The advanced composites market is anticipated to flourish at a steady CAGR of 9.1% between 2023 and 2033. The market is expected to hold a market share of USD 107.30 billion by 2033 while the market is likely to reach a value of USD 44.91 billion in 2023.
Growing demand for advanced composites in the sports goods, aerospace, and military industries is projected to ramp up the market for advanced composites. The demand for carbon fiber and s-glass fiber composites in the aerospace and defense sector and increased demand for carbon fiber composites in new end-use industries like civil engineering, medicine, and pipes and tanks are key growth drivers for the global advanced composites market.
The industrialization of developing nations like China, India, and Japan also contributes to market expansion. The demand for advanced composites in the construction industry is anticipated to increase, along with the demand for specialist goods that are ecologically safe.
The advanced composites market share suffered greatly during the pandemic. The market has only just begun to recover from the production halts and reductions. To meet the growing demand from multiple end-use sectors, the leading advanced composite key players are closely investing in the production of thermoplastic composites.
| Attributes | Details |
|---|---|
| Advanced Composites Market CAGR (2023 to 2033) | 9.1% |
| Advanced Composites Market Size (2023) | USD 44.91 billion |
| Advanced Composites Market Size (2033) | USD 107.30 billion |
Don't pay for what you don't need
Customize your report by selecting specific countries or regions and save 30%!
Demand for advanced composites is likely to be high since they are being used in aerospace and defense equipment, which benefits from their increased performance by reducing the weight of the equipment. Also, the advanced composites market is anticipated to benefit from the rising demand for these materials in the production of turbines. Globally expanding wind turbine installations are probably going to help fuel the market expansion further.
Demand for advanced composites is surging due to the industry's use of sophisticated composites made of carbon and glass. In addition, a cost-benefit resulting from the integration of the manufacturing and distribution channels leads to market size growth.
The product's high price is anticipated to impede market expansion. Owing to the increased costs brought on by automation and the use of pricey high-performance resins, there is less demand for advanced composites.
Developing and marketing advanced composites that are superior and have varied uses at a price point that the majority of people across the world can afford is one of the key problems that the advanced composites market is anticipated to face during the forecast period.
Principal Consultant
Advanced composites market trends are offering immense development and profit possibilities during the forecast period. Due to this, the market participants are making significant investments in research and development.
The goal is to create a new generation of advanced composites that is higher quality, lighter, and has more creative and practical applications than prior generations, creating profitable opportunities for the market.
North America dominated the market with a market sales share of more than 36.9% in 2021.
The product's demand in North America was estimated to be worth over USD 12.0 billion in 2021 as a result of the expanding demand in the automotive, aerospace, and defense industries. North America has one of the large automotive industries in the world, with the United States being among the top automakers.
Large markets, large consumer disposable income, mass manufacturing efficiency, and a wide range of products have all contributed to North America's advanced composites expansion.
In Europe, the market represented a sizable portion of total revenue in 2021. It is anticipated that the increased demand for sustainable renewable energy might positively affect the installation of wind turbines in Spain, Germany, and the United Kingdom.
Onshore and offshore wind energy plant installation is increasing, and this is likely to support advanced composites market growth in the area. After Asia, Europe, and Oceania, North America is the region with the fourth-highest number of wind energy farm installations. Further, the demand for wind turbine manufacturing is anticipated to increase as a result of the expanding wind energy farms and the growing need for renewable energy sources. This is projected to propel the market share.
Get the data you need at a Fraction of the cost
Personalize your report by choosing insights you need
and save 40%!
| Category | By Product Type |
|---|---|
| Leading Segment | Carbon Fiber Composites |
| Market Share (2022) | 64.0% |
| Category | By Application Type |
|---|---|
| Leading Segment | Aerospace & Defense |
| Market Share (2022) | 40.4% |
With a market share of 64.0% in terms of revenue in 2021, the carbon fiber composites product category dominated the market. During the forecast period, a CAGR of 10.8% is anticipated.
The expanding application of the product in the production of wind turbines and aerospace components is the main driver fueling the advanced composites market expansion. Additionally, due to the rising use of the commodity in the aerospace industry, carbon is predicted to have a significant growth rate over the projected period.
The demand for lightweight, fuel-efficient aircraft is anticipated to increase, which spurs the development of improved carbon materials. The aramid composites segment had a market share of about 8.6% in 2021 and is anticipated to rise significantly over the forecast period.
With a 40.4% revenue share in 2022, the aerospace and defense application category dominated the market.
Demand for advanced composites is anticipated to be driven by the aerospace industry's positive year-over-year expansion, as well as rising investment in the sector over the anticipated period.
The automotive sector application segment is anticipated to experience significant development at a CAGR of 8.8% due to increasing product penetration in automobiles. Over the course of the forecast period, the advanced composites market size is anticipated to expand owing to the increased need in the automotive industry for conductive, lightweight, and durable raw materials.
It is anticipated that rising military industry spending might boost demand for aramid composites over the projection period. Growing political conflict around the world is estimated to have a positive impact on the advanced composites market.
Companies discover that forming strategic alliances with other profitable businesses in the sector is quite advantageous. They can expand their pools of resources, both financial and human.
Further, they can make large investments in research and development. Consequently, they may develop and market better and novel products at high price points, and gain a sustained competitive edge in the advanced composites market.
Recent Examples of Start-ups in the Advanced Composites Market
The advanced composites market is competitive due to the presence of numerous reputable manufacturers and suppliers. Leading advanced composites market participants concentrate on providing clients with customized solutions, which results in a high switching cost for consumer businesses.
Recent Developments:
The advanced composites market CAGR for 2033 is 9.1%.
The market is estimated to reach USD 107.30 billion by 2033.
Key advanced composites market players are investing in research and development.
The market is estimated to secure a valuation of USD 44.91 billion in 2023.
The increasing demand for lightweight, durable, and high-performance materials drives the advanced composites market.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product 5.1. Aramid 5.2. Carbon 5.3. Glass 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 6.1. Aerospace & Defense 6.2. Automotive 6.3. Construction 6.4. Sporting Goods 6.5. Wind Energy 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. North America 7.2. Latin America 7.3. Western Europe 7.4. Eastern Europe 7.5. South Asia and Pacific 7.6. East Asia 7.7. Middle East and Africa 8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. Toray Industries, Inc. 17.2. Koninklijke Ten Cate NV 17.3. Teijin Limited 17.4. Hexcel Corporation 17.5. SGL Group 17.6. Cytec Solvay Group 17.7. Owens Corning 17.8. E. I. Dupont De Nemours and Company 17.9. Huntsman Corporation 17.10. Momentive Performance Materials Inc. 17.11. WS Atkins plc 17.12. AGY Holdings Corp. 17.13. Formosa Plastics Corporation 18. Assumptions & Acronyms Used 19. Research Methodology
Explore Packaging Insights
View Reports
Advanced Composites Market
