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Advanced Composites Market Size By Fiber Type (Aramid Fiber, Glass Fiber, Carbon Fiber, and Other), By End-user (Aerospace and Defense, Wind Energy, Transportation, Marine, Consumer Goods, and Other), Regions, Segmentation, and Projection till 2029

CAGR: 9%Current Market Size: USD 31.73 BillionFastest Growing Region: Europe

Largest Market: North AmericaProjection Time: 2022-2029Base Year:

Global Advanced Composites Market- Market Overview:

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.

Advanced Composites Market- By CAGR

Sample Request: - Global Advanced Composites Market

Market Dynamics:

Drivers:                          

  • Increase Demand

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:                                             

  • High Cost

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

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:

  • Recycling Problem

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.

Advanced Composites Market- By Fiber Type

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.

  • The North America region witnessed a major share. The increased need in the automotive, aerospace, and defense industries led to a demand for the commodity in North America estimated at over USD XX billion in 2021. North America has one of the largest automotive industries in the world, with the United States being among the top automakers. Large markets, large consumer disposable income, mass manufacturing efficiency, and a wide range of products have all contributed to the country's industry's rapid expansion.
  • Europe is anticipated to experience significant growth during the Projection period. It is anticipated that the increased demand for sustainable renewable energy will positively affect the installation of wind turbines in Spain, Germany, and the United Kingdom. Onshore and offshore wind energy plant installation is increasing, and this is likely to support market growth in the area. The market for advanced composites is anticipated to be driven by the expanding wind energy farms, which are projected to have a beneficial effect on demand for the production of wind turbines.

Global Advanced Composites Market- Country Analysis:

  • Germany

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

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

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.

  • Toray Industries, Inc.
  • Koninklijke Ten Cate NV
  • Teijin Limited
  • Hexcel Corporation
  • SGL Group
  • Cytec Solvay Group
  • Owens Corning
  • I. Dupont De Nemours and Company
  • Huntsman Corporation
  • Momentive Performance Materials Inc.
  • WS Atkins plc
  • AGY Holdings Corp.
  • Formosa Plastics Corporation

Latest Development:

  • In December 2020, TORAY INDUSTRIES, INC. unveiled a new kind of eco-friendly, easily recyclable PET film called "Ecouse". The company intends to start a full-fledged sale of the new product and to produce 2500 metric tonnes annually.
  • In May 2021, Impossible Objects and Owens Corning signed a joint development agreement to work on developing new materials for Impossible Objects' composite-based additive manufacturing (CBAM) technology.

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

  • Aramid Fiber
  • Glass Fiber
  • Carbon Fiber
  • Other  

By End-User

  • Aerospace and Defense
  • Wind Energy
  • Transportation
  • Marine
  • Consumer Goods
  • Other

Regional scope

  • North America
  • Europe
  • Asia-Pacific
  • South America
  • Middle East and Africa

Scope of the Report

Global Advanced Composites Market By Fiber Type:

  • Aramid Fiber
  • Glass Fiber
  • Carbon Fiber
  • Other

Global Advanced Composites Market By End- User:

  • Aerospace and Defense
  • Wind Energy
  • Transportation
  • Marine
  • Consumer Goods
  • Other

Global Advanced Composites Market By Region:

  • North America
    • USA
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • UK
    • Italy
    • Spain
    • Russia
  • Asia-Pacific
    • Japan
    • China
    • India
    • Korea
    • Southeast Asia
  • South America
    • Brazil
    • Peru
  • Middle East and Africa
    • UAE
    • South Africa
    • Saudi Arabia

Frequently Asked Questions

What was the market size of Advanced Composites Market in 2021?

Advanced Composites Market size was USD 31.73 billion in 2021

What are the key factors for the growth of the Advanced Composites Market?

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.

Which are the leading market players active in the Advanced Composites Market?

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.

What is the CAGR of the Advanced Composites Market?

The Advanced Composites Market is projected to have a CAGR of 9%.