The advanced composites market is poised for steady growth, with a projected compound annual growth rate (CAGR) of 9.1% between 2023 and 2033. By 2033, the market is expected to reach a substantial market share of US$107.30 billion, a significant increase from the US$44.91 billion estimated for 2023.
Several factors are driving the growth of the advanced composites market. Notably, there is a rising demand for advanced composites in diverse industries, including sports goods, aerospace, and military sectors. The aerospace and defense industries are particularly noteworthy, with a growing need for carbon fiber and s-glass fiber composites. Additionally, the expanding applications of carbon fiber composites in fields such as civil engineering, medicine, and pipes and tanks contribute to the market’s robust growth.
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Furthermore, the industrialization of developing nations like China, India, and Japan plays a pivotal role in market expansion. The construction industry, in particular, is expected to witness increased demand for advanced composites, alongside a growing interest in environmentally friendly products.
It’s important to note that the advanced composites market faced significant challenges during the COVID-19 pandemic, with production disruptions. However, the market is in the process of recovery, and leading players in the advanced composite sector are making strategic investments in the production of thermoplastic composites to meet the rising demand across various end-use sectors. These developments indicate a promising future for the advanced composites market.
Key Takeaways from Market Study
- The advanced composites market is forecasted to grow at a steady CAGR of 9.1% between 2023 and 2033.
- By 2033, the market is expected to reach a substantial value of US$107.30 billion, up from an estimated US$44.91 billion in 2023.
- Growing demand in industries like sports goods, aerospace, and defense is a major driver for advanced composites market expansion.
- Industrialization in developing nations like China, India, and Japan is contributing to market growth, especially in the construction sector.
- The market faced challenges during the COVID-19 pandemic but is recovering, with a focus on the production of thermoplastic composites to meet rising demand.
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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.
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
Author
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
Ismail is a regular at industry conferences and expos and has been widely covered in electronic and print media. He is a Speaker at our upcoming Talk show – Rise of the Intelligent Packaging. Ismail has been quoted in leading publications, including the European Pharmaceutical Review and the European Adhesive Tape Association.
About Future Market Insights (FMI)
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