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 2024-2031

Report ID: SQMIG15B2033 | Region: Global | Published Date: February, 2024
Pages: 242 | Tables: 91 | Figures: 76

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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Advanced Composites Market size was valued at USD 31.73 billion in 2019 and is poised to grow from USD 34.65 billion in 2023 to USD 76.51 billion by 2031, growing at a CAGR of 9.2% in the forecast period (2024-2031).

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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