With a 40.5% revenue share in 2021, the aerospace and defense application category dominated the advanced composites market. Carbon fiber segment is predicted to have a CAGR of 10.9% in the advanced composites market through 2032
NEWARK, Del., July 13, 2022 /PRNewswire/ -- The advanced composites market is expected to see a substantial CAGR of 9.2%, and is projected to increase from 37.73 billion in 2021 to 108.48 billion by 2032.
Demand for advanced composites is projected to be considerable, given that they are increasingly being utilized in aerospace and defense equipment, which gains from their improved performance by making the equipment lighter.
The leading advanced composites market key players are closely investing in the manufacture of thermoplastic composites in order to meet the rising demand from several end-use sectors. The forecast period presents enormous growth and profit opportunities for the advanced composites market.
It is projected that the product's high cost will restrict the growth of the advanced composites market share. There is decreased demand for advanced composites as a result of rising prices brought on by automation and the usage of expensive high-performance resins.
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Participants in the advanced composites market are investing a lot of money in R&D as a result. Demand for intricate and compact designs, increasing material requirements, and cost constraints may all further fuel demand for advanced composites materials and increase their market dominance.
The North America market is leading the advanced composites market. The advanced composites market in Europe contributed significantly to overall revenue in 2021. The installation of wind turbines in Spain, Germany, and the United Kingdom is predicted to benefit from the rising demand for sustainable renewable energy.
Key Takeaways from Market Study
- The advanced composites market is expected to have a CAGR of 9.2% during the forecast period.
- The market is segmented based on product, wherein the carbon fiber segment accounted for a significant global advanced composites market share of 64.1% in 2021.
- Carbon fiber segment is predicted to have a CAGR of 10.9% in the advanced composites market during the forecast period.
- The market is segmented based on application, wherein the aerospace and defense segment accounted for an adequate global advanced composites market share of 40.5% in 2021.
- The North America advanced composites market is anticipated to grow at the fastest rate, with a sales share of 37% in 2021.
- The Europe advanced composites market is expected to grow significantly during the forecast period.
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Competitive Landscape
The focus of the key players in the advanced composites market is on customizing solutions for customers, which results in a high switching cost for the consumer enterprises. This will enable them to invest significantly in R&D.
In order to obtain a continuous competitive edge in the advanced composites market share, businesses can create and offer newer, better goods at higher price points.
Following the Key Players Are :
- 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.
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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.
- Arris Composites is the innovator of next-generation composite materials for mass market applications, such as consumer goods, aircraft, and transportation.
Key segments
By Product:
- Aramid
- Carbon
- Glass
By Application:
- Aerospace & Defense
- Automotive
- Construction
- Sporting Goods
- Wind Energy
By Region:
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.2. Scenario Forecast
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
4. Global Advanced Composites Market Analysis 2017-2021 and Forecast, 2022-2032
4.1. Historical Market Size Value (US$ Mn) & Volume (Tons) Analysis, 2017-2021
4.2. Current and Future Market Size Value (US$ Mn) & Volume (Tons) Projections, 2022-2032
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Global Advanced Composites Market Analysis 2017-2021 and Forecast 2022-2032, By Product
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Mn) & Volume (Tons) Analysis By Product, 2017-2021
TOC continued..!
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