Advanced Composites Market (By Product: Aramid, Carbon, Glass; By Application: Aerospace & Defense, Automotive, Construction, Sporting Goods, Wind Energy) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2022-2030.

Published Date : Jun 2022 | No. of Pages : 150+ Pages | Category : Advanced Materials

The global advanced composites market was surpassed at USD 31.8 billion in 2021 and is expected to hit around USD 70.4 billion by 2030, growing at a CAGR of 9.23% from 2022 to 2030.

Advanced Composites Market Size 2021 to 2030

Growing demand for the products in the wind energy sector and aerospace and defense industry is expected to drive the market growth over the forecasted period. The market is growing at a notable pace owing to the rising penetration of carbon and glass fiber composites in the aerospace and defense industry and industries such as renewable power generation, healthcare, and electronics. Moreover, industrialization in emerging markets such as China, India, and Japan further propel the growth of the market.

Carbon fibers composites are likely to grow significantly due to a drop in their prices. Moreover, the use of carbon fiber is gaining traction owing to its benefits such as high strength and lightweight. The demand in the aerospace industry and wind turbine manufacturing is expected to grow owing to the increasing air passenger traffic and installations of wind energy plants across the globe. The market is highly regulated owing to the critical nature of its application. Manufacturers are focused on obtaining certifications from The American Society of Testing Materials, Safety Glass Directives of EU, and U.S. Clean Air Act to abide by the regulations. Stringent regulations have resulted in high setup costs, which in turn, is limiting the market growth.

Scope of The Report

Report Coverage Details
Market Size in 2021 USD 31.8 billion
Revenue Forecast by 2030 USD 70.4 billion
Growth rate from 2022 to 2030 CAGR of 9.23%
Base Year 2021
Forecast Period 2022 to 2030
Segmentation Product, application, region
Companies Covered 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; Plasan Carbon Composites; Strata Manufacturing

 

Product Insights 

The carbon fiber composites product segment led the market for advanced composites and accounted for a revenue share of 64.1% in 2021. It is expected to witness a CAGR of 10.9% from 2022 to 2030. The major driving factor to market growth is the growing scope of the product in the manufacturing of wind turbines and aerospace components. Carbon is expected to be the fastest growing market over the next eight years on account of the increasing penetration of the product in the aerospace industry. The rising need for lightweight, fuel-efficient airplanes is expected to be the driver for advanced carbon materials.

The aramid composites segment accounted for over revenue share of 8.6% in 2021 and is likely to witness significant growth over the forecast period. This is owing to their growing application in the defense sector. The diversified characteristics including high strength, low density, high heat, and impact resistance delivered by the product is expected to be the key factor promoting growth. Advanced aramid fibers are high-strength, stiff composites with high resistance to heat and impact on account of which they are being increasingly utilized in the automotive sector across the globe. The application of the product in the manufacturing of tires, body armors, and components of defense vehicles is expected to drive the market for advanced composites over the forecast period.

Application Insights 

The aerospace and defense application segment led the market for advanced composites and accounted for a revenue share of 40.5% in 2021 Positive year-on-year aerospace industry growth coupled with growing investment in the industry is expected to drive the composites' demand over the projected period. The automotive industry application segment is also expected to witness notable growth at a CAGR of 8.9% owing to rising penetration of the product in the vehicles. The rising demand for durable, lightweight, and conductive raw materials in the automotive industry is expected to boost the advanced composites market over the forecast period. 

The growing demand for air travel and the ability to spend is expected to be the driving factor for the industry over the forecast period, which, in turn, is expected to impact the market positively. However, due to the restriction of the application of products in only high-end vehicles and large ships and aircraft carriers, the penetration of these composites is low in these industries. The increasing investment in the defense sector is expected to augment demand for aramid composites over the forecast period. The growing global political friction is expected to further increase the funding in the defense sector, which is expected to have a positive effect on the demand for the product over the forecasted period.

Regional Insights 

North America dominated the market for advanced composites and accounted for a revenue share of over 37% in 2021. The demand for the product in North America was valued at over USD 12.0 billion in 2021 on account of the growing demand in the automotive and aerospace and defense industry. The automotive sector in North America is one of the biggest in the world with the U.S. being one of the largest producers of automobiles. High market size and significant disposable income of consumers along with the ability of mass production and high product variation have boosted industry growth in the country.

In Europe, the market for advanced composites accounted for a significant revenue share in 2021. The rising need for sustainable renewable energy coupled with the growing installation of wind turbines in Spain, Germany, and the U.K. is expected to have a positive impact on the demand. The rapid industry growth and growing installation of onshore and offshore wind energy plants are expected to aid market growth in the region. North America ranks fourth in the number of installations of wind energy farms after Asia, Europe, and Oceania. The growing wind energy farms coupled with the need for renewable energy source is expected to have a positive impact on the demand for the manufacturing of wind turbines and in turn, is expected to drive the advanced composite market.

Key Players

  • 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 

Market Segmentation

  • By Product Outlook
    • Aramid fiber composites
    • Carbon fiber composites
    • Glass fiber composites
  • By Application Outlook
    • Aerospace & defense
    • Automotive
    • Wind energy
    • Sporting goods
    • Others
  • By Regional Outlook
    • North America
      • U.S.
    • Europe
      • Germany
      • U.K.
    • Asia Pacific
      • China
      • India
      • Japan
    • Central & South America
      • Brazil
    • Middle East & Africa

Featured Research Reports

  • Featured Research Reports

    Geosynthetics Market (By Product: Geotextile, Geomembrane, Geogrid) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2022-2030.

    Read more...
  • Featured Research Reports

    Microencapsulation Market (By Technology: Emulsion, Spray; By Application: Pharmaceutical, Home & Personal Care; By Coating Material) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2022-2030.

    Read more...
  • Featured Research Reports

    Point Of Use Water Treatment Systems Market (By Technology: RO Systems, Distillation Systems; By Application; By Device) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2022-2030.

    Read more...
  • Featured Research Reports

    Ceramic Matrix Composites Market (By Product: Oxide, Silicon Carbide, Carbon; By Application: Aerospace, Defense, Energy & Power, Electrical & Electronics) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2022-2030.

    Read more...
  • Featured Research Reports

    Automotive Textiles Market (By Product: Woven, Nonwoven, Composites; By Application: Upholstery, Tires, Safety Devices, Engine Components) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2022-2030.

    Read more...