USD 31.73 billion
Report ID: SQMIG15B2033 | Region: Global | Published Date: July, 2023 | Pages: 242 | Tables: 91 | Figures: 76
Advanced Composites Market size was valued at USD 31.73 billion in 2021 and is poised to grow from USD 34.65 billion in 2022 to USD 76.51 billion by 2030, growing at a CAGR of 9.2% in the forecast period (2023-2030).
Advanced composites (polymer matrix) are lightweight materials with a high modulus of elasticity and strength. These items are made from fibrous material embedded in various resin matrices. As a result, the use of these in the aerospace & defence, marine, sporting goods, transportation, electrical & electronics, civil engineering, medical, and wind energy industries is rapidly increasing. It is widely used to replace metal components and has applications in the aerospace industry. Because of their excellent strength and low weight, these advanced composites are commonly used in the manufacture of high-performance supercar and aircraft parts such as engine nacelles, wings, elaborators, floor beams, ailerons, rudders, landing gear doors, and other components. In comparison to the composite materials popularly used in reinforced concrete, advanced composite materials (ACM) Structures made of advanced composites have high strength while remaining lightweight. Demand for advanced composite materials will be driven by the growing need to improve vehicle and aircraft economy, lower fuel costs, reduce pollution, and produce lightweight automobiles. However, the biggest limitation of these advanced composite materials is their brittleness, which can result in unexpected catastrophic failure of the component if not properly maintained or tested on a regular basis.
US Advanced Composites Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 31.73 billion
Carbon fiber composites
Carbon fiber composites
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Advanced Composites Market is segmented based on the product, resin-type, application, and region. Based on product, the Advanced Composites Market is segmented into aramid fiber composites, carbon fiber composites, and glass fiber composites. Based on resin-type, the Advanced Composites Market is segmented into advanced thermosetting composites, and advanced thermoplastic composites. Based on application, the Advanced Composites Market is segmented into automotive, aerospace & defense, wind energy, sporting goods, and others. Based on region, Advanced Composites Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Advanced Composites Market Analysis by Product
Based on product, global advanced composites market size is segmented into aramid fiber composites, carbon fiber composites, and glass fiber composites. Carbon fiber composites led the market with a revenue share of 64.1% in 2021, and this position will be maintained in the forecast years due to the product's expanding scope in the manufacturing of wind turbines and aerospace components, along with the increasing penetration in the aerospace industry, carbon is expected to be the fastest growing segment. The growing demand for lightweight, fuel-efficient aeroplanes is expected to be a driving force behind the development of advanced carbon materials.
The aramid fibre composites segment is expected to grow significantly during the forecast period because of their increasing application in the defence sector. Because advanced aramid fibres are high-strength, stiff composites with high resistance to heat and impact, they are increasingly being used in the automotive industry around the world. The product's use in the production of tyres, body armors, and defence vehicle components is anticipated to propel the market growth.
Advanced Composites Market Analysis by Application
Based on application, the global advanced composites market size is segmented into automotive, aerospace & defense, wind energy, sporting goods, and others. The aerospace and defense segment dominated the market, and will likely grow more owing to the growth in the aerospace industry, which, in turn, is supposed to propel market growth during the forecast period.
The automotive segment is also expected to grow significantly during the forecast period due to rising product penetration in vehicles. The rising demand in the automotive industry for durable, lightweight, and conductive raw materials is predicted to propel the advanced composites market growth.
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North America is expected to dominate the market during the forecast period, with a sizable market share due to rising demand in the automotive, aerospace, and defence industries. North America's automotive sector is one of the largest in the world, with the United States being one of the largest automobile producers. The US market has grown as a result of its large market size and significant disposable income of consumers, as well as its ability to mass produce and offer a wide range of products.
The European advanced composites market is expected to grow significantly during the forecast period, accounting for a significant revenue share in 2021. The growing demand for sustainable renewable energy, combined with the increased installation of wind turbines in Spain, Germany, and the United Kingdom, is expected to boost demand. The regional market is expected to grow due to the rapid growth of the industry and the increasing installation of onshore and offshore wind energy plants.
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Advanced Composites Market Driver
Advanced Composites Market Restraint
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Global advanced composites market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.
Advanced Composites Market Top Player's Company Profiles
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global advanced composites market analysis, North America is predicted to grow significantly during the analysis period owing to the availability of key manufacturers, coupled with the high demand from various industries such as aerospace & defense, wind energy, and others. Increasing automobile sales in various countries such as China, Japan, and others, in addition to initiatives by automobile manufacturers for using polymer composites, will significantly improve industry growth during the analysis period. However, the high production cost of advanced composites and the lack of substitutes are impeding market growth.
|Market size value in 2021
|USD 31.73 billion
|Market size value in 2030
|USD 76.51 billion
|Forecast Unit (Value)
|North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Advanced Composites Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Advanced Composites Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Advanced Composites Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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