Composite materials are particularly useful and desirable in building, bridge, and structure construction and manufacturing due to their strength, reduced weight, and low-cost. The aircraft and aerospace industries also employ the use of composite materials to help with managing intense environments. The aerospace industry alone accounted for some 15,200 metric tons of carbon fiber demand in 2016. Other common examples of composite materials include composite wood, metal matrix composites, and reinforced concrete.
Demand for composites in the United States is expected to grow among various applications including transportation, marine, wind energy, aerospace, and construction. Automotive manufacturers are particularly keen to introduce composite materials in their production processes to help mitigate increasing weight caused by the introduction of new vehicle utilities. Accordingly, the U.S. market value of composites is forecasted to increase to 17.3 billion U.S. dollars in 2024.