According to TechSci Research report, “Advanced Composites Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Advanced Composites Market stood at USD 32.41 billion in 2022 and is anticipated to grow with a CAGR of 4.33% in the forecast period, 2023-2028. The initiatives taken by the government based on advanced composites have led to favorable market conditions for the Global Advanced Composites Market. Several factors contribute to the growth of various advanced composite products.
The NASA Advanced Composites Consortium (ACC) is a dynamic public-private partnership aimed at fostering innovation and excellence in aircraft manufacturing within the United States. By bringing together a diverse group of industry experts, the ACC is dedicated to maintaining and advancing the country’s competitive edge in this critical sector.
The federal multi-agency Materials Genome Initiative (MGI) is a forward-thinking initiative that is driving the development of new materials for a wide range of applications. Recognizing the immense value of advanced composites, the MGI is committed to supporting their development and utilization across industries, meeting not only present demands but also future national needs.
In this era of technological advancements, collaborations like the ACC and MGI are pivotal in propelling the boundaries of material science and engineering, ensuring that the United States remains at the forefront of innovation in aerospace and beyond.
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One of the major applications of ceramic matrix composites is in the aerospace industry. These composites are widely used in aircraft parts due to their exceptional strength-to-weight ratio and lightweight nature. Furthermore, the increased demand for fuel-efficient aircraft and vehicles has further propelled the use of ceramic matrix composites. This market is expected to be driven by the production of sports cars and the continuous development of fuel-efficient aircraft.
To meet the growing demand for lightweight ceramic matrix composites-based products, ongoing research and development are focused on developing new technologies. These technologies aim to enhance the features of ceramic matrix composites and improve their structural efficiency while reducing their weight. This high level of innovation is anticipated to significantly reduce production cycle time and lower composite production costs.
As a result, the market for ceramic matrix composites is poised to grow with the widespread adoption of such technology. The full-fledged application of lightweight ceramic matrix composites-based products will meet the increasing demand for advanced and efficient materials in various industries.
The Global Advanced Composites Market is segmented into fiber type, manufacturing process, end user, regional distribution, and company
Based on its fiber type, the aramid fiber composite segment held the largest share in the market. The product’s diverse qualities, which include high strength, high heat resistance, low density, and exceptional impact resistance, are projected to be a crucial component in fostering growth. Advanced aramid fibers, known for their outstanding high-strength and stiffness properties, are increasingly being utilized in the automobile industry worldwide. These fibers exhibit remarkable resistance to heat and impact, making them ideal for applications such as the production of tires, body armor, and defense vehicle components. As a result, the market for advanced composites is expected to experience significant growth throughout the forecast period, driven by the rising demand for these innovative materials in various industries.
Based on region, the North America segment is expected to grow during the forecast period. The increasing demand in the automotive, aerospace, and military industries can be attributed to several factors. In North America, the automotive industry stands out as one of the largest worldwide, with the United States positioned as a top vehicle manufacturer. The growth of the sector can be attributed to various factors, including the country’s significant market size and the substantial disposable income of its customers. Additionally, the capacity to mass produce and offer a diverse range of products has contributed to the industry’s success. These factors have fueled the expansion of the automotive industry in North America, making it a significant player in the global market.
Major companies operating in the Global Advanced Composites Market are:
- Toray Industries, Inc.
- Koninklijke Ten Cate NV
- Teijin Limited
- Hexcel Corporation
- SGL Carbon Corp
- Cytec Industries Inc
- Owens Corning
- E. I. Dupont De Nemours and Company
- Huntsman Corporation
- Momentive Performance Materials Inc.
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“Growing application of advanced composites in various end-user industries are key drivers of the advanced composites market. Growth in the competitive landscape and the presence of well-established companies in the market who are dedicated to enhancing their productivity of advanced composites with every passing year are anticipated to register an impressive growth in the Global Advanced Composites Market in the forecast period.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.
“Advanced Composites Market By Fiber Type (S-Glass Composite, Aramid Fiber Composite, Carbon Fiber Composite, Others), By Manufacturing Process (Hand Lay Process, Injection Molding, Compression Molding, Pultrusion, Others), By End User (Transportation, Aerospace, Electricals & Electronics, Others), By Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated the future growth potential of Global Advanced Composites Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Global Advanced Composites Market.
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Table of Content-Advanced Composites Market
- Product Overview
1.1. Market Definition
1.2. Scope of the Market
1.2.1. Markets Covered
1.2.2. Years Considered for Study
1.2.3. Key Market Segmentations
- Research Methodology
2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Key Industry Partners
2.4. Major Association and Secondary Sources
2.5. Forecasting Methodology
2.6. Data Triangulation & Validation
2.7. Assumptions and Limitations
- Executive Summary
3.1. Overview of the Market
3.2. Overview of Key Market Segmentations
3.3. Overview of Key Market Players
3.4. Overview of Key Regions/Countries
3.5. Overview of Market Drivers, Challenges, Trends
- Global Advanced Composites Market Outlook
4.1. Market Size & Forecast
4.1.1. By Value
4.2. Market Share & Forecast
4.2.1. By Fiber Type (S-Glass Composite, Aramid Fiber Composite, Carbon Fiber Composite, Others)
4.2.2. By Manufacturing Process (Hand Lay Process, Injection Molding, Compression Molding, Pultrusion, Others)
4.2.3. By End User (Transportation, Aerospace, Electricals & Electronics, Others)
4.2.4. By Region
4.2.5. By Company (2022)
4.3. Market Map
4.3.1. By Fiber Type
4.3.2. By Manufacturing Process
4.3.3. By End User
4.3.4. By Region
- Asia Pacific Advanced Composites Market Outlook
5.1. Market Size & Forecast
5.1.1. By Value
5.2. Market Share & Forecast
5.2.1. By Fiber Type
5.2.2. By Manufacturing Process
5.2.3. By End User
5.2.4. By Country
5.3. Asia Pacific: Country Analysis
5.3.1. China Advanced Composites Market Outlook
5.3.1.1. Market Size & Forecast
5.3.1.1.1. By Value
5.3.1.2. Market Share & Forecast
5.3.1.2.1. By Fiber Type
5.3.1.2.2. By Manufacturing Process
5.3.1.2.3. By End User
5.3.2. India Advanced Composites Market Outlook
5.3.2.1. Market Size & Forecast
5.3.2.1.1. By Value
5.3.2.2. Market Share & Forecast
5.3.2.2.1. By Fiber Type
5.3.2.2.2. By Manufacturing Process
5.3.2.2.3. By End User
5.3.3. Australia Advanced Composites Market Outlook
5.3.3.1. Market Size & Forecast
5.3.3.1.1. By Value
5.3.3.2. Market Share & Forecast
5.3.3.2.1. By Fiber Type
5.3.3.2.2. By Manufacturing Process
5.3.3.2.3. By End User
5.3.4. Japan Advanced Composites Market Outlook
5.3.4.1. Market Size & Forecast
5.3.4.1.1. By Value
5.3.4.2. Market Share & Forecast
5.3.4.2.1. By Fiber Type
5.3.4.2.2. By Manufacturing Process
5.3.4.2.3. By End User
5.3.5. South Korea Advanced Composites Market Outlook
5.3.5.1. Market Size & Forecast
5.3.5.1.1. By Value
5.3.5.2. Market Share & Forecast
5.3.5.2.1. By Fiber Type
5.3.5.2.2. By Manufacturing Process
5.3.5.2.3. By End User