Advanced Composites Market To Reach $70.18 Billion By 2030

April 2024 | Report Format: Electronic (PDF)

Advanced Composites Market Growth & Trends

The global advanced composites market is anticipated to reach USD 70.18 billion by 2030 and is projected to grow at a CAGR of 9.3% from 2024 to 2030, according to a new report by Grand View Research, Inc. Growing demand for the product in the aerospace and defense industry and sporting goods is expected to drive the market growth. 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 sectors.

The growing need for renewable and eco-friendly sources of energy is one of the key aspects for increasing installations of wind energy plants across the globe. The growing offshore and onshore wind energy plants in the countries including China, Germany, Spain, the U.S., and India are likely to drive and dominate the wind energy market over the coming years. The need for lightweight components, particularly turbines to increase the conversion efficiency of wind farms is expected to have a positive impact on the demand for composites. Composites based turbines offer low resistance to wind and rotate easily to produce high amounts of electricity, which is likely to aid the market growth.

The need for fuel-efficient vehicles is expected to aid the market growth for advanced composites over the forecast period. However, innovation of other lightweight and high strength materials and metals may restrict market growth in automotive industry. Moreover, breakthrough in the development of new inexpensive material with high strength may augment market growth.

Key market players are involved in research and development efforts in a bid to build their product portfolio and increase the revenues. These players also 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.

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Advanced Composites Market Report Highlights

  • Carbon fiber segment led the market with the largest revenue share of 66.23% in 2023. Advanced carbon composites are widely utilized in aerospace industry. The lightweight of material coupled with high impact resistance are expected to drive market growth over the forecast period

  • Based on application, the automotive segment led the market with the largest revenue share of 14.75% in 2023, and it is expected to grow at the fastest CAGR over the forecast period. The rising demand for durable, lightweight, and conductive raw materials in the automotive industry is expected to boost market growth over the forecast period. In addition, the global automotive industry is growing at a constant rate, owing to steady technological advancement, need for emission reduction, and high volatility in some emerging countries, such as India and Brazil. These factors are predicted to fuel the demand for advanced composites in automotive applications

  • The development of advanced technologies for the production of carbon fibers is also one of major characteristics of the market. Advanced technologies developed by key market player’s result in an increased efficiency of the production processes which in turn results in a declined production cost leading to increased profit margins and increased demand by the consumer firms

  • North America dominated the market with the revenue share of 35.66% in 2023, owing to factors such as such as high market size and significant disposable income of consumers along the ability of mass production and high product variation have boosted industry growth in country, which further likely to increase consumption of advanced composites in automotive applications in region

  • In March 2022, Hexcel Corporation announced expansion of its current engineered core manufacturing operation in Morocco. In order to address rising demand for lightweight advanced composites from aerospace clients

Advanced Composites Market Segmentation

Grand View Research has segmented the global advanced composites market report based on product,resin type, application, and region:

Advanced Composites Product Outlook (Volume, Kilotons; Revenue, USD Billion, 2018 - 2030)

  • Aramid Fiber

  • Carbon Fiber

  • Glass Fiber

Advanced Composites Resin Type Outlook (Volume, Kilotons; Revenue, USD Billion, 2018 - 2030)

  • Advanced Thermosetting Composites

  • Advanced Thermoplastic Composites

Advanced Composites Application Outlook (Volume, Kilotons; Revenue, USD Billion, 2018 - 2030)

  • Aerospace & Defense

  • Automotive

  • Wind Energy

  • Sporting Goods

  • Others

Advanced Composites Region Outlook (Volume, Kilotons; Revenue, USD Billion, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • UK

    • Germany

    • France

    • Italy

  • Asia Pacific

    • China

    • India

    • Japan

    • South Korea

  • Central & South America

    • Brazil

  • Middle East & Africa

    • Saudi Arabia

List of Key Players in the Advanced Composites Market

  • 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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