The advanced composites market is forecasted to exhibit robust growth, with projections indicating a market share of USD 107.30 billion by 2033. According to industry analysts, the market is anticipated to grow at a steady compound annual growth rate (CAGR) of 9.1% between 2023 and 2033, starting from a valuation of USD 44.91 billion in 2023.
Advanced composites, including carbon fiber and s-glass fiber composites, are increasingly utilized across diverse industries such as sports goods, aerospace, military, civil engineering, medicine, and pipes and tanks. These composites offer superior strength-to-weight ratios, durability, and corrosion resistance, making them essential in applications requiring high performance and reliability.
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This growth is driven by increasing demand across various sectors such as sports equipment, aerospace, and military applications. Specifically, there is a rising need for advanced composites like carbon fiber and s-glass fiber in aerospace and defense. These materials are also seeing higher usage in new industries such as civil engineering, healthcare, and manufacturing of pipes and tanks.
The industrial development in countries like China, India, and Japan is playing a significant role in expanding the market. Additionally, there is a growing demand in the construction industry and for environmentally friendly products, which is expected to drive further growth in the advanced composites sector.
Key Takeaways from Advanced Composites Market Report:
- 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.
Key Players Profiled in the Global Market:
- 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
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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 Segmentation Covered:
By Product:
- Aramid
- Carbon
- Glass
By Application:
- Aerospace & Defense
- Automotive
- Construction
- Sporting Goods
- Wind Energy
By Regions Covered:
- North America
- The United States
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- The United Kingdom
- France
- Spain
- Russia
- Rest of Europe
- Japan
- Asia Pacific Excluding Japan
- China
- India
- Malaysia
- Singapore
- Australia
- Rest of Asia Pacific Excluding Japan (APEJ)
- Middle East and Africa
- GCC Countries
- Israel
- South Africa
- The Middle East and Africa (MEA)
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