CAGR: 9%Current Market Size: USD 31.73 BillionFastest Growing Region: Europe
Largest Market: North AmericaProjection Time: 2022-2029Base Year:
The global Advanced Composites Market is expected to grow from USD 31.73 billion in 2021 to USD 63 billion by 2029, at a CAGR of 9% during the Projection period 2022-2029. The growth of this market is mainly driven by the increasing demand for complex and small designs, rising material needs, and financial constraints.
The market for advanced composites is anticipated to be driven by rising demand for the product in the sports goods and aerospace and military industries. Advanced polymer matrix composites, another name for advanced composites, are lightweight materials with high strength and elasticity moduli. Fibrous materials incorporated in various resin matrices are used to create these goods. These cutting-edge materials are widely used in the wind energy, automotive, aerospace and defense, and marine industries. One of the strong production bases for aerospace and defense equipment is found in the United States. Advanced composites are therefore anticipated to be in high demand, as their use in aerospace and defense equipment is expanding quickly due to the equipment's ability to perform better by reducing its weight. The market for advanced composites is anticipated to benefit from the rising demand for these materials in the production of turbines. Globally expanding wind turbine installations are probably going to help fuel market expansion. Demand is anticipated to increase throughout the Projection period due to the industry's use of sophisticated composites made of carbon and glass. Advanced composites are increasingly being used in a variety of sectors, including building, maritime, and recreational products. The product's expensive price, however, is anticipated to impede market expansion. Because of increased costs brought on by automation and the use of pricey high-performance resins, there is less demand for the product.
Sample Request: - Global Advanced Composites Market
Market Dynamics:
Drivers:
The demand for complex and small-scale designs, rising material needs, and cost restraints may possibly drive the need for advanced composites material even further, ultimately fueling the expansion of the advanced composites market. The focus on eco-friendly lifestyles and production regulations brought on by climate change may limit the market's expansion for advanced composites. Renewable energy is in high demand right now, and market growth would be a fantastic opportunity for the advanced composites market to realise its full potential. This is because composites are needed to create the devices and machinery needed to produce and store carbon-neutral energy.
Restraints:
The product's high price is anticipated to impede market expansion. Because of increased costs brought on by automation and the use of pricey high-performance resins, there is less demand for the product. Integration across manufacturing stages and value chain distribution channels defines the market for advanced composites. A cost-benefit results from the integration of the manufacturing and distribution channels. Due to the existence of numerous well-established manufacturers and suppliers on a global scale, the industry is very competitive. ?
Opportunities:
Rapid urbanization and a higher standard of living will increase the number of airline passengers while driving down ticket rates. For instance, by 2025, it's expected that worldwide air traffic will increase by more than 5%. Additionally, there were approximately 1200 big commercial aircraft delivered overall in 2013; by the conclusion of the Projection period, that number is anticipated to rise to over 1500. Additionally, the industry's expansion will be influenced favorably by rising auto sales in nations like China, Japan, the United States, and others as well as measures taken by automakers to utilize polymer composites.
Challenges:
The difficulty in recycling is a problem for the market for advanced composites because it leads to various restrictions being imposed by the government, which can stall the sector's expansion.
Segmentation Analysis:
The global Advanced Composites Market has been segmented based on fiber type, end user and regions.
By Fiber Type
The fiber type segment is Aramid Fiber, Glass Fiber, Carbon Fiber, and Others. The carbon fiber segment led the largest share of the Advanced Composites Market with a market share of around 10.1% in 2021. The expanding application of the product in the production of wind turbines and aerospace components is the main driver fueling market expansion. Due to the rising use of the commodity in the aerospace industry, carbon is predicted to have the fastest growth rate over the Projection period. The demand for lightweight, fuel-efficient aircraft is anticipated to increase, which will spur the development of improved carbon materials.
By End User
The end user segment includes Aerospace and Defense, Wind Energy, Transportation, Marine, Consumer Goods, and Others. The aerospace and defense segment led the Advanced Composites Market with a market share of around 9.2% in 2021. Over the Projection period, demand for composites is anticipated to be driven by the aerospace industry's positive year-over-year expansion as well as rising investment in the sector. Over the course of the Projection period, the market for advanced composites is anticipated to grow due to the increased need in the automotive industry for conductive, lightweight, and durable raw materials. However, the penetration of these composites is low in these industries as a result of the limitations on the application of products to only high-end cars, huge ships, and aircraft carriers.
Global Advanced Composites Market- Sales Analysis.
The sale of advanced composites fiber type, end users expanded at a CAGR of 7% from 2015 to 2021.
Advanced Composites are substances made up of more than two basic parts with various chemical or physical characteristics. The polymer matrix is another name for the advanced composite. These composites exhibit amazing qualities like elasticity, temperature and chemical resistance, dimension stability, high-strength fibres with high stiffness, and many more. It has many uses in the aircraft sector and is extensively used to replace metal components.
Due to its superior technical characteristics, including high strength, stiffness, exceptional fatigue resistance, and abrasion resistance, the automotive and aerospace industries will continue to experience rising product demand, which will propel the advanced composites market. Due to their excellent strength and low weight, these advanced composites are primarily used to create parts for high-performance supercars and aircraft, including engine nacelles, wings, elaborators, floor beams, ailerons, rudders, landing gear doors, and other components. This increases operational efficiency.
Thus, owing to the aforementioned factors, the global Advanced Composites Market is expected to grow at a CAGR of 9% during the Projection period from 2022 to 2029.
By Regional Analysis:
The regions analyzed for the Advanced Composites Market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. The North America region dominated the Advanced Composites Market and held a 36% share of the market revenue in 2021.
Global Advanced Composites Market- Country Analysis:
Germany's Advanced Composites Market size was valued at USD 0.59 billion in 2021 and is expected to reach USD 1.05 billion by 2029, at a CAGR of 7.5% from 2022 to 2029.
The aerospace sector in Germany is expanding faster than it did previously. With several billions of dollars in committed orders and about eight years of manufacturing, Airbus is primarily responsible for this. Additionally, the nation's car manufacturing is expanding by more than 1% annually, which has recently increased the demand for sophisticated composite materials.
China’s Advanced Composites Market size was valued at USD 0.85 billion in 2021 and is expected to reach USD 1.63 billion by 2029, at a CAGR of 8.5% from 2022 to 2029. The demand for complex and small-scale designs, rising material needs, and cost restraints may possibly drive the need for advanced composites material even further, ultimately fueling the expansion of the advanced composites market.
India's Advanced Composites Market size was valued at USD 0.80 billion in 2021 and is expected to reach USD 1.48 billion by 2029, at a CAGR of 8% from 2022 to 2029. The market for advanced composites is expected to rise as a result of an increase in the need for extremely strong, lightweight materials in the aerospace and automotive sectors.
Key Industry Players Analysis:
To increase their market position in the global advanced composites business, top companies focus on tactics such as adopting new technology, mergers & acquisitions, product developments, collaborations, partnerships, joint ventures, etc.
Latest Development:
Report Metrics
Report Attribute |
Details |
Study Period |
2021-2029 |
Base year |
2021 |
CAGR (%) |
9% |
Market Size |
31.73 billion in 2021 |
Projection period |
2022-2029 |
Projection unit |
Value (USD) |
Segments covered |
By Fiber Type, By End-User and By Region. |
Report Scope |
Revenue Projection, competitive landscape, company ranking, growth factors, and trends |
Companies covered |
Toray Industries, Inc., Koninklijke Ten Cate NV, Teijin Limited, Hexcel Corporation, SGL Group, Cytec Solvay Group, Owens Corning, E. I. Dupont De Nemours and Company, Huntsman Corporation, Momentive Performance Materials Inc., WS Atkins plc, AGY Holdings Corp., Formosa Plastics Corporation. |
By Fiber Type |
|
By End-User |
|
Regional scope |
|
Scope of the Report
Global Advanced Composites Market By Fiber Type:
Global Advanced Composites Market By End- User:
Global Advanced Composites Market By Region:
Advanced Composites Market size was USD 31.73 billion in 2021
The Advanced Composites Market is anticipated to be driven by rising birth rates and preterm births, rising conferences and symposium instances, and rising technological support & improvements throughout the next years.
Leading market players active in the global advanced composites market are Toray Industries, Inc., Koninklijke Ten Cate NV, Teijin Limited, Hexcel Corporation, SGL Group, Cytec Solvay Group, Owens Corning, E. I. Dupont De Nemours and Company, Huntsman Corporation, Momentive Performance Materials Inc., WS Atkins plc, AGY Holdings Corp., Formosa Plastics Corporation among others.
The Advanced Composites Market is projected to have a CAGR of 9%.
Political Factors- The strong political structures and institutions support the growth and development of advanced composites. Government stability also allows industries like advanced composites to expand globally. Trade relations with other countries because of political stability and strength allow industries like advanced composites to maintain offshore business affiliations easily and smoothly. Government stability also attracts investors for businesses and companies which leads to growth and development in the infrastructure as well as enhances international image. High government stability can also attract resources for industry development as a whole, which industrial will boost player performance and improve overall competitive positioning.
Economical Factors- The market for advanced composites is anticipated to be driven by rising demand for the product in the sports goods and aerospace and military industries. These cutting-edge materials are widely used in the wind energy, automotive, aerospace and defense, and marine industries. For sectors like advanced composites to thrive, the economy needs a moderate rate of inflation. A modest rate of inflation will also aid in corporate expansion and positively influence consumer confidence and spending patterns. As a result, the economy will grow and there will be more money available to spend overall. A greater inflation rate might affect enterprises and companies, diminish consumer confidence, and result in less discretionary money, which would reduce overall expansion. A decreased inflation rate will result in a significant rise in disposable income, which could stimulate competition, particularly through pricing methods that could result in unethical price wars that unfairly benefit the customer.
Social Factor- For advanced composites, a bigger proportion of the younger population is advantageous because it will give the business access to a broader customer base. Additionally, a younger population will offer advanced composites with more educated and talented laborers, expanding the talent pool both in breadth and depth. As present users and supporters of advanced composites, the moderate to the upper middle class is equally crucial. This organization promotes advanced composites as a brand and inspires younger people to become devoted patrons. The population as a whole is adopting trends in health and well-being. The movement toward health and wellness has influenced consumption choices and behaviors as well.
Technological Factors- The country-by-country study has a robust technological infrastructure. The rate of technical innovation and development is rapid. Businesses like advanced composites are increasingly utilising technical advancements and innovation to boost corporate effectiveness and efficiency. All industries have a high rate of innovation, which makes sectors like advanced composites competitive and forward-thinking. The widespread use of the internet is used for both professional and personal obligations. Most people have access to PCs and laptops, and nearly everyone has a smartphone with internet connection. Worldwide, there is a significant amount of domestic and foreign investment in technological R&D.
Environmental Factors- Recycling and environmental sustainability are receiving more attention. More and more consumers are demanding ways to recycle things before disposing of them. Consumption of recycled goods is likewise becoming more and more popular with consumers. Advanced Composites has introduced dedicated websites for the disposal of recyclable materials. To follow rules, maintain checks, and prevent any future issues, the advanced composite industry should affiliate with and register with waste management institutions and authorities. Market participants ought to launch a green product line, which is a variant of their current offerings. To boost its contribution to environmental sustainability, the company intends to steadily expand the weight of its green product range.
Legal Factors- Laws pertaining to consumer protection, antitrust, employment, and health and safety regulations are only a few of them. These factors could affect a business’s operations, costs, and product demand. Failure to abide by the new regulations and legal processes governing single-use assembly could result in the immediate demise of a business and a market. Regarding the health and safety of employees at work, there are stringent rules. Respected associations and institutions conduct routine audits of businesses to determine whether safety nets, drills, and other preventative measures are being implemented. The safety and health of employees includes not only their physical health but also their emotional and mental health. Businesses must create legally binding employment contracts in accordance with national rules. These agreements, which cover every aspect of employment, are approved by the respected governmental bodies. Employability contracts provide a positive relationship between all parties and prevent miscommunication or collusion.
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