The advanced composites market is projected to maintain a robust CAGR of 9.1% from 2023 to 2033. By 2033, the market is anticipated to capture a substantial share of US$107.30 billion, starting at US$44.91 billion in 2023.
The demand surge for advanced composites in sectors like sports, aerospace, and defense is a pivotal growth factor. Particularly, the aerospace and defense industries’ reliance on carbon fiber and s-glass fiber composites, coupled with the increasing adoption of carbon fiber composites in diverse fields such as civil engineering, medicine, and industrial applications, is propelling market growth.
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The industrial growth of developing nations, including China, India, and Japan, further contributes to the market’s expansion. The construction industry’s growing need for advanced composites and environmentally friendly specialty products adds to this momentum.
Although the pandemic caused setbacks, the market is gradually recovering from production interruptions. Key players are investing in thermoplastic composites production to address the multi-sector demand. Advanced composites find favor in aerospace and defense due to their weight reduction benefits, as well as in turbine manufacturing, benefiting from the global increase in wind turbine installations. These factors collectively contribute to the market’s anticipated growth and influence its trajectory positively.
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
- The United States market leads North America’s advanced composites market in terms of market share in North America. North America held a market share of 36.8% in 2022. The factors attributed to the growth are the advancement of the aerospace industry along with increased material research.
- Germany’s advanced composites market held a healthy market share in 2022. The market growth is due to being the hub of aerospace manufacturing with the presence of key aircraft production companies like Airbus, Collins Aerospace, and Germany Aerospace Center (DLR).
- India’s market thrives at a healthy CAGR between 2023 and 2033. Businesses in India are adopting new materials along with Aerospace engineering flourishing in the region.
- Based on product type, the carbon fiber composites segment leads the market as it held a market share of 64% in 2022.
- Based on application type, the aerospace industry leads the segment as it accumulated a revenue share of 40.4% in the global market in 2022.
Competitive Scenario:
The key suppliers focus on providing each type of polymer, advanced composites for different applications. Moreover, the competitors also merge, acquire, and partner with other companies to increase their supply chain and distribution channel.
Recent Market Developments
- Cytec Solvay Group has introduced advanced materials for the leading industries such as aerospace composited, automotive composited, and oil and gas composites. These composites hold different properties that benefit the sector.
- Huntsman Corporation has also revised its advanced materials for energy, electrical, and other aerospace projects.
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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