GVR Report cover Advanced Composites Market Size, Share & Trends Report

Advanced Composites Market Size, Share & Trends Analysis Report By Product (Aramid, Carbon, Glass), By Application (Aerospace & Defense, Automotive, Construction, Sporting Goods, Wind Energy), By Region, And Segment Forecasts, 2022 - 2030

  • Report ID: GVR-1-68038-268-6
  • Number of Pages: 198
  • Format: Electronic (PDF)

Report Overview 

The global advanced composites market size was valued at USD 31.73 billion in 2021 and is expected to expand at a compounded annual growth rate (CAGR) of 9.2% from 2022 to 2030. Growing demand for the product in the aerospace and defense industry and sporting goods is expected to drive the market for advanced composites. Advanced composites materials also known as advanced polymer matrix composites are lightweight materials with high strength and modulus to elasticity. These products are manufactured using fibrous material embedded in different resin matrices. These advanced materials are widely utilized in aerospace and defense, automotive, marine, and wind energy sector.

U.S. advanced composites market size, by product, 2020 - 2030 (USD Billion)

U.S. exhibits one of the robust manufacturing bases for aerospace and defense equipment. Thus, it is expected to witness a notable demand for advanced composites, as the aerospace and defense equipment are witnessing a rapid application penetration of the said materials as they reduce the weight of the equipment resulting in enhancement of their performance. The growing demand for advanced composites in manufacturing turbines is expected to have a positive impact on the market for advanced composites. Increasing installations of wind turbines globally are likely to be a contributing factor for market growth. The utilization of carbon and glass advanced composites in the industry is expected to augment demand over the forecasted period.

The application of advanced composites is growing in several industries including sporting goods, marine, and construction. However, the high cost of the product is expected to restrain the market growth. Automation coupled with the utilization of expensive high-performance resins increases the cost owing to which the demand for the product is declining. The market for advanced composites is characterized by integration across manufacturing stages to distribution channels of the value chain. The integration of manufacturing and distribution channel creates a cost advantage. The market is highly competitive owing to the presence of a large number of established manufacturers and suppliers globally.

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. 

Global advanced composites market share, by application, 2021 (%)

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 Companies & Market Share Insights 

The market for advanced composites is highly competitive owing to the presence of a large number of established manufacturers and suppliers. Major players are actively involved in the fire trucks market, with numerous strategic alliances and product innovations, which are being emulated by other players as well. Key market players are involved in notable R&D efforts in a bid to build their product portfolio and increase their revenues. Major market players focus on delivering customized solutions to the clients which leads to a high switching cost for the consumer companies. In addition, the companies in the market are involved in notable collaborations with technology-based firms and research institutions to build advanced high strength solutions. Some of the prominent players in the advanced composites market include:

  • 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 

Advanced Composites Market Report Scope

Report Attribute

Details

Market size value in 2022

USD 34.6 billion

Revenue forecast in 2030

USD 70.2 billion

Growth Rate

CAGR of 9.2% from 2022 to 2030

Base year for estimation

2021

Historical data

2017 - 2020

Forecast period

2022 - 2030

Quantitative units

Volume in kilotons, revenue in USD million, and CAGR from 2022 to 2030

Report coverage

Volume forecast, revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Product, application, region

Regional scope

North America; Europe; Asia Pacific; Central & South America; Middle East & Africa

Country scope

U.S.; U.K.; Germany; China; Japan; India; Brazil

Key companies profiled

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

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Segments Covered in the Report 

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global advanced composites market report based on product, application, and region:

  • Product Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2030)

    • Aramid fiber composites

    • Carbon fiber composites

    • Glass fiber composites

  • Application Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2030)

    • Aerospace & defense

    • Automotive

    • Wind energy

    • Sporting goods

    • Others

  • Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2030)

    • North America

      • U.S.

    • Europe

      • Germany

      • U.K.

    • Asia Pacific

      • China

      • India

      • Japan

    • Central & South America

      • Brazil

    • Middle East & Africa

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