Advanced Composites Market Forecast | 2023-28

Market Insights

The advanced composites market is estimated to grow from USD 38.01 billion in 2023 to USD 58.53 billion by 2028 at a CAGR of 9.01% during the forecast period.

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What are Advanced composites?

Advanced composites are materials that are composed of more than two constituent elements owning different chemical or physical properties. Advanced composite is often known as polymer matrix. These composites show extraordinary properties such as high-strength fibers with high stiffness, elasticity, temperature and chemical resistance, stability in dimension, etc., and are widely used for replacing metal components in the aerospace industry.

Key Players

Some of the major players in the advanced composites market are

• Toray Industries, Inc.
• Teijin Limited
• Mitsubishi Chemical Holdings Corporation
• SGL Group
• Koninklijke Ten Cate BV.
• Huntsman International, LLC.
• Solvay S.A.
• Hexcel Corporation
• Hexion Inc.
• DuPont de Nemours, Inc.

Market Dynamics

The prime factor that is contributing to the growth of the advanced composites market is mainly the surging demand for composites from the rapidly expanding aerospace & defense and automotive industries, along with increasing usage of lightweight materials in sports, consumer electronics, and vehicles. Properties such as high strength and reduced weight offered by advanced composites are the major factors behind the increasing penetration of advanced composites in the aerospace & defense, marine, sporting goods, transportation, and wind energy industries.

Segments' Analysis

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By Fiber Type

The market is segmented as carbon fiber, aramid fiber, s-glass fiber, and others. The carbon fiber segment held the largest share of the market in 2022 and is expected to register the fastest growth during the forecast period. The growth of the segment is mainly driven by its excellent benefits such as high tensile strength, high stiffness, low weight, high chemical resistance, high-temperature tolerance, and low thermal expansion.

By End-Use Industry Type

The advanced composites market is segmented as transportation, aerospace & defense, wind energy, sporting goods, electrical & electronics, civil engineering, pipes & tanks, medical, marine, and others. The aerospace & defense segment dominates the market, owing to the increasing demand for advanced composites for a wide array of aerospace applications such as air wings, rudders, and landing gears for developing lightweight and fuel-efficient aircraft.

By Region

North America is estimated to be the largest market during the forecast period, with the USA, Canada, and Mexico being the major countries with lucrative growth opportunities. The growth of the region’s market is mainly driven by the growing consumption of advanced composites in various applications such as aerospace & defense, wind energy, and transportation. The growth of the USA’s advanced composites market is attributed to the establishment of a number of new carbon fiber production plants in the country and increased investments by various Europe-based companies dealing in the aerospace & defense, wind energy, and transportation industries.

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Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market

The advanced composites market is segmented into the following categories. 

By Fiber Type:

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

By Resin Type:

• Thermosetting
• Thermoplastic

By Manufacturing Process Type:

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

By End-Use Industry Type:

• Transportation 
• Aerospace & Defense 
• Wind Energy 
• Sporting Goods 
• Electrical & Electronics 
• Civil Engineering 
• Pipes & Tanks 
• Medical 
• Marine 
• Others 

By Region:

• North America (Country Analysis: the USA, Canada, and Mexico) 
• Europe (Country Analysis: Germany, France, the UK, Russia, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market. 

What Deliverables Will You Get in this Report?

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the fiber types by end-use industry type.  

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com.