Advanced Composites Market to Cross $98.90 billion Revenue by 2030

Advanced Composites Market Overview

“The Advanced Composites Market Predictable at $34.48 billion in 2022, is estimated to increase at a CAGR of 10.1% from $42.56 billion in 2023 to $98.90 billion by 2030.”

The market for advanced composites, also known as advanced polymer matrix composites, is expected to grow due to the increasing demand in aerospace, defense, and athletic items. These lightweight materials, which have a high modulus of elasticity and strength, are widely used in various sectors including aerospace, military, marine, automobile, and wind energy.

The US, with its significant aerospace and defense manufacturing base, is expected to see a significant demand for advanced composites due to their potential to reduce equipment weight and improve performance. The growing demand for these materials in turbine construction is expected to further boost the industry, with global wind turbine installations expected to increase. The use of carbon and glass advanced composites is also expected to increase demand.

Advanced composites are increasingly used in athletic goods, seafaring, and construction, but their high price and high-performance resins may hinder market expansion. The sector is characterized by integration from manufacturing to distribution, providing a cost advantage. The market is highly competitive due to the presence of numerous manufacturers and suppliers worldwide, making it difficult to maintain demand. Automation and high-performance resins also contribute to the cost advantage.

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Key Takeaways

In 2022, the glass fiber composites segment accounted for 28% of revenue.

Carbon fiber composites are predicted to grow at a CAGR of 10.1% between 2023 and 2030.

From 2023 to 2030, the wind energy application segment is expected to increase at an 8.4% CAGR.

From 2023 to 2030, the automotive industry is predicted to grow at an 8.3% CAGR.

Market Dynamics

Growth Factors

The Advanced Composites Market is expected to grow due to increased demand in the automotive and aerospace industries, primarily due to their high strength, stiffness, fatigue, and abrasion resistance. These composites are widely used in high-performance supercar and aircraft parts, such as wings, engine nacelles, ailerons, and landing gear doors.

Growth Drivers

Advanced composites for industrial applications -

Advanced composite materials are gaining recognition in various industries, providing a competitive advantage over traditional steel or aluminum constructions. They are being used in aerospace, yachting, wind energy, building facades, medical applications, and vehicle cabins, expanding their applications beyond aerospace and wind energy.

Increased demand for fuel-efficient, lightweight automobiles –

The global carbon footprint is crucial in combating pollution. Governments worldwide are encouraging fuel-efficient automobiles, requiring automotive and aircraft manufacturers to collaborate with them. Advanced composite materials can reduce pollutants and smog by up to 50%, minimizing the impact of rising gasoline prices and carbon emissions. This collaboration is essential for achieving greater efficiency in the production of fuel-efficient vehicles and aircraft.

The market for advanced composite materials has grown due to the increasing demand for improved vehicle and aircraft efficiency, reduced fuel costs, pollution reduction, and lightweight automobiles, driven by research and development efforts.

In the defense industry, there is a growing demand for sophisticated composites.

The global advanced composites market is expected to grow due to the increasing demand for aramid composites, particularly in the defense industry, due to their high strength, heat, low density, and impact resistance properties, which are crucial drivers of expansion.

Trends

Aerospace and Defense Will Drive Advanced Composite Materials Market Growth

• The aerospace industry is boosting its use of composite materials in commercial transport aircraft due to their lighter design, higher fuel economy, and lower operating costs.
• Advanced composite materials possess high strength, stiffness, heat and chemical resistance, electrical conductivity, and other thermal and chemical properties, expanding their use in aerospace and defense industries due to their diverse thermal and chemical properties.
• These items are commonly used in ballistic protection, including bulletproof jackets, gloves, motorcycle clothing, and hunting gaiters.
• The increasing air traffic in the Middle East and Asia-Pacific is expected to boost the demand for commercial and passenger aircraft.

Opportunities

In developing countries, there is a growing demand for ceramic matrix composites.

The demand for ceramic matrix composites in developing Asia-Pacific countries like Thailand, China, India, and Singapore is expected to drive market growth, as these nations aim to develop fuel-efficient aircraft engines and vehicle modules to combat rising fuel consumption and pricing.

Advanced ceramic matrix composites are used in engine parts like combustor liners, blades, nozzles, and shrouds, leading to lower operational and administrative costs for aircraft. High urbanization, industrialization, and improved living standards in countries encourage the adoption of fuel-efficient machinery.

The rising popularity of elaborate and small designs

The demand for intricate designs, increasing material requirements, and cost constraints may drive the growth of the advanced composites market. However, climate change, eco-friendly lifestyles, and industrial constraints may hinder its expansion due to environmental concerns.

Renewable energy is crucial, and market expansion presents an opportunity for the advanced composites market to reach its full potential, as composites are essential for creating and constructing carbon-neutral energy-generating equipment.

Competitive Landscape of the Advanced Composites Market

• 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 
• Toray Industries, Inc.
• Koninklijke Ten Cate NV
• Teijin Limited
• Hexcel Corporation

Recent Developments in Advanced Composites Market

Mitsubishi Chemical Corporation announced that it will acquire c-m-p GmbH, Germany through its subsidiary, Mitsubishi Chemical Advanced Material, in January 2020, in order to strengthen its presence in the carbon fibre composite material business.

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 might 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.

Momentive Performance Materials Inc., has introduced new composites for multi-industrial usage under its performance materials segment. The focus is to produce solutions for sustainability with enhanced research and development efforts.

Segments Covered in the Advanced Composites Market

Advanced Composites Market By Product

• Aramid Fiber Composites
• Carbon Fiber Composites
• S-Glass Fiber Composites
• Others

Advanced Composites Market By Application Type

• Aerospace & defense
• Automotive
• Transportation
• Electrical & Electronics
• Wind energy
• Civil Engineering
• Medical
• Marine
• Sporting goods
• Others

Advanced Composites Market By Resin

• Advanced Thermosetting Composites
• Advanced Thermoplastic Composites

Advanced Composites Market By Manufacturing Process

• Hand layup/ Spray Layup
• Pultrusion
• AFP/ATL
• Injection Molding
• Compression Molding
• Filament Winding
• RTM/VARTM
• Others

Advanced Composites Market By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)

Frequently Asked Questions:

What is the current size of advanced composites market?

The Advanced Composites Market Predictable at $34.48 billion in 2022, is estimated to increase at a CAGR of 10.1% from $42.56 billion in 2023 to $98.90 billion by 2030.

What will be the CAGR of global advanced composites market?

The global advanced composites market is poised to grow at a CAGR of 10.1% from 2023 to 2030.

Who are the prominent players operating in the advanced composites market?

The major players operating in the advanced composites market 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., WS Atkins plc, AGY Holdings Corp., Formosa Plastics Corporation.

Which are the driving factors of the advanced composites market?

The advanced composites market is expanding rapidly as a result of driving factors such as rising demand for carbon fibre and s-glass fibre composites in the aerospace and defence industries