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Advanced Composites Market

Advanced Composites Market

Advanced Composites Market - Global Industry Assessment & Forecast

Number Of Pages # Pages:

148

Base Year:

2022

Date

May - 2023

Format:

PDF XLS PPT

Report Code:

VMR-2118

Segments Covered
  • By Product By Product Aramid Fiber Composites, Carbon Fiber Composites, Glass Fiber Composites
  • By Application By Application Aerospace & Defense, Automotive, Wind Energy, Sporting Goods, Other Applications
  • By Region By Region North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Snapshot
Base YearBase Year: 2022
Forecast YearsForecast Years: 2023 - 2030
Historical YearsHistorical Years: 2017 - 2021
Revenue 2022Revenue 2022: USD 32.2 Billion
Revenue 2030Revenue 2030: USD 58.48 Billion
Revenue CAGRRevenue CAGR (2023 - 2030): 8.9%
Fastest Growing Region Fastest Growing Region (2023 - 2030) Asia Pacific
Largest Region Largest Region (2022): North America
Customization Offered
  • Cross-segment Market Size and Analysis for Mentioned Segments Cross-segment Market Size and Analysis for Mentioned Segments
  • Additional Company Profiles (Upto 5 With No Cost) Additional Company Profiles (Upto 5 With No Cost)
  • Additional Countries (Apart From Mentioned Countries) Additional Countries (Apart From Mentioned Countries)
  • Country/Region-specific Report Country/Region-specific Report
  • Go To Market Strategy Go To Market Strategy
  • Region Specific Market Dynamics Region Specific Market Dynamics
  • Region Level Market Share Region Level Market Share
  • Import Export Analysis Import Export Analysis
  • Production Analysis Production Analysis
  • Other Others Request Customization Speak To Analyst
Advanced Composites Market Share

The global Advanced Composites Market was valued at 2022 in 2022 and is projected to reach a value of 2030 by 2030 at a CAGR (Compound Annual Growth Rate) of 8.9% between 2023 and 2030.

Premium Insights

Advanced Composites comprise two or more materials with distinct physical and chemical properties, such as carbon fiber, fiberglass, and aramid fibers, and matrix material, such as resin or metal. Compared to the individual materials used to create it, the resulting composite material has enhanced performance properties such as high strength, rigidity, and lightweight. Numerous industries use advanced composites, including aerospace, automotive, sports, and recreation. Several factors drive the global Advanced Composites market growth, including rising demand for lightweight, high-strength materials in various end-use industries. Due to the need for stronger, lighter materials to increase flight range and decrease fuel consumption, the aerospace industry is a major driver of the market for advanced composites. The automotive sector also fuels the demand for advanced composites, as automakers use lightweight composite materials in car bodies and other components to increase fuel efficiency and lower emissions. Increasing demand for renewable energy sources like wind turbines, which need lightweight composite materials for their blades, is another factor driving the market for advanced composites.

Advanced Composites Market Size, 2022 To 2030 (USD Billion)

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The high production cost is a major constraint in the Advanced Composites market. The complex manufacturing process for advanced composites necessitates specialized machinery and skilled labor, which raises the cost of production. This restricts the use of advanced composites in specific applications and industries. Another area for improvement is the complexity of recycling advanced composites. Advanced composites, unlike traditional materials like steel and aluminum, are not easily recyclable, which can result to waste and environmental concerns. However, the market for advanced composites offers numerous industries significant expansion opportunities. The demand for lightweight, fuel-efficient aircraft is expected to grow, fueling an increase in the use of advanced composites in the aerospace sector. As car manufacturers continue to look for ways to increase fuel efficiency and cut emissions, the automotive sector is also a promising growth sector for the advanced composites market. Additionally, as demand for wind turbines and other clean energy sources rises, the renewable energy industry presents opportunities for the market for advanced composites.

Recent advancements in using advanced composites in automotive applications, 3D printing, and developing new composite materials all point to bright prospects for the Advanced Composites market in the coming years. One significant advancement is the growing use of carbon fiber composites in automotive applications. Carbon fiber composites are now used in car bodies and other components by major car manufacturers such as BMW, Audi, and Lamborghini. Most automakers seek new ways to develop lightweight parts for future EV models. For example, in January 2021, Jaguar Land Rover (JLR) joined the Tucana consortium in the United Kingdom. The four-year project will allow the manufacturer to investigate the applications and benefits of advanced composite materials in producing lighter electric vehicles. This has resulted in increased adoption of advanced composites in the global automotive sector.

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Economic Insights

Overall, economic factors such as current economic conditions, recessions, and inflation impact the global advanced composites market. While these factors may have a short-term effect on demand and profitability, the market is anticipated to expand over time due to the rising demand for lightweight and high-performance materials across various key industries. As many end-use industries, like aerospace and automotive, are highly cyclical and sensitive to changes in the economic environment, recessions can significantly impact the market for advanced composites. Composite demand may fall during a recession as businesses reduce capital expenditures and production. Advanced composites, on the other hand, may benefit from the increased increasing focus on fuel efficiency and cost reduction during economic downturns. As the price of raw materials and production methods rise, inflation may also affect the market for advanced composites. Inflationary pressures can reduce profit margins and limit R&D investment, slowing innovation and limiting the market growth. Conversely, advanced composites may also profit from inflation as they provide a strong, lightweight alternative to conventional materials that can lower the cost of energy and transportation.

Top Market Trends

1. Growing Demands for High-Performance and Lightweight Materials: Several industries, including construction, aerospace, and the automotive and automotive industries, are increasing the demand for lightweight and high-performance materials. Advanced composites are ideal for these applications as they are extremely durable and have a high strength-to-weight ratio and are extremely durable. Advanced composite materials aid in producing fuel-efficient automobiles and airplanes, reducing emissions and smog by up to 50%. As a result, the impact of rapidly increasing gasoline prices and carbon emissions will be mitigated. Advanced composites have grown in popularity, and the market and its technologies have seen many research and development initiatives. The demand for advanced composite materials will be driven by the growing need to increase vehicle and aircraft efficiency, decrease fuel costs, reduce pollution, and create lightweight automobiles.

2. Rising Automation and Industry 4.0 Global Adoption: Automation and Industry 4.0 are revolutionizing manufacturing processes, and their adoption in the advanced composites market is expected to rise. Manufacturing efficiency and production costs can be improved through automation and digitization, making it easier for manufacturers to produce complex composite parts. The market for electric vehicles is rapidly expanding, and advanced composites are widely used in EV production to reduce weight and improve performance. Demand for advanced composites will increase as more countries implement regulations to reduce greenhouse gas emissions.

3. Robust Usage of Sustainable Materials: There is a growing demand for sustainable materials in the advanced composites market, and manufacturers are developing new environmentally friendly materials. Due to the rising customer and regulatory demand for sustainability, bio-based composites and recycled materials are becoming more common in the advanced composites market. Renewable energy is critical, and market expansion would provide an excellent opportunity for advanced composites to realize their full potential, as composites are required to manufacture and construct the gadgets or equipment necessary to produce carbon-neutral stored energy.

4. The Emergence of 3D Printing Technology: 3D printing is a key technology in the advanced composites market, allowing manufacturers to produce complex composite parts with high accuracy and precision. 3D printing can reduce manufacturing time and costs, making it an appealing technology for manufacturers. The growing demand for complex and compact designs and ever-increasing material requirements and cost constraints may drive the demand for advanced composites material even higher, boosting the development of the advanced composite market. Market players are developing new techniques for 3D printing with advanced composites, which have the potential to revolutionize the composite material manufacturing process.

Market Segmentation

The global Advanced Composites market can be categorized as Product, Application, and Region. Based on Product, the market can be categorized into Aramid Fiber Composites, Carbon Fiber Composites, and Glass Fiber Composites. Moreover, based on the Application, the market can be further split into Aerospace & Defense, Automotive, Wind Energy, and Sporting Goods. Likewise, based on Region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Below tree is interactive. You can click the nodes to get more information.

Based on Product

Carbon Fiber Composites to Lead with the Largest Market Share Owing to Increased Use in Sustainable Power Generation

The carbon fiber composites segment accounted for the largest Advanced Composites market revenue share in 2022, owing to the rising product penetration in the aerospace sector. Carbon fiber has high tensile strength and excellent rigidity, making it useful in automotive, marine, and aerospace applications. Moreover, the material is ideal for reducing the weight of wind turbine blades. Government efforts to support renewable energy development will continue to impact market trends positively. For instance, in May 2022, the Norwegian government announced a plan to increase offshore wind energy production, improving the region's access to renewable energy for commercial and residential use. The increasing demand for lightweight, fuel-efficient airplanes will drive demand for advanced carbon materials. Aramid fiber composites will have the highest CAGR during the forecast period due to their increasing use in the defense industry. The product's various properties, such as high strength, high heat, low density, and impact resistance, are expected to promote growth. Advanced aramid fibers are high-strength, stiff composites with excellent heat and impact resistance. As a result, they are increasingly being used in the global automobile industry. The use of the product in the production of tires, body armor, and defense vehicle components is expected to drive the market for advanced composites throughout the forecast period.

Based on the Application

Automotive Sector to Accounts for the Largest Market Share Owing to the Rising Product Penetration in the Vehicles

During the forecast period, the automotive application segment will dominate the global Advanced Composites market due to the growing adoption of the product in automobiles. Advanced composites have significant potential in the automotive sector due to their unique characteristics like high strength, low weight, and durability. Advanced automobile composites can help decrease weight, improve fuel efficiency, and boost performance. Advanced composites can also make structural components like suspension systems, engine components, and wheels. Composite materials can be used in these places to help the vehicle perform better overall and lose weight. As technology advances, the use of composites in the automotive industry is expected to become more common. In addition, the aerospace & defense segment will also grow with the fastest-growing CAGR during the forecast period. Advanced composites have numerous applications in the aerospace and defense industries. Composites are used extensively in aerospace due to their high strength-to-weight ratio, longevity, and resistance to severe temperature and pressure conditions. Positive year-on-year growth in the aerospace sector and increased industry investment are expected to drive demand for advanced composites throughout the forecast period. These materials are critical in developing cutting-edge technology and the safety and security of military and civilian personnel. Growing global political tensions are expected to increase investment in the defense industry, boosting demand for the product over the forecasted period.

Based on Region

North America to Lead Global Market Revenue due to the Growing Demands in the Aerospace and Defense Sector

The global Advanced Composites market is expected to be dominated by the region of North America in terms of growth and revenue. Several important industries, including aerospace, defense, automotive, and construction, are present in the North American continent, making it a significant market for advanced composites. The use of advanced composites in these industries improves performance, reduces weight, and increases durability, helping to make them a vital material in modern manufacturing. Some of the region's leading manufacturers of these Advanced Composites products include Hexcel Corporation, Toray Industries, and Solvay SA. In North America, the defense industry is also a significant consumer of advanced composites. Defense contractors such as General Dynamics, Raytheon, and BAE Systems use composites to manufacture military vehicles, aircraft, and naval vessels in the region. These applications use composite materials due to their higher strength, long lifespan, and resistance to high temperatures and pressures.

The Asia Pacific advanced composites market is expected to grow rapidly during the forecast period due to the rapid growth of several key industries, such as aerospace, defense, automotive, and construction. The Asia Pacific region is home to some of the world's largest economies, including China, South Korea, Japan, and India, which drive demand for advanced composites. In the Asia Pacific region, the aerospace industry is one of the largest consumers of advanced composites. The region's aerospace industry is rapidly expanding, with countries such as China and India heavily investing in developing their domestic aerospace applications. In the region, advanced composites are widely used to manufacture aircraft components such as fuselage sections, wings, and engine parts.

Competitive Landscape

The key players in the global Advanced Composites market include - HCS Group GmbH (Germany), Dymatic Chemicals Inc. (China), Chevron Phillips Chemical Company LLC (U.S.), SK Geo Centric Co. Ltd (Korea), LG Chem (U.S.), Maruzen Petrochemical (Japan), Mitsubishi Chemical Corp. (Japan), CHIME (U.S.), Asahi Kasei Corp. (Japan), SABIC (Saudi Arabia) among others.

Recent Market Developments

· December 2022: Solvay SA collaborated with Electronic Fluorocarbons (EFC) to obtain exclusive distribution rights in North America for its Advanced Composites products.

· October 2022: Toray Advanced Composites expanded its commercial collaboration with Specialty Materials. This commercial collaboration allows engineers to easily control and manage key variables for unique solution innovations by utilizing high-quality domestically produced Advanced Composites products in the US supply chain.

· April 2022: Gurit Holding AG purchased a 60% stake in Fiberline Composites A/S, a technology provider for the pultruded production of carbon and glass fiber composites.

· April 2022: WearDeck, a manufacturer of weather-resistant decks in the United States, was acquired by Owens Corning. The acquisition of WearDeck is a crucial step in the plan to propel Owens Corning's growth while refocusing the Composites business on high-value material solutions for the building and construction industry.

Segmentation of the Global Advanced Composites Market

Parameter Details
Segments Covered

By Product

  • Aramid Fiber Composites
  • Carbon Fiber Composites
  • Glass Fiber Composites

By Application

  • Aerospace & Defense
  • Automotive
  • Wind Energy
  • Sporting Goods
  • Other Applications

By Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

Regions & Countries Covered
  • North America - (U.S., Canada, Mexico)
  • Europe - (U.K., France, Germany, Italy, Spain, Rest Of Europe)
  • Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
  • Latin America - (Brazil, Argentina, Rest Of Latin America)
  • Middle East & Africa - (GCC Countries, South Africa, Rest Of Middle East & Africa)
Companies Covered
  • HCS Group GmbH (Germany)
  • Dymatic Chemicals Inc. (China)
  • Chevron Phillips Chemical Company LLC (U.S.)
  • SK Geo Centric Co. Ltd (Korea)
  • LG Chem (U.S.)
  • Maruzen Petrochemical (Japan)
  • Mitsubishi Chemical Corp. (Japan)
  • CHIME (U.S.)
  • Asahi Kasei Corp. (Japan)
  • SABIC (Saudi Arabia)
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis
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FAQ
Frequently Asked Question
  • The global Advanced Composites valued at USD 32.2 Billion in 2022 and is expected to reach USD 58.48 Billion in 2030 growing at a CAGR of 8.9%.

  • The prominent players in the market are HCS Group GmbH (Germany), Dymatic Chemicals Inc. (China), Chevron Phillips Chemical Company LLC (U.S.), SK Geo Centric Co. Ltd (Korea), LG Chem (U.S.), Maruzen Petrochemical (Japan), Mitsubishi Chemical Corp. (Japan), CHIME (U.S.), Asahi Kasei Corp. (Japan), SABIC (Saudi Arabia).

  • The market is project to grow at a CAGR of 8.9% between 2023 and 2030.

  • The driving factors of the Advanced Composites include

    • High demand in aerospace and aircraft industry

  • North America was the leading regional segment of the Advanced Composites in 2022.