WASHINGTON, June 09, 2023 (GLOBE NEWSWIRE) -- The Global Advanced Composites Market is valued at USD 32.2 Billion in 2022 and is projected to reach a value of USD 58.48 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 8.9% over the forecast period 2023-2030.
Market Overview
The market for Advanced Composites will be influenced by rising demand for the product in athletic apparel, aviation, and military industries. The market for Advanced Composites is anticipated to benefit from the rising demand for these materials in the production of turbines. Globally expanding wind turbine deployments are likely to fuel market expansion. Demand is anticipated to increase over the period due to the industry terms use of advanced carbon and glass composites.
We forecast that the carbon fiber composites category in Advanced Composites market sales will account for more than 48% of total sales by 2030. The expanding application of the goods in producing wind turbines and aeronautical components fuels market expansion. Due to the rising use of the commodity in the aerospace industry, carbon is predicted to have the fastest growth rate over the next eight years. The demand for lightweight, fuel-efficient aircraft is anticipated to increase, which will spur the development of improved carbon materials.
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Market Dynamics
Increase in Demand for Aramid Glass Fiber Support Market Expansion
This is a result of their expanding use in the defense industry. The product's wide range of properties, including superior properties, lightweight, high heat, and impact resistance, is anticipated to be the main driver of growth. Due to their great strength, stiffness, and resilience to heat and stress, advanced aramid fibers are being used more frequently in the global automobile industry. Throughout the forecast period, the market for nanocomposites is anticipated to be driven by the use of the commodity in producing tires, body armor, and parts for defense vehicles.
Advanced Composites for Industrial Applications the Market Growth
The advantages of advanced composite materials are becoming increasingly apparent to industries — Industries that historically used steel or aluminum constructions are gaining an edge over their competitors because of materials. It is now used for more than just wind energy, high-performance sailing, and aerospace. Advanced Composites are employed in various applications, including vehicle cabins, medical instruments, and similar surfaces.
Top Players in the Global Advanced Composites Market
- HCS Group GmbH (Germany)
- Dymatic Chemicals Inc. (China)
- Chevron Phillips Chemical Company LLC (Texas, U.S.)
- SK Geo Centric Co. Ltd (Seoul, Korea)
- LG Chem (U.S.)
- Maruzen Petrochemical (Tokyo, Japan)
- Mitsubishi Chemical Corp. (Japan)
- CHIME (California, U.S.)
- Asahi Kasei Corp. (Japan)
- SABIC (Riyadh, Saudi Arabia)
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Top Trends in the Global Advanced Composites Market
- One trend that Vantage Market Research (VMR) expects to see in the Advanced Composites industry is the higher demand for lightweight, fuel-efficient vehicles. It has become necessary to fight global pollution and reduce the world's carbon footprint. Motor car and airplane manufacturers must collaborate with the federal govt to reduce the weight of cars to achieve greater efficiency, especially because governments in both developed countries and developing countries are working to reduce pollution and promote the use of fuel-efficient vehicles that produce less pollution. Advanced composite materials help manufacturers create vehicles and aircraft that burn less fuel, which reduces greenhouse gases and smog by up to 50%. As a result, both greenhouse gases and the effect of quickly growing gas prices will be lessened. Due to this, the market for Advanced Composites has grown significantly, as have the number of research and development operations.
- Another trend that VMR predicts will continue in the Advanced Composites industry is its increasing trend of growing demand for ceramic matrix composites in developing countries. The demand for ceramic matrix composites has greatly expanded in developing Asia-Pacific countries, including Thailand, China, India, and Singapore, which is expected to boost the market growth. These developing nations are attempting to implement fuel-efficient aero engines and car modules made of ceramic matrix composites to combat rising fuel prices and utilization.
Top Report Findings
- Based on the Product, the Carbon Fiber category controls most of the Advanced Composites market's revenue. The main force behind commercialization is the product's expanded range in producing turbines and aerospace components. As the product gets traction in the aerospace industry, carbon is anticipated to have the quickest growth rate over the next eight years. The demand for enhanced carbon materials is projected to increase due to the growing desire for ultralight, energy aircraft.
- Based on Application, the Automotive category controls most of the Advanced Composites market's revenue. The automotive industry's need for ultralight, strong, and conductive raw materials is anticipated to grow. Throughout the forecast period, rising air travel demand and consumer spending power will likely be the sector's driving forces, favoring the market. However, the infiltration of these composites in these industries is limited due to the restriction of the apps of goods to only high-end cars and big ships and aircraft carriers.
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Recent Developments in the Global Advanced Composites Market
- In December 2022, Solvay SA collaborated with Electronic Fluorocarbons (EFC) to obtain exclusive distribution rights in North America for its Advanced Composites products.
- In October 2022, Toray Advanced Composites expanded its commercial collaboration with Specialty Materials. This commercial collaboration allows engineers to easily control and manage key variables for unique solution innovations by utilizing high-quality domestically produced Advanced Composites products in the US supply chain.
- In April 2022, Gurit Holding AG purchased a 60% stake in Fiberline Composites A/S, a technology provider for the pultruded production of carbon and glass fiber composites.
- In April 2022, WearDeck, a manufacturer of weather-resistant decks in the United States, was acquired by Owens Corning. The acquisition of WearDeck is a crucial step in the plan to propel Owens Corning's growth while refocusing the Composites business on high-value material solutions for the building and construction industry.
- In January 2020, to expand its position in the market for carbon fiber composite materials, Mitsubishi Chemical Corporation announced that it would buy c-m-p GmbH in Germany through its subsidiary, Mitsubishi Chemical Advanced Material.
- In December 2020, Toray Advanced Composites announced that it had agreed with Joby Aviation for the long-term supply of the composite material used in its aircraft. The California-based aircraft firm will use Toray's carbon fiber composite materials to deliver rapid, inexpensive, and zero-emissions aerial ridesharing to global communities.
Automotive Category of the Application Segment of the Global Advanced Composites Market Forecast to Generate a Substantial Revenue During the Projected Period
For better understanding, based on the application, the Advanced Composites market is divided into Aerospace & Defense, Automotive, Wind energy, Sporting Goods and Other Applications.
The Automotive category of the Application segment shared the largest space in the recent year. It is forecast that this category will continue to hold the top spot during the projected period because of increased attention in the automobile, industrial, and defense sectors. Due to the nation's enormous market, high average disposable income, ability to mass produce a variety of goods, and large market size, the sector has expanded.
On the other hand, the Aerospace & Defence category is anticipated to grow significantly. Demand for composite materials is rising quickly, particularly in the aerospace sector. Composite materials are widely used in commercial transport airplanes because they provide higher fuel economy and, thus, cheaper operating costs. High strength, stiffness, high temperature & cannabinoid resistivity, electrical conductivity, and various other heat and chemical properties are additional important characteristics of advanced composite materials, which expands the range of applications for these materials in the aerospace and defense industries. They are frequently utilized in bulletproof vests, protective equipment including gloves, motorcycle protective clothing, and hunting gaiters, among other ballistic protective applications. Many nations are concentrating on developing their defense industries while producing their hardware. The demand for advanced composite materials is anticipated to increase as a result of these factors during the forecast period.
Asia Pacific Region is Forecast to Generate Enormous Chunk of Revenue in the Global Advanced Composites Market in the Forecast Time
The Asia Pacific region is anticipated to do so in the coming years. Growing consumer tastes for air travel and expansion in the aviation industry are the main drivers of market expansion in these nations. In the upcoming years, increasing passenger traffic is predicted to drive market expansion for commercial aircraft. In the upcoming years, steadily increasing passenger traffic is anticipated to accelerate market expansion and increase demand for commercial aircraft.
The North American regional market is expected to see the fastest growth in the Advanced Composites market due to increasing demand for food and beverages with high nutritional value, growing demand for dietary supplements, and increasing health consciousness among consumers in the region. Additionally, the presence of large populations and rapidly growing economies in countries such as China and India are also expected to contribute to the growth of the Advanced Composites market in the Asia Pacific region.
Browse market data Tables and Figures spread through 148 Pages and in-depth TOC on Advanced Composites Market Forecast Report (2023-2030).
Global Advanced Composites Market Segmentation
By Product
- Aramid Fiber Composites
- Carbon Fiber Composites
- Glass Fiber Composites
By Application
- Aerospace & defense
- Automotive
- Wind energy
- Sporting goods
- Other Applications
By Region
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- South-East Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of MEA
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Scope of the Report:
| Report Attributes | Details |
| Market Size in 2022 | USD 32.2 Billion |
| Revenue Forecast by 2030 | USD 58.48 Billion |
| CAGR | 8.9% from 2023 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2030 |
| Key Players | HCS Group GmbH, Dymatic Chemicals Inc., Chevron Phillips Chemical Company LLC, SK Geo Centric Co. Ltd, LG Chem, Maruzen Petrochemical, Mitsubishi Chemical Corp., CHIME, Asahi Kasei Corp., SABIC |
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