composites Market is projected to reach the valuation of USD 143.6 million by the year 2026 by growing at a CAGR of 8.1 % during the forecast period 2019- 2026. The market is growing owing to various factors.

The surge in demand from the end-user industries propels the composites market. The increased demand for the composites is due to the enhanced properties such as high strength and modulus, lower weight, high fatigue life, acoustic insulation, and resistance to corrosion. The main drivers for the growth of the composites market are the surging demand for lightweight materials in the aerospace & defense and automotive industries. The other factors influencing the composites market are the rise in demand for corrosion and chemical resistance materials from the construction and pipe & tank industry, and the demand of electrical resistivity and flammable materials in the electrical and electronics industry. 

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The supply of primary raw materials and carbon fiber processing and its use remotely allows the manufacturers to reduce the cost of logistics. It permits manufacturers to augment productivity for the different end-use products straight. The carbon fibers find numerous applications due to their properties such as weight, high stiffness, low thermal expansion, temperature tolerance, and chemical resistance. Irregularity in the prices of raw materials and non-recyclable composites presents a significant threat to the market growth of composites.

The composites market is expected to augment at a very high rate, with the development taking place at a rapid pace. One of the top consumers of the composites market is the building and infrastructure industry. The continual constructions of homes, swimming pools, storage tanks, countertops, bridges, skyscrapers, and commercial layouts across developed and developing economies are augmenting the growth of the composite market.

The fiber-reinforced composite materials have driven mainly due to the requirements of high-performance items such as wings, tails, propellers, fuselages, helicopter rotor blades, spacecraft equipment, despite their high costs. The parts of the Airbus A350 and Boeing 787 aircraft are mainly made from composites. Moreover, composites are used in sailing, fishing gear, kayaks, dinghies, and scull hulls manufacturing. 

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By geography, the global Composites Market segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. The Asia Pacific dominated the global composite application market and is expected to continue to dominate over the forecast period, owing to China and India's growing economies, the participation of leading players, and the expansion of transportation, wind, and construction & infrastructure industries.

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