Advanced Composites Market Share & Size | Global Report 2028

The advanced composites market was valued at US$ 36.1 billion in 2021, it is estimated to grow at a CAGR of 9.1% from 2022 to 2028.

Advanced composite materials are materials that are generally characterized by high strength fibers with high stiffness. It is widely used in various industries, such as aerospace & defense, transportation, sporting goods, marine, and wind energy, due to advantages such as optimum strength, lightweight, improved fatigue life, good design practice, etc. All these features of advanced composites are bolstering the growth of the market.

MARKET DYNAMICS

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.

MARKET SCOPE

The "Global Advanced Composites Market Forecast to 2028" report aims to provide an overview of the advanced composites market with detailed market segmentation based on product, resin type, and end use industry. It provides key market statistics on the performance of the leading players. It also offers major trends and opportunities in the advanced composites market.

Strategic Insights

MARKET SEGMENTATION

The global advanced composites market is segmented on the basis of product, resin type, and end use industry. Based on product, the market is segmented into aramid, carbon, and glass. Based on resin type, the market is bifurcated into advanced thermosetting composites and advanced thermoplastic composites. Further, Based on end use industry, the market is segmented into transportation, aerospace & defense, wind energy, sporting goods, electrical & electronics, civil engineering, pipes & tanks, medical, marine, and others.

REGIONAL FRAMEWORK

The global advanced composites market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America. The report covers analysis and forecast of 18 countries globally, along with current trends and opportunities prevailing in these regions.

North America dominated the advanced composites market with ~37% market share in 2021. The market growth is majorly attributed to the presence of a large number of advanced composites manufacturers and a strong presence of various industries such as, transportation, aerospace, marine, etc. in the North America region. A few of the key advanced composite manufacturers in the region include Hexcel Corporation, Cytec Solvay Group, and Owens Corning. These suppliers are witnessing high demand from various industries such as transportation, aerospace & defense, wind energy, sporting goods, electrical & electronics, civil engineering, pipes & tanks, medical, and marine.

The below figure showcases the revenue growth trend in the global advanced composites market:

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The report analyzes factors, such as drivers, restraints, opportunities, and future trends, which are affecting the advanced composites market. It also provides exhaustive Porter's five forces analysis of the factors affecting the advanced composites market in these regions.

IMPACT OF COVID-19 PANDEMIC

Due to the onset of the COVID-19 outbreak, several actions by governments of various countries were taken to curb the spread of COVID-19, such as movement restrictions, social distancing rules, and lockdown measures, which led to many challenges. As a result, disruptions such as labor shortages in transportation, aerospace & defense, wind energy, sporting goods, electrical & electronics, pipes & tanks, medical, marine, and other industries adversely affected the advanced composites market growth.

MARKET PLAYERS

The report cover key developments in the advanced composites market organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals, patents, and events. Inorganic growth strategies activities witnessed in the market were acquisitions, partnerships, and collaborations. These activities have encouraged expansion of business and customer base of market players. Players operating in the advanced composites market are anticipated to experience lucrative growth opportunities in the coming years with the rising demand for advanced composites.

The report includes the profiles of key companies operating in the advanced composites market, along with their SWOT analysis and market strategies. It also focuses on leading industry players with information such as company profiles, components and services offered, financial information of the last three years, and key development in the past five years. The list of a few companies operating in the advanced composites market is mentioned below.

• 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.

The Insight Partner's dedicated research and analysis team consists of experienced professionals with advanced statistical expertise and offers various customization options in the existing study.

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