Global Advanced Composites Market

Global Advanced Composites Market Size, Share, Growth Analysis, By Product(Aramid fiber composites, carbon fiber composites), By Resin-type (Advanced thermosetting composites, and advanced thermoplastic composites), By Application(Automotive, aerospace & defense) - Industry Forecast 2023-2030


Report ID: SQMIG15B2033 | Region: Global | Published Date: July, 2023 | Pages: 242 | Tables: 91 | Figures: 76

Global Advanced Composites Market Insights

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.

Market snapshot - 2023-2030

Global Market Size

USD 31.73 billion

Largest Segment

Carbon fiber composites

Fastest Growth

Carbon fiber composites

Growth Rate

9.2% CAGR

Global Advanced Composites Market ($ Bn)
Country Share for North America Region (%)
Global Advanced Composites Market By Product ($ Bn)
Global Advanced Composites Market By Product (%)

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Global Advanced Composites Market Segmental Analysis

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.

Global Advanced Composites Market By Product, 2021 (%)

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Global Advanced Composites Market Regional Insights

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.

Global Advanced Composites Market By Region, 2023-2030
  • Largest
  • Fastest

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Global Advanced Composites Market Dynamics

Advanced Composites Market Driver

  • The effectiveness of advanced composite materials is being recognised and appreciated by an increasing number of industry sectors. Composites are giving industries that previously relied on steel or aluminium constructions a competitive advantage. Its applications are no longer restricted to aerospace, high-performance yachting, and wind energy. Building facades, medical applications, truck cabins, and a wide range of other applications use advanced composites, resulting in driving the growth of the advanced composites market.

Advanced Composites Market Restraint 

  • High price of the product is expected to restrain market growth over the forecast timeframe. Furthermore, there is less demand for advanced composites as a result of increased costs caused by automation and the use of expensive high-performance resins.

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Global Advanced Composites Market Competitive Landscape

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  

  • Toray Industries, Inc.
  • Teijin Limited
  • Hexcel Corporation
  • Owens Corning
  • SGL Group
  • Solvay S.A.
  • Mitsubishi Chemical Corporation
  • Huntsman Corporation
  • Cytec Industries Inc.
  • Koninklijke Ten Cate bv
  • Gurit Holding AG
  • TPI Composites, Inc.
  • Mitsubishi Rayon Co. Ltd.
  • Zoltek Companies, Inc.
  • Kineco Kaman Composites - India Pvt Ltd.
  • BASF SE
  • E. I. du Pont de Nemours and Company
  • Evonik Industries AG
  • Renegade Materials Corporation
  • Axiom Materials, Inc.

Global Advanced Composites Key Market Trends

  • Engine parts made of ceramic matrix advanced composites include combustor liners, blades, nozzles, and shrouds. The aircraft's operational and administrative costs are decreasing as a result of improving fuel economy. In addition to high urbanisation, industrialization, and rising income levels, China, India, and other countries high economic processes playing a significant role in the acceptance of fuel-efficient cost-cutting machinery.

Global Advanced Composites Market SkyQuest Analysis

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.

Report Metric Details
Market size value in 2021 USD 31.73 billion
Market size value in 2030 USD 76.51 billion
Growth Rate 9.2%
Base year 2021
Forecast period 2023-2030
Forecast Unit (Value) USD Billion
Segments covered
  • Product
    • Aramid fiber composites, carbon fiber composites, and glass fiber composites
  • Resin-type 
    • Advanced thermosetting composites, and advanced thermoplastic composites
  • Application
    • Automotive, aerospace & defense, wind energy, sporting goods, and others
Regions covered 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)
Companies covered
  • Toray Industries, Inc.
  • Teijin Limited
  • Hexcel Corporation
  • Owens Corning
  • SGL Group
  • Solvay S.A.
  • Mitsubishi Chemical Corporation
  • Huntsman Corporation
  • Cytec Industries Inc.
  • Koninklijke Ten Cate bv
  • Gurit Holding AG
  • TPI Composites, Inc.
  • Mitsubishi Rayon Co. Ltd.
  • Zoltek Companies, Inc.
  • Kineco Kaman Composites - India Pvt Ltd.
  • BASF SE
  • E. I. du Pont de Nemours and Company
  • Evonik Industries AG
  • Renegade Materials Corporation
  • Axiom Materials, Inc.
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Global Advanced Composites Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Global Advanced Composites Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

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.

Analyst Support

Customization Options

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.

Regional Analysis: Further analysis of the Global Advanced Composites Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQ's

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).

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. 'Toray Industries, Inc.', 'Teijin Limited', 'Hexcel Corporation', 'Owens Corning', 'SGL Group', 'Solvay S.A.', 'Mitsubishi Chemical Corporation', 'Huntsman Corporation', 'Cytec Industries Inc.', 'Koninklijke Ten Cate bv', 'Gurit Holding AG', 'TPI Composites, Inc.', 'Mitsubishi Rayon Co. Ltd.', 'Zoltek Companies, Inc.', 'Kineco Kaman Composites - India Pvt Ltd.', 'BASF SE', 'E. I. du Pont de Nemours and Company', 'Evonik Industries AG', 'Renegade Materials Corporation', 'Axiom Materials, Inc.'

The effectiveness of advanced composite materials is being recognised and appreciated by an increasing number of industry sectors. Composites are giving industries that previously relied on steel or aluminium constructions a competitive advantage. Its applications are no longer restricted to aerospace, high-performance yachting, and wind energy. Building facades, medical applications, truck cabins, and a wide range of other applications use advanced composites, resulting in driving the growth of the advanced composites market.

Engine parts made of ceramic matrix advanced composites include combustor liners, blades, nozzles, and shrouds. The aircraft's operational and administrative costs are decreasing as a result of improving fuel economy. In addition to high urbanisation, industrialization, and rising income levels, China, India, and other countries high economic processes playing a significant role in the acceptance of fuel-efficient cost-cutting machinery.

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.

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Global Advanced Composites Market

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