Composite Enclosures Market

The report "Composite Enclosures Market by Fiber Type, By End-Use Industry, and By Region - Global Forecast to 2029", size is expected to reach USD 3,113.6 million in 2029 from USD 1,977.8 million in 2024, at a CAGR of 9.5% from 2024 to 2029. The demand for composite enclosures is driven by the growing demand for lightweight, corrosion resistant, high performance, sound attenuating, and fuel efficient materials. These enclosures offer perfect choice to achieve durability and a premium appearance at reduced weight as compared to metals and alloys. Owing to their superior performance properties, the demand for composite enclosuress is growing from automotive, aerospace & defense, and industrial applications.

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Carbon fiber is expected to grow with highest CAGR in Composite Enclosures market during the forecasted period.

The Composite Enclosures market is segmented based on type i.e. glass fiber, carbon fiber, and other fibers. Carbon fiber-based composite enclosures are expected to have the highest CAGR in the forecasted period. Carbon fibers offer several advantages such as high strength, high mosulus, resistance to high temperatures, and reduced weight. Further, mass production of carbon fibers due to carbon fiber production capacity expansions is expected to significantly reduce the cost of carbon fibers. This price reduction would encourage composite enclosure manuacturers to adopt carbon fiber composites on large scale.

Between 2024 and 2029, automotive indutry is expected to grow at the highest CAGR.

Automotive industry is expected to witness highest growth during the forecast period in the composite enclosures market. The reduction of greenhouse gas emissions is a major concern for automakers as government bodies have laid stringent standards on emission control. Therefore many automakers are considering increasing their production of EVs. Thus, the growing adoption EVs and increasing government incentives is expected to boost the demand for composites in battery enclosures.

Asia Pacific region is expected to register highest CAGR both in terms of value and volume during forecasted period

The composite enclosures market has been studied in North America, Europe, Asia Pacific, South America, and Middle East, and Africa. Asia Pacific is expected to be the fastest-growing market, due to expansion of automotive and aerospace industries. The region is a major hub for automotive manufacturers with high concentaion of EV manufacturers in China, Japan, and South korea. According to IEA, China lead the EV market, accounting for around 59% share in the global sales of EVs in 2023.

Key players

Prominent companies in the Composite Enclosures market include Amphenol CIT (US), Collins Aerospace (US),Magna International (Canada), TE Connectivity (US), Teijin Ltd. (Japan), Gestamp (Spain), SGL Carbon (Germany), CpK Interior Products Inc. (UK), Watertronics (South Africa), JEE Pumps Limited (India), XD Thermal (China), SEKISUI Aerospace (US), Kautex (US), EDAG Group AG (Switzerland), Bold Valuable Technology Spain S.L (Spain) among others.

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