The latest report by IMARC Group, titled “Advanced Composites Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2024-2032,” offers a comprehensive analysis of the advanced composites market share. The report also includes competitor and regional analysis, along with a breakdown of segments within the industry.
The global advanced composites market size reached US$ 37.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 77 Billion by 2032, exhibiting a growth rate (CAGR) of 8% during 2024-2032.
Advanced composites are made of two or more distinct components, typically combining a matrix and a reinforcement, to achieve superior properties that are not attainable by the individual materials alone. They are engineered to provide enhanced performance, strength, and durability for various high-tech applications. They offer an excellent strength-to-weight ratio, which is crucial in applications where reducing weight is important without compromising strength. They allow for greater design freedom, enabling the creation of complex shapes and structures that would be difficult or impossible with traditional materials. Advanced composites are resistant to environmental factors, such as moisture, ultraviolet (UV) radiation, and chemicals.
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Market Trends:
The rising use of advanced composites in the aerospace and defense industries is impelling the growth of the market. Aerospace companies are continually seeking to improve fuel efficiency and performance, which advanced composites facilitate through their lightweight and high-strength properties. The increasing demand for fuel-efficient aircraft and the growing need for advanced military equipment are pushing the boundaries of composite material technology. New aircraft models use advanced composites extensively to achieve significant weight reductions and enhance overall performance. The automotive industry is undergoing a transformative phase with the shift towards electric vehicles (EVs) and the need for lightweight materials to improve battery efficiency and range. Advanced composites are being adopted in automotive applications to reduce vehicle weight, enhance fuel efficiency, and meet stringent emissions regulations.
As automakers seek to achieve better performance and lower operational costs, composites are being used in structural components, body panels, and interior parts. The rise of autonomous vehicles also necessitates materials that can withstand various environmental conditions while contributing to vehicle safety and efficiency. Apart from this, the growing utilization of advanced composites in the construction industry for reinforcing and repairing structures. Composites offer resistance to environmental factors, such as moisture and corrosion, which is crucial for extending the lifespan of infrastructure assets. Applications include strengthening bridges, repairing pipelines, and constructing durable building facades. The emphasis on sustainable construction practices and the need for cost-effective solutions in maintaining and upgrading infrastructure are driving the adoption of advanced composites.
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Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- Arkema S.A.
- BASF SE
- Hexcel Corporation
- Cytec Industries Inc.
- Koninklijke Ten Cate N.V.
- TPI Composites Inc.
- Toray Industries Inc.
- Mitsubishi Rayon Co. Ltd
- Teijin Limited.
- Hexion, SGL Carbon SE
- 3B-Fibreglass sprl
- Owens Corning Corporation
- Huntsman International, LLC
- Solvay S.A.
- Kemrock Industries and Exports Limited
- I. Du Pont Nemours & Co.
- Cristex Ltd
Advanced Composites Market Segmentation:
Our report has categorized the market based on region, resin type, type of fiber, manufacturing process and application.
Breakup by Resin Type:
- Advanced Thermosetting Composites
- Advanced Thermoplastic Composites
Breakup by Type of Fiber:
- Glass
- Carbon
- Aramid
Breakup by Manufacturing Process:
- Hand Layup/Spray Layup
- AFP and ATL
- Filament Winding
- Injection Molding
- Pultrusion
- Compression Molding
- RTM/VARTM
- Others
Breakup by Application:
- Aerospace and Aviation
- Automotive
- Energy
- Electronics
- Marine
- Others
Regional Insights:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2018-2023)
- Market Outlook (2024-2032)
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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