Advanced Composites Market Key Companies and SWOT Analysis by 2028

[Research Report] The advanced composites market was valued at US$ 38,772.87 million in 2022 and is expected to reach US$ 69,092.18 million by 2028; it is estimated to record a CAGR of 10.1% from 2022 to 2028.

Advanced composite materials are high-structural strength materials produced by combining one or more stiff, high-strength reinforcing fibers with a compatible resin system. Advanced composites are used as a substitute for metals and wood composites in many structural applications. Advanced composites comprise structural materials developed for high-technology applications, such as automotive, airframe, and wind turbine structures, for which other materials are not sufficiently stiff. In these materials, stiff and strong continuous or discontinuous fibers, whiskers, or small particles are dispersed in the matrix. Several fibers, including metals, carbon, ceramics, glasses, and polymers, are extensively used in manufacturing advanced composites.

Growing demand for lightweight materials in the aerospace & defense industry is driving the growth of the advanced composites market. The need for fuel economy and efficiency has prioritized lightweight materials in the transportation industry. In addition, advanced composites are increasingly used in wind energy, automotive, and construction industries. Further, the growing adoption of biocomposites is expected to fuel the advanced composites market growth during the forecast period.

The advanced composites market is segmented into five major regions—North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. In 2022, Europe held the largest market share, and Asia Pacific is estimated to register the highest CAGR during the forecast period. High demand for advanced composites from the automotive, aerospace & defense, and building & construction industries supports the growth of the Europe advanced composites market. Further, Asia Pacific, the most populated region in the world, hosts one of the world's most rapidly developing construction & automotive industries. This factor contributes to the high demand for advanced composites in the region.

Advanced Composites Market: Strategic Insights

Impact of COVID-19 Pandemic on Advanced Composites Market

Before the COVID-19 pandemic, the advanced composites market was mainly driven by industries such as automotive, building & construction, aerospace & defense, wind energy, and marine. In 2020, various industries had to slow down their operations due to disruptions in supply chains caused by the shutdown of national and international borders. The pandemic hampered manufacturing processes due to restrictions imposed by government authorities in various countries. Advanced composites have major applications in the aerospace & defense and automobile industries, wherein they are used to manage the body weight of vehicles and fuel management. It is also widely used in the construction sector. Hence, with the reduction in activity in these sectors, the demand for advanced composites also decreased. The pandemic also caused fluctuations in the prices of raw materials. All these factors led to a decrease in demand for advanced composites. However, in 2021, the economies started reviving as various industries resumed business activities. As a result, several industries, including aerospace & defense, automotive and building & construction, showed signs of recovery in their operations. Various industries are also overcoming the consequences of disruptions in their raw material supply chains. With such a promising recovery, the global industrial sector is expected to provide the impetus for the advanced composites market growth in the coming years.

Market Insights

Strategic Developments by Key Players Favor Advanced Composites Market Growth

Key market players are involved in strategies such as mergers and acquisitions to expand their geographic presence. In April 2022, Avient Corporation announced the acquisition of DSM Protective Materials to add its Dyneema brand and its unique technologies to Avient. This acquisition was aimed at expanding its growing composites portfolio. Avient Corporation also announced the plan to explore sale options for its Avient Distribution business. Such strategic developments by key players are expected to bolster the advanced composites market growth in the coming years.

End-Use Industry-Based Insights

Based on end-use industry, the advanced composites market is segmented into aerospace & defense, automotive, wind energy, building & construction, electrical & electronics, and others. The wind energy segment is expected to register the highest CAGR during the forecast period. The demand for advanced composites is rising in the wind energy segment due to the increasing need for larger turbine blades for energy generation. Factors such as lower weight than metallic structures, ability to spin faster and capture winds at lower velocity, longer blade life, corrosion resistance, and lower maintenance costs have positioned advanced composites as a crucial material enabling economical solutions to large-scale energy-generation projects. Rapid developments in material technology continue to support variations in the structure of wind turbines. Many of these variations were primarily introduced to reduce the prices of turbines. Factors such as corrosion resistance, fatigue resistance, toughness, rigidity, weight, and appearance of wind turbines significantly impact their operations. Further, glass fiber-reinforced plastics (GRP) is the most used type of composite material in wind turbine manufacturing.

Matrix Type-Based Insights

Based on matrix type, the advanced composites market is segmented into epoxy resin, phenolics, polyester resin, polyurethane resin, polyphenylene sulfide (PPS), polyetherimide (PEI), and others. The epoxy resin segment dominated the market in 2022. Epoxy resins have superior mechanical and fatigue strength, enabling them to perform with resistance to moisture, impact, chemical, and under curing conditions. Epoxy resins bind fiber-reinforced polymers (FRP) and are compatible with all reinforcing fibers, including fiberglass, aramid, carbon fiber, and basalt.

Avient Corp, Toray Industries Inc, Teijin Ltd, Mitsubishi Chemical Corp, SGL Carbon SE, Owens Corning, Solvay SA, Johns Manville Corp, Tecnaro GmbH, and Ensinger GmbH are among the major players operating in the advanced composites market. These companies mainly focus on product innovation to expand their market share and follow emerging market trends.

Advanced Composites Market Players Density: Understanding Its Impact on Business Dynamics

The Advanced Composites Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Report Spotlights

• Progressive industry trends in the advanced composites market to help companies develop effective long-term strategies
• Business growth strategies adopted by market players in developed and developing countries
• Quantitative analysis of the advanced composites market from 2020 to 2028
• Estimation of global demand for advanced composites
• Porter's Five Forces analysis to illustrate the efficacy of buyers and suppliers operating in the advanced composites industry
• Recent developments to understand the competitive market scenario
• Market trends and outlook, as well as factors driving and restraining the growth of the advanced composites market
• Assistance in the decision-making process by highlighting market strategies that underpin commercial interest
• Size of the advanced composites market at various nodes
• Detailed overview and segmentation of the market and growth dynamics of the advanced composites industry
• Size of the advanced composites market in various regions with promising growth opportunities