Composite Resin Market Size & Share 2023 to 2032
Market Size by Type (Epoxy, Polyester, Polyurethane, Phenolic), by Reinforcement Type (Glass Fiber, Carbon Fiber, Aramid Fiber, Natural Fiber), by Manufacturing Process (Filament Winding, Pultrusion, Compression Molding) & Forecast.
Report ID: GMI6157
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Published Date: July 2023
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Report Format: PDF
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Authors:
Kiran Pulidindi, Kunal Ahuja
Composite Resin Market Size
Composite Resin Market size was valued at around USD 23 billion in 2022 and is estimated to register over 5.7% CAGR between 2023 and 2032. The increasing demand for fuel-efficient & lightweight vehicle components escalate the usage of composite resins in the automotive, transportation, and aerospace industries will drive market expansion.
Composite Resin Market Key Takeaways
Market Size & Growth
Key Market Drivers
Challenges
Regardless of the advancements in manufacturing technologies and economies of scale, composite resins are costlier than conventional materials such as metals & plastics. This cost variation can be an obstacle for price-sensitive markets, limiting the adoption of composite resin-based products and impeding composite resin market growth.
COVID-19 Impact
The implementation of lockdown measures during the COVID-19 pandemic led to disruptions in the supply chain. These measures limited the availability and movement of raw materials used in composite resin production. Governments worldwide also implemented travel restrictions, resulting in reduced production capacities and logistical challenges. This resulted in delayed deliveries and increased raw material prices. Owing to diminished customer expenditure, delayed projects, and declined manufacturing activities, several key end-use industries including aerospace, automotive, construction, and marine experienced a considerable drop in the resin-based product demand. The subsequent reduction in COVID-19 cases and enactment of strategies by government & non-government organizations are projected to fuel the composite resin market growth.
Composite Resin Market Trends
Composite resins are suitable for applications that require structural integrity & robustness such as automotive, aerospace, and sports equipment manufacturing owing to their exceptional strength, stiffness, and impact resistance. Advanced production processes, such as resin infusion, Resin Transfer Molding (RTM), and automated manufacturing techniques, have enhanced the production & cost-effectiveness of composite resin-based products. These cutting-edge technologies have expanded the application scope of composite resins, boosting their demand.
Composite Resin Market Analysis
Based on product, the composite resin market is bifurcated into epoxy, polyester, vinyl ester, polyurethane, phenolic, and others. The epoxy segment reached USD 11.04 billion in 2022. Epoxy resins possess outstanding mechanical properties including high strength, stiffness, and dimensional stability, making them perfect for applications that need structural integrity and stability. Their strong adhesive properties enable them to bond well with various substrates including metals, composites, and plastics. On the other hand, polyester resins are more cost-effective than other resin types, making them suitable for applications where cost considerations are crucial. Vinyl ester resins offer high resistance to chemicals, acids & solvents, increasing their adoption in chemical processing, water treatment, and oil & gas applications.
Based on reinforcement type, the composite resin market is divided into glass fiber, carbon fiber, aramid fiber, natural fiber, and others. The glass fiber segment held approximately 40% of the market share in 2022 and is anticipated to drive at a rapid pace by 2032. Fiberglass reinforcement offers a good strength-to-weight ratio, making it appropriate for applications that need low-weight & robust materials. Carbon fiber reinforcement is used in applications that require high-performance materials and structural integrity as it offers remarkable strength and stiffness.
Based on the manufacturing process, the composite resin market is categorized into hand lay-up, spray-up, filament winding, Resin Transfer Molding (RTM), pultrusion, compression molding, and others. The hand lay-up segment accounted for a dominant market share in 2022 and is poised to grow at over 4.6% CAGR through 2032. Hand lay-up is appropriate for small-scale production or custom-made composite products as it is a relatively simple & cost-effective manufacturing process. The spray-up process enables the speedy deposition of resin and fiber concurrently, leading to quicker manufacturing in comparison to other processes.
Based on end use, the composite resin market is divided into automotive, aerospace & defense, construction, electrical & electronics, marine, sports & recreation, wind energy, and others. The automotive segment held the largest market share in 2022. Composite resins offer low-weight alternates to traditional materials, increasing their demand in the aerospace & defense and automotive industries to enhance fuel efficiency, increase payload capacity, reduce vehicle weight, and improve vehicle performance. The composite resin demand in various other applications depends on specific performance requirements, regulatory standards, cost considerations, and industry trends.
U.S. dominated North America with a high market value of USD 12.42 billion in 2022 and is predicted to expand at a considerable rate from 2023 to 2032. North America composite resin market has a thriving aerospace sector with the presence of major aircraft manufacturers and defense contractors. The need for low-weight materials, increased fuel efficiency, and high-performance components in aerospace applications are propelling the composite resin demand. The regional automotive industry is also emphasizing the reduction of vehicle weight to enhance fuel efficiency and reduce emissions, thereby improving the automotive component performance and proliferating product demand in the North America market.
Composite Resin Market Share
are the key players operating in the composite resin market. These participants concentrate on strategic partnerships, new product launches, and commercialization efforts for market expansion. They heavily invest in research to launch advanced products and garner maximum market revenue.
This composite resin market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Billion) & volume (Kilo Tons) from 2018 to 2032, for the following segments:
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Market, By Type
Market, By Reinforcement Type
Market, By Manufacturing Process
Market, By End Use
The above information is provided for the following regions and countries:
Research methodology, data sources & validation process
This report draws on a structured research process built around direct industry conversations, proprietary modelling, and rigorous cross-validation and not just desk research.
Our 6-step research process
1. Research design & analyst oversight
At GMI, our research methodology is built on a foundation of human expertise, rigorous validation, and complete transparency. Every insight, trend analysis, and forecast in our reports is developed by experienced analysts who understand the nuances of your market.
Our approach integrates extensive primary research through direct engagement with industry participants and experts, complemented by comprehensive secondary research from verified global sources. We apply quantified impact analysis to deliver dependable forecasts, while maintaining complete traceability from original data sources to final insights.
2. Primary research
Primary research forms the backbone of our methodology, contributing nearly 80% to overall insights. It involves direct engagement with industry participants to ensure accuracy and depth in analysis. Our structured interview program covers regional and global markets, with inputs from C-suite executives, directors, and subject matter experts. These interactions provide strategic, operational, and technical perspectives, enabling well-rounded insights and reliable market forecasts.
3. Data mining & market analysis
Data mining is a key part of our research process, contributing nearly 20% to the overall methodology. It involves analysing market structure, identifying industry trends, and assessing macroeconomic factors through revenue share analysis of major players. Relevant data is collected from both paid and unpaid sources to build a reliable database. This information is then integrated to support primary research and market sizing, with validation from key stakeholders such as distributors, manufacturers, and associations.
4. Market sizing
Our market sizing is built on a bottom-up approach, starting with company revenue data gathered directly through primary interviews, alongside production volume figures from manufacturers and installation or deployment statistics. These inputs are then pieced together across regional markets to arrive at a global estimate that stays grounded in actual industry activity.
5. Forecast model & key assumptions
Every forecast includes explicit documentation of:
✓ Key growth drivers and their assumed impact
✓ Restraining factors and mitigation scenarios
✓ Regulatory assumptions and policy change risk
✓ Technology adoption curve parameter
✓ Macroeconomic assumptions (GDP growth, inflation, currency)
✓ Competitive dynamics and market entry/exit expectations
6. Validation & quality assurance
The final stages involve human validation, where domain experts manually review filtered data to identify nuances and contextual errors that automated systems might miss. This expert review adds a critical layer of quality assurance, ensuring data aligns with research objectives and domain-specific standards.
Our triple-layer validation process ensures maximum data reliability:
✓ Statistical Validation
✓ Expert Validation
✓ Market Reality Check
Trust & credibility
Verified data sources
Trade publications
Security & defense sector journals and trade press
Industry databases
Proprietary and third-party market databases
Regulatory filings
Government procurement records and policy documents
Academic research
University studies and specialist institution reports
Company reports
Annual reports, investor presentations, and filings
Expert interviews
C-suite, procurement leads, and technical specialists
GMI archive
13,000+ published studies across 30+ industry verticals
Trade data
Import/export volumes, HS codes, and customs records
Parameters studied & evaluated
Every data point in this report is validated through primary interviews, true bottom-up modelling, and rigorous cross-checks. Read about our research process →