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Add to CartGlobal Advanced Composites Market Growth, Share, Size, Trends and Forecast (2024 - 2030)
By Fiber Typee;
Carbon Fiber Composites, Aramid Fiber Composites, S-Glass Composites, and Other Composites.By Resin Type;
Advanced Thermosetting Composites and Advanced Thermoplastic Composites.By Manufacturing Process;
AFP/ATL, Compression Molding Process, Hand Layup/Spray Layup Process, Resin Transfer Molding Process, Filament Winding Process, Injection Molding Process, Pultrusion Process, and Others.By End-Use Industry;
Aerospace & Defense, Wind Energy, Transportation, Sporting Goods, Pipes & Tanks, Marine, Civil Engineering, Electrical & Electronics, Medical, and Others.By Geography;
North America, Europe, Asia Pacific, Middle East and Africa and Latin America - Report Timeline (2020 - 2030).Introduction
Global Advanced Composites Market (USD Million), 2020 - 2030
In the year 2023, the Global Advanced Composites Market was valued at USD xx.x million. The size of this market is expected to increase to USD xx.x million by the year 2030, while growing at a Compounded Annual Growth Rate (CAGR) of x.x%.
The global advanced composites market has experienced significant growth over the past decade, driven by the increasing demand for lightweight, high-performance materials across various industries. Advanced composites, which include carbon fiber composites, glass fiber composites, and aramid fiber composites, offer exceptional strength-to-weight ratios, corrosion resistance, and durability. These properties make them ideal for use in aerospace, automotive, construction, wind energy, and marine applications. The aerospace industry, in particular, has been a major driver of market growth, with advanced composites being used extensively in the manufacturing of commercial and military aircraft to improve fuel efficiency and reduce maintenance costs.
The automotive sector is another key contributor to the market's expansion, as manufacturers seek to reduce vehicle weight to meet stringent emissions regulations and improve fuel economy. Advanced composites are increasingly being used in the production of automotive components such as body panels, chassis, and interiors. The shift towards electric vehicles (EVs) has further amplified the demand for these materials, as lightweight structures are essential for enhancing the performance and range of EVs. Additionally, the wind energy sector has seen substantial uptake of advanced composites in the production of turbine blades, which require materials that can withstand high stress and environmental factors while maintaining a lightweight structure.
Geographically, the market is witnessing robust growth in regions such as North America, Europe, and the Asia-Pacific. North America, driven by the presence of leading aerospace and automotive companies, remains a dominant player in the market. Europe is also a significant market, particularly due to stringent environmental regulations and the strong presence of the automotive and wind energy industries. The Asia-Pacific region is emerging as a lucrative market for advanced composites, with rapid industrialization, increasing infrastructure development, and the expansion of the automotive sector. Overall, the global advanced composites market is poised for continued growth, supported by technological advancements, increasing application scope, and rising awareness of the benefits of these innovative materials.
Global Advanced Composites Market Recent Developments & Report Snapshot
Recent Developments:
- In June 2022, Hexcel Corporation announced that Sikorsky, a Lockheed Martin Company, has provided a long-term contract, in order to deliver innovative composite structures for the CH-53K King Stallion heavy lift helicopter program
- In March 2022, Hexcel Corporation announced the expansion of its current engineered core manufacturing operation in Morocco. In order to address the rising demand for lightweight advanced composites from aerospace clients
| Parameters | Description |
|---|---|
| Market | Global Advanced Composites Market |
| Study Period | 2020 - 2030 |
| Base Year (for Advanced Composites Market Size Estimates) | 2023 |
| Drivers |
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| Restraints |
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| Opportunities |
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Segment Analysis
This report offers a thorough analysis of the global advanced composites market, meticulously examining various market segments to provide a detailed understanding of market dynamics. The segments covered include types of composites such as carbon fiber composites, glass fiber composites, and aramid fiber composites. Each segment is analyzed in terms of revenue generation, both historically and in future projections, allowing for a clear view of market trends and growth patterns. The analysis highlights the unique properties and applications of each composite type, illustrating how their specific characteristics meet the demands of various industries. For instance, carbon fiber composites are extensively used in aerospace and automotive industries due to their superior strength-to-weight ratio and durability.
Revenue analysis for each segment is substantiated with relevant data points, offering insights into the market's past performance and future potential. Historical data provides a baseline for understanding market growth trajectories, while forecasted data helps predict future trends. The report includes comprehensive charts, graphs, and tables that depict revenue trends and market share distributions among different segments. This visual representation of data aids in understanding the relative performance of each segment over time. For example, the report may show how the demand for glass fiber composites has evolved with the increasing construction activities and how this trend is expected to continue in the forecast period.
The insights generated from the analysis of these data points offer valuable information about market drivers, restraints, and opportunities. By examining data trends and patterns, the report identifies key factors influencing market growth, such as technological advancements, regulatory changes, and shifting consumer preferences. The insights also shed light on emerging trends and potential areas for investment, providing stakeholders with actionable information to make informed decisions. For example, the increasing use of advanced composites in renewable energy applications, such as wind turbine blades, represents a significant growth opportunity highlighted in the report. By covering every market segment in depth, this report serves as a comprehensive resource for understanding the complexities and dynamics of the global advanced composites market.
Global Advanced Composites Segment Analysis
In this report, the Global Advanced Composites Market has been segmented by Fiber Type, Resin Type, Manufacturing Process, End-Use Industry, and Geography.
The global advanced composites market is segmented into various types based on the materials used, including carbon fiber composites, glass fiber composites, and aramid fiber composites. Each segment possesses distinct characteristics that cater to different industry needs. Carbon fiber composites dominate the market due to their exceptional strength-to-weight ratio and high stiffness, making them ideal for aerospace, automotive, and high-performance sporting goods. Glass fiber composites, while not as strong as carbon fiber, are more cost-effective and are extensively used in construction, wind energy, and marine industries for their good tensile strength and corrosion resistance. Aramid fiber composites, known for their heat resistance and high strength, are primarily used in defense and protective equipment.
The market is segmented by end-use industries, including aerospace, automotive, construction, wind energy, and marine. The aerospace sector remains the largest consumer of advanced composites, driven by the need for lightweight materials to improve fuel efficiency and performance. The automotive industry is rapidly adopting these materials to meet emission regulations and enhance vehicle efficiency, especially with the rise of electric vehicles. The wind energy sector also represents a significant growth area, with advanced composites being crucial in manufacturing large, durable turbine blades. Each end-use industry’s demand is analyzed to understand its contribution to market growth, supported by revenue data and future forecasts, highlighting trends and opportunities within each segment.
Global Advanced Composites Market, Segmentation by Fiber Type
The Global Advanced Composites Market has been segmented by Fiber Type into Carbon Fiber Composites, Aramid Fiber Composites, S-Glass Composites, and Other Composites.
The global advanced composites market is segmented by fiber type into carbon fiber, glass fiber, and aramid fiber composites, each serving distinct roles across various industries. Carbon fiber composites lead the market due to their superior properties, such as high stiffness, strength, and low weight, which make them indispensable in aerospace, automotive, and sports equipment applications. The demand for carbon fiber composites is driven by their extensive use in aircraft components, high-performance car parts, and sporting goods, where weight reduction without compromising strength is crucial. Additionally, technological advancements in carbon fiber manufacturing and cost reductions have expanded their application scope, further boosting market growth.
Glass fiber composites, while not as strong or lightweight as carbon fiber, are more cost-effective and widely used in construction, marine, and wind energy industries. Their excellent tensile strength, durability, and corrosion resistance make them suitable for a variety of structural applications, including building reinforcements, boat hulls, and wind turbine blades. Glass fiber composites dominate the market in terms of volume due to their affordability and versatility. Aramid fiber composites, known for their exceptional heat resistance and strength, are primarily used in specialized applications such as ballistic protection, military, and aerospace. These fibers provide enhanced durability and protection in extreme conditions, making them critical for safety and defense purposes. The segmentation by fiber type highlights the diverse applications and growing demand for each type of fiber in the advanced composites market, reflecting the evolving needs of various industries.
Global Advanced Composites Market, Segmentation by Resin Type
The Global Advanced Composites Market has been segmented by Resin Type into Advanced Thermosetting Composites and Advanced Thermoplastic Composites.
The global advanced composites market is segmented by resin type into thermosetting and thermoplastic resins. Thermosetting resins, such as epoxy, polyester, and vinyl ester, dominate the market due to their superior mechanical properties, chemical resistance, and stability. Epoxy resins, in particular, are highly valued for their strong adhesion, high fatigue resistance, and ability to withstand extreme environmental conditions, making them ideal for aerospace, automotive, and wind energy applications. Polyester resins are widely used in marine and construction industries due to their excellent durability and cost-effectiveness. Vinyl ester resins offer a balance of performance and cost, making them suitable for various industrial applications. The thermosetting segment has shown significant revenue growth, driven by the increasing demand for high-performance materials in critical applications. From 2020 to 2024, the thermosetting resin market has expanded, and this trend is expected to continue, with projected growth up to 2030.
On the other hand, thermoplastic resins, including polypropylene, polyamide, and polyether ether ketone (PEEK), are gaining traction due to their recyclability, high impact resistance, and faster processing times. Thermoplastic composites are increasingly being adopted in the automotive and consumer goods sectors, where the need for lightweight and durable materials is paramount. These resins can be remolded and reshaped, offering advantages in manufacturing efficiency and cost savings. The market for thermoplastic resins has experienced steady growth from 2020 to 2024, driven by advancements in processing technologies and the shift towards sustainable materials. Revenue from thermoplastic resins is expected to grow significantly up to 2030, as industries continue to prioritize sustainability and efficiency in material usage. The increasing application of thermoplastic composites in emerging markets further supports this positive outlook.
Global Advanced Composites Market, Segmentation by Manufacturing Process
The Global Advanced Composites Market has been segmented by Manufacturing Process into AFP/ATL, Compression Molding Process, Hand Layup/Spray Layup Process, Resin Transfer Molding Process, Filament Winding Process, Injection Molding Process, Pultrusion Process, and Others.
The global advanced composites market is segmented by manufacturing process into lay-up, filament winding, injection molding, pultrusion, and resin transfer molding (RTM), among others. The lay-up process, which includes both hand lay-up and automated lay-up, is widely used due to its versatility and cost-effectiveness, particularly in producing large, complex shapes and structures. This method is predominantly used in the aerospace, marine, and wind energy sectors where large, custom-designed components are required. From 2020 to 2024, the lay-up process has maintained a substantial share of the market, driven by increasing demand for lightweight, durable materials in these industries. The trend is expected to continue, with forecast data up to 2030 indicating sustained growth as advancements in automation and material technologies further enhance the efficiency and capabilities of the lay-up process.
Filament winding and resin transfer molding (RTM) are also significant contributors to the advanced composites market. Filament winding, known for its ability to produce high-strength, high-stiffness cylindrical components such as pipes and pressure vessels, is extensively used in the aerospace and defense sectors. The process offers excellent material utilization and mechanical properties, driving its adoption. Meanwhile, RTM, which involves injecting resin into a mold containing a pre-placed fiber reinforcement, is favored for its precision and ability to produce high-quality, complex shapes. RTM is widely used in the automotive and aerospace industries for components that require a high degree of accuracy and performance. Revenue from these processes has grown steadily from 2020 to 2024, reflecting their critical role in meeting industry-specific demands. Looking ahead to 2030, both filament winding and RTM are projected to experience continued growth, supported by ongoing innovations and increasing applications in various high-performance sectors.
Global Advanced Composites Market, Segmentation by End-Use Industry
The Global Advanced Composites Market has been segmented by End-Use Industry into Aerospace & Defense, Wind Energy, Transportation, Sporting Goods, Pipes & Tanks, Marine, Civil Engineering, Electrical & Electronics, Medical, and Others.
The global advanced composites market is segmented by end-use industry into aerospace & defense, automotive, wind energy, construction, marine, and sporting goods, among others. The aerospace & defense sector is the largest end-use industry for advanced composites, driven by the need for lightweight, high-strength materials that enhance fuel efficiency and performance. From 2020 to 2024, the aerospace industry has significantly contributed to market revenue, with composites being integral to the manufacture of aircraft components, including fuselages, wings, and interior parts. The high demand for advanced composites in this sector is expected to continue growing through 2030, fueled by the increasing production of commercial aircraft and the modernization of military fleets.
The automotive industry is another major consumer of advanced composites, utilizing these materials to meet stringent emission regulations and improve vehicle efficiency. The shift towards electric vehicles (EVs) has further accelerated the adoption of composites, as manufacturers seek to reduce vehicle weight and extend battery life. From 2020 to 2024, the automotive sector has shown robust growth in the use of advanced composites, and this trend is projected to continue, with significant revenue increases anticipated up to 2030. Additionally, the wind energy sector has emerged as a crucial end-use industry, with advanced composites being essential for manufacturing large, durable turbine blades. The construction and marine industries also contribute to the market, utilizing composites for their strength, durability, and resistance to harsh environments. The sporting goods industry leverages advanced composites to produce high-performance equipment, further diversifying the market's end-use applications.
Global Advanced Composites Market, Segmentation by Geography
In this report, the Global Advanced Composites Market has been segmented by Geography into five regions; North America, Europe, Asia Pacific, Middle East and Africa and Latin America.
Global Advanced Composites Market Share (%), by Geographical Region, 2023
In 2023, the global advanced composites market was predominantly led by North America, which held the largest market share. The region's dominance can be attributed to the substantial demand from the aerospace and defense sectors, particularly in the United States, which is home to several major aircraft manufacturers and defense contractors. North America's market share is also bolstered by significant investments in research and development, leading to continuous advancements in composite materials and manufacturing processes. Additionally, the presence of a well-established automotive industry focused on lightweight materials for fuel efficiency and the burgeoning wind energy sector further contribute to North America's leading position in the advanced composites market.
Following North America, Europe held the second-largest market share in 2023. The region's strong foothold in the market is supported by the presence of prominent aerospace companies, particularly in countries like France, Germany, and the UK. The European automotive industry also plays a critical role, with increasing adoption of advanced composites to meet stringent emission standards and enhance vehicle performance. Moreover, Europe is a significant player in the wind energy market, driving demand for durable and lightweight composite materials for turbine blades. The Asia-Pacific region, particularly China and Japan, is rapidly emerging as a key market for advanced composites, driven by growing investments in aerospace, automotive, and renewable energy sectors. The region's market share is expected to increase in the coming years, reflecting its expanding industrial base and increasing focus on high-performance materials.
Market Trends
This report provides an in depth analysis of various factors that impact the dynamics of Global Advanced Composites Market. These factors include; Market Drivers, Restraints and Opportunities Analysis.
Drivers, Restraints and Opportunities Analysis
Drivers:
- Aerospace Sector Demand
- Automotive Lightweighting Initiatives
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Renewable Energy Expansion-The expansion of renewable energy sources, particularly in the wind energy sector, presents a significant growth opportunity for the global advanced composites market. Wind turbine blades, essential components of wind turbines, require materials that are lightweight, durable, and resistant to harsh environmental conditions. Advanced composites, with their superior mechanical properties and corrosion resistance, have emerged as the material of choice for manufacturing these blades. As the global push for renewable energy intensifies, the demand for wind turbines continues to rise, driving the need for advanced composites in the renewable energy sector.Moreover, the development of offshore wind farms, where turbines are subjected to even more extreme conditions, further amplifies the demand for advanced composites. Offshore wind turbines operate in harsh marine environments, requiring materials that can withstand corrosion, fatigue, and saltwater exposure.
Advanced composites offer excellent corrosion resistance and durability, making them well-suited for offshore applications. As countries around the world invest in offshore wind energy projects to meet their renewable energy targets, the market for advanced composites is expected to experience significant growth.Furthermore, beyond wind energy, advanced composites are also finding applications in other renewable energy sectors such as solar power. Composites are used in the construction of solar panels and support structures due to their lightweight nature and ability to withstand environmental stressors. As the solar energy industry continues to expand, driven by decreasing costs and increasing efficiency of solar technologies, the demand for advanced composites in this sector is poised to grow. Overall, the renewable energy expansion presents a promising opportunity for the global advanced composites market, driving innovation and growth in the years to come.
Restraints:
- High Production Costs
- Recycling and Disposal Challenges
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Regulatory Hurdles-Regulatory hurdles pose a significant challenge to the global advanced composites market, impacting various aspects of production, distribution, and usage. One of the primary regulatory challenges is compliance with stringent environmental and safety standards. Advanced composites often involve complex manufacturing processes and the use of chemicals that may raise concerns regarding worker safety and environmental impact. Meeting regulatory requirements necessitates substantial investments in research and development to develop safer manufacturing methods and materials.Moreover, the global trade landscape presents regulatory challenges for the advanced composites market, particularly in terms of tariffs and trade restrictions. Trade disputes and geopolitical tensions can disrupt supply chains and increase costs for manufacturers, affecting market dynamics and profitability.
Navigating these regulatory complexities requires strategic planning and adaptability to mitigate potential risks and ensure smooth operations across borders.Additionally, regulatory frameworks related to intellectual property rights and technology transfer pose challenges for market participants. Protecting intellectual property is crucial for companies investing in research and development to innovate new composite materials and manufacturing processes. However, navigating patent laws and ensuring compliance with licensing agreements can be complex and time-consuming, hindering the pace of innovation and market growth. Overcoming these regulatory hurdles requires collaboration between industry stakeholders, policymakers, and regulatory authorities to develop transparent and equitable frameworks that foster innovation while ensuring safety, environmental sustainability, and fair market competition.
Opportunities:
- Technological Advancements
- Emerging Applications in Infrastructure
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Growing Investment in Research & Development-The growing investment in research and development (R&D) is a pivotal driver propelling the advancement and expansion of the global advanced composites market. Companies across industries are increasingly allocating resources to R&D activities to develop innovative composite materials, manufacturing techniques, and applications. These investments aim to enhance the performance, durability, and cost-effectiveness of advanced composites, catering to diverse industry needs and driving market growth.With R&D playing a crucial role in driving technological advancements, companies are collaborating with research institutions, universities, and government agencies to explore new materials and processes, fostering a culture of innovation in the advanced composites sector.Furthermore, the increasing focus on sustainability and environmental stewardship is driving investment in R&D for eco-friendly composite materials.
As industries seek to reduce their carbon footprint and minimize environmental impact, there is a growing demand for sustainable alternatives to traditional materials. R&D efforts are directed towards developing bio-based composites, recycled materials, and green manufacturing processes that offer comparable performance while reducing reliance on finite resources and mitigating environmental harm.These investments not only address regulatory requirements but also align with consumer preferences for eco-conscious products, driving market competitiveness and long-term sustainability.Moreover, the rapid pace of technological innovation is fueling investments in R&D to explore emerging applications and market opportunities for advanced composites. Industries such as aerospace, automotive, renewable energy, and infrastructure are increasingly integrating advanced composites into their products and processes to capitalize on their unique properties and benefits. With advancements in additive manufacturing, automation, and digital design tools, R&D efforts are focused on unlocking new capabilities and optimizing production processes to meet evolving industry demands. As companies continue to invest in R&D to push the boundaries of what is possible with advanced composites, the market is poised for dynamic growth and transformation in the coming years.
Competitive Landscape Analysis
Key players in Global Advanced Composites Market include:
- Toray Industries, Inc.
- Recent Developments
- Teijin Limited
- Mitsubishi Chemical Holdings Corporation
- SGL Group
- Koninklijke Ten Cate BV.
- Huntsman International, LLC.
- Solvay
- Hexcel Corporation
- Hexion
- E. I. Du Pont Nemours & Co.
- Owens Corning
In this report, the profile of each market player provides following information:
- Company Overview and Product Portfolio
- Key Developments
- Financial Overview
- Strategies
- Company SWOT Analysis
- Introduction
- Research Objectives and Assumptions
- Research Methodology
- Abbreviations
- Market Definition & Study Scope
- Executive Summary
- Market Snapshot, By Fiber Type
- Market Snapshot, By Resin Type
- Market Snapshot, By Manufacturing Process
- Market Snapshot, By End-Use Industry
- Market Snapshot, By Region
- Global Advanced Composites Market Dynamics
- Drivers, Restraints and Opportunities
- Drivers
- Aerospace Sector Demand
- Automotive Lightweighting Initiatives
- Renewable Energy Expansion
- Restraints
- High Production Costs
- Recycling and Disposal Challenges
- Regulatory Hurdles
- Opportunities
- Technological Advancements
- Emerging Applications in Infrastructure
- Growing Investment in Research & Development
- Drivers
- PEST Analysis
- Political Analysis
- Economic Analysis
- Social Analysis
- Technological Analysis
- Porter's Analysis
- Bargaining Power of Suppliers
- Bargaining Power of Buyers
- Threat of Substitutes
- Threat of New Entrants
- Competitive Rivalry
- Drivers, Restraints and Opportunities
- Market Segmentation
- Global Advanced Composites Market, By Fiber Type, 2020 - 2030 (USD Million)
- Carbon Fiber Composites
- Aramid Fiber Composites
- S-Glass Composites
- Other Composites
- Global Advanced Composites Market, By Resin Type, 2020 - 2030 (USD Million)
- Advanced Thermoplastic Composites
- Advanced Thermosetting Composites
- Global Advanced Composites Market, By Manufacturing Process, 2020 - 2030 (USD Million)
- AFP/ATL
- Compression Molding Process
- Hand Layup/Spray Layup Process
- Resin Transfer Molding Process
- Filament Winding Process
- Injection Molding Process
- Pultrusion Process
- Others
- Global Advanced Composites Market, By End-Use Industry, 2020 - 2030 (USD Million)
- Aerospace & Defense
- Wind Energy
- Transportation
- Sporting Goods
- Pipes & Tanks
- Marine
- Civil Engineering
- Electrical & Electronics
- Medical
- Others
- Global Advanced Composites Market, By Geography, 2020 - 2030 (USD Million)
- North America
- United States
- Canada
- Europe
- Germany
- United Kingdom
- France
- Italy
- Spain
- Nordic
- Benelux
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia/New Zealand
- South Korea
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa
- GCC
- Israel
- South Africa
- Rest of Middle East & Africa
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- North America
- Global Advanced Composites Market, By Fiber Type, 2020 - 2030 (USD Million)
- Competitive Landscape
- Company Profiles
- Toray Industries, Inc.
- Recent Developments
- Teijin Limited
- Mitsubishi Chemical Holdings Corporation
- SGL Group
- Koninklijke Ten Cate BV.
- Huntsman International, LLC.
- Solvay
- Hexcel Corporation
- Hexion
- E. I. Du Pont Nemours & Co.
- Owens Corning
- Company Profiles
- Analyst Views
- Future Outlook of the Market