The Advanced Composites market is experiencing robust growth, driven by the increasing demand for lightweight, high-performance materials across various industries. Advanced composites are composite materials that combine two or more constituents, such as fibers and resin matrices, to create materials with superior mechanical, thermal, and chemical properties.
The advanced composites market is expected to see a substantial CAGR of 9.2% and is projected to increase from 37.73 billion in 2021 to 108.48 billion by 2032. Demand for advanced composites is projected to be considerable, given that they are increasingly being utilized in aerospace and defense equipment, which gains from their improved performance by making the equipment lighter.
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Key points about the Advanced Composites market:
- Lightweight and high strength-to-weight ratio: Advanced composites offer exceptional strength while being significantly lighter than traditional materials like metals, making them ideal for applications where weight reduction is critical.
- Enhanced durability and resistance: These composites exhibit excellent resistance to corrosion, fatigue, and impact, ensuring longevity and durability in demanding environments.
- Versatility and design flexibility: Advanced composites can be engineered to meet specific performance requirements, offering design flexibility for complex shapes and structures.
- Energy efficiency and sustainability: The lightweight nature of advanced composites contributes to reduced fuel consumption and emissions in industries such as aerospace, automotive, and renewable energy.
- Growing demand across industries: The aerospace, automotive, defense, marine, and construction sectors are driving the demand for advanced composites due to their superior properties and potential for light weighting.
The Advanced Composites market is experiencing significant growth as industries seek lightweight, high-performance materials to meet evolving needs. With their remarkable properties and wide-ranging applications, advanced composites are poised to play a pivotal role in sectors requiring durability, design flexibility, and sustainability.
Participants in the advanced composites market are investing a lot of money in R&D as a result. Demand for intricate and compact designs, increasing material requirements, and cost constraints may all further fuel demand for advanced composite materials and increase their market dominance.
The North America market is leading the advanced composites market. The advanced composites market in Europe contributed significantly to overall revenue in 2021. The installation of wind turbines in Spain, Germany, and the United Kingdom is predicted to benefit from the rising demand for sustainable renewable energy.
Key Takeaways from Market Study
- The advanced composites market is expected to have a CAGR of 9.2% during the forecast period.
- The market is segmented based on product, wherein the carbon fiber segment accounted for a significant global advanced composites market share of 64.1% in 2021.
- Carbon fiber segment is predicted to have a CAGR of 10.9% in the advanced composites market during the forecast period.
- The market is segmented based on application, wherein the aerospace and defense segment accounted for an adequate global advanced composites market share of 40.5% in 2021.
- The North America advanced composites market is anticipated to grow at the fastest rate, with a sales share of 37% in 2021.
- The Europe advanced composites market is expected to grow significantly during the forecast period.
Competitive Landscape
The focus of the key players in the advanced composites market is on customizing solutions for customers, which results in a high switching cost for the consumer enterprises. This will enable them to invest significantly in R&D.
In order to obtain a continuous competitive edge in the advanced composites market share, businesses can create and offer newer, better goods at higher price points.
Following the Key Players 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.
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Recent Developments:
- Toray Advanced Composites reports that it has finished a long-term supply arrangement with Joby Aviation for the composite material used in its aircraft in December 2020. Toray’s carbon fiber composite materials will be used by a California-based aircraft manufacturer to develop quick, inexpensive, and emissions-free aerial ridesharing for global communities.
- Impossible Objects and Owens Corning signed a joint development agreement in May 2021 to work on developing new materials for Impossible Objects’ composite-based additive manufacturing (CBAM) technology.
- Arris Composites is the innovator of next-generation composite materials for mass market applications, such as consumer goods, aircraft, and transportation.
Key segments
By Product:
- Aramid
- Carbon
- Glass
By Application:
- Aerospace & Defense
- Automotive
- Construction
- Sporting Goods
- Wind Energy
By Region:
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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Table of Content
- Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
- Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
- Market Background
3.1. Market Dynamics
3.2. Scenario Forecast
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
- Global Advanced Composites Market Analysis 2017-2021 and Forecast, 2022-2032
4.1. Historical Market Size Value (US$ Mn) & Volume (Tons) Analysis, 2017-2021
4.2. Current and Future Market Size Value (US$ Mn) & Volume (Tons) Projections, 2022-2032
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
- Global Advanced Composites Market Analysis 2017-2021 and Forecast 2022-2032, By Product
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Mn) & Volume (Tons) Analysis By Product, 2017-2021
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