The advanced composites market is anticipated to have a thriving CAGR of 9.2% during the forecast period of 2022-2032. According to FMI, the market is expected to grow from US$ 37.73 billion in 2021 to US$ 108.48 billion by 2032.
“Growing demand for advanced composites in the sports goods, aerospace, and military industries is projected to ramp up the market for advanced composites.”
The demand for carbon fiber and s-glass fiber composites in the aerospace and defense sector and increased demand for carbon fiber composites in new end-use industries like civil engineering, medicine, and pipes and tanks are major growth drivers for the global advanced composites market.
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What Is The Competitive Outlook Of The Advanced Composites Market?
Due to the presence of numerous reputable manufacturers and suppliers, the advanced composites market is very competitive. Major advanced composites market participants concentrate on providing clients with customized solutions, which results in a high switching cost for the consumer businesses.
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
Recent Developments:
- Toray Advanced Composites reports that it has finished a long-term supply arrangement with Joby Aviation for the composite material used in its aircraft in December 2020. Toray’s carbon fiber composite materials will be used by a California-based aircraft manufacturer to develop quick, inexpensive, and emissions-free aerial ridesharing for global communities.
- Impossible Objects and Owens Corning signed a joint development agreement in May 2021 to work on developing new materials for Impossible Objects’ composite-based additive manufacturing (CBAM) technology.
Advanced composites materials or 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. Hence, the use of advanced composites is significantly growing in the aerospace & defense, marine, sporting goods, transportation, electrical & electronics, civil engineering, pipes & tanks, medical, and wind energy industries.
The advanced composites market is growing at a significant pace owing to driving factors such as rising demand for carbon fiber and S-glass fiber composites in the aerospace & defense industry and a surge in need for carbon fiber composites in end-use industries such as civil engineering, medical, and pipes & tanks. Further, industrialization in emerging markets such as China, India, and Japan and the rising demand for environmentally safe specialty products in the construction sector are driving the demand for advanced composites. However, the high cost of advanced composites and the availability of its substitute are hampering the growth of the market.
What Drives The Advanced Composites Market Growth?
Demand for advanced composites is likely to be high, since they are being used more and more in aerospace and defense equipment, which benefits from their increased performance by reducing the weight of the equipment.
The advanced composites market is anticipated to benefit from the rising demand for these materials in the production of turbines. Globally expanding wind turbine installations are probably going to help fuel the market expansion.
Demand for advanced composites is surging due to the industry’s use of sophisticated composites made of carbon and glass. A cost-benefit resulting from the integration of the manufacturing and distribution channels leads to market size growth.
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Key segments
By Product:
- Aramid
- Carbon
- Glass
By Application:
- Aerospace & Defense
- Automotive
- Construction
- Sporting Goods
- Wind Energy
