Advanced Composites Market Report, Share, Industry Trends, Growth Rate, Demand and Forecast 2024-2032

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Advanced Composites Industry:

Summary:

  • The global keyword market size reached USD 37.9 Billion in 2023.
  • The market is expected to reach USD 77 Billion by 2032, exhibiting a growth rate (CAGR) of 8% during 2024-2032.
  • On the basis of resin type, the market has been divided into advanced thermosetting composites advanced thermoplastic composites.
  • Glass remains predominant in the type of fibre segment as it offers superior insulation properties, essential in electrical and construction applications.
  • On the basis of manufacturing process, the market has been divided into hand layup/spray layup, AFP and ATL, filament winding, injection molding, pultrusion, compression molding, RTM/VARTM, and others.
  • Aerospace leads application segment prominently due to continuous innovations aimed at improving aircraft performance and fuel efficiency using advanced composite materials.
  • North America maintains its forefront in the market driven by significant investments in research and development within the technology and renewable energy sectors, promoting the use of advanced composites.
  • The increasing population across the globe, raising the need for textiles is a primary driver of the market.
  • Technological advancements and the increasing utilization of automation and computerized spinning machines are reshaping the market.

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Industry Trends and Drivers:

Technological Advancements in Composite Materials:

The rising demand for lighter, stronger, and more durable materials in industries such as aerospace, automotive, and construction primarily drives the demand in the advanced composites market. Technological innovations lead to the development of new composite formulations that provide superior performance characteristics compared to traditional materials, which in turn bolsters advanced composites market share as companies seek competitive advantages through materials science innovations. Such advancements are crucial in addressing the changing requirements of modern applications, creating a positive market outlook.

Increasing Demand from Aerospace and Defense Sectors:

The aerospace and defense sectors are significant contributors to the advanced composites market size. These sectors require materials that ensure structural integrity while reducing weight to enhance fuel efficiency and payload capacity. Advanced composites meet these requirements, enabling the production of components that are both light and robust. The ongoing expansion of fleet sizes in commercial aviation and increased spending on defense systems worldwide further escalate the demand, directly impacting the market’s size positively.

Rising Environmental Concerns and Regulation Compliance:

Environmental regulations and the inclination towards sustainability are profoundly shaping the advanced composites market trends. Companies are increasingly adopting green manufacturing processes and materials that reduce environmental impact, propelling the use of advanced composites that offer enhanced lifecycle efficiencies and are often recyclable. This trend is evident as industries pivot towards more sustainable practices, aligning with global efforts to reduce carbon footprints and adhere to strict environmental standards.

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Advanced Composites Market Report Segmentation:

Breakup By Resin Type:

  • Advanced Thermosetting Composites
  • Advanced Thermoplastic Composites

On the basis of resin type, the market has been divided into advanced thermosetting composites advanced thermoplastic composites.

Breakup By Type of Fiber:

  • Glass
  • Carbon
  • Aramid

Glass exhibits a clear dominance due to its cost-effectiveness and widespread availability, making it a preferred choice for numerous industrial applications.

Breakup By Manufacturing Process:

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

On the basis of manufacturing process, the market has been divided into hand layup/spray layup, AFP and ATL, filament winding, injection molding, pultrusion, compression molding, RTM/VARTM, and others.

Breakup By Application:

  • Aerospace and Aviation
  • Automotive
  • Energy
  • Electronics
  • Marine
  • Others

Aerospace exhibits a clear dominance due to stringent material requirements for lightweight and high-strength components, which advanced composites fulfill.

Breakup By Region:

  • North America (United States, Canada)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Others)
  • Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
  • Latin America (Brazil, Mexico, Others)
  • Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

North America holds the leading position due to robust aerospace and automotive industries that extensively use advanced composites for manufacturing.

Top Advanced Composites Market Leaders: The advanced composites market research report outlines a detailed analysis of the competitive landscape, offering in-depth profiles of major companies. Some of the key players in the market are:

  • Arkema S.A.
  • BASF SE
  • Hexcel Corporation
  • Cytec Industries Inc.
  • Koninklijke Ten Cate N.V.
  • TPI Composites Inc.
  • Toray Industries Inc.
  • Mitsubishi Rayon Co. Ltd
  • Teijin Limited.
  • Hexion, SGL Carbon SE
  • 3B-Fibreglass sprl
  • Owens Corning Corporation
  • Huntsman International, LLC
  • Solvay S.A.
  • Kemrock Industries and Exports Limited
  • I. Du Pont Nemours & Co.
  • Cristex Ltd

Key highlights of the report:

  • Market Performance (2018-2023)
  • Market Outlook (2024-2032)
  • Market Drivers and Success Factors
  • SWOT Analysis
  • Value Chain
  • Comprehensive Mapping of the Competitive Landscape

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