Advanced Composites Market Analysis By Size, Share, Product Type, Device, Vertical and Technology

Advanced Composites Industry Overview

The global advanced composites market size is expected to reach USD 70.2 billion by 2030, as per a new report by Grand View Research Inc. The market is expected to expand at a CAGR of 9.2% from 2022 to 2030. Growing demand for the products in the wind energy sector and aerospace and defense industry is expected to drive the market growth over the forecasted period. The market is growing at a notable pace owing to the rising penetration of carbon and glass fiber composites in the aerospace and defense industry and industries such as renewable power generation, healthcare, and electronics. Moreover, industrialization in emerging markets such as China, India, and Japan further propel the growth of the market.

Advanced Composites Market Segmentation

Grand View Research has segmented the advanced composites market based on product, application, and region:

Based on the Application Insights, the market is segmented into Aerospace & defense, Automotive, Wind energy, Sporting goods, and Others

• The aerospace and defense application segment led the market for advanced composites and accounted for a revenue share of 40.5% in 2021
• The automotive industry application segment is also expected to witness notable growth at a CAGR of 8.9% owing to rising penetration of the product in the vehicles.
• The growing demand for air travel and the ability to spend is expected to be the driving factor for the industry over the forecast period, which, in turn, is expected to impact the market positively.
• The increasing investment in the defense sector is expected to augment demand for aramid composites over the forecast period.
• The growing global political friction is expected to further increase the funding in the defense sector, which is expected to have a positive effect on the demand for the product over the forecasted period.

Based on the Product Insights, the market is segmented into Aramid Fiber Composites, Carbon Fiber Composites, and Glass Fiber Composites

• The carbon fiber composites product segment led the market for advanced composites and accounted for a revenue share of 64.1% in 2021. It is expected to witness a CAGR of 10.9% from 2022 to 2030.
• The major driving factor to market growth is the growing scope of the product in the manufacturing of wind turbines and aerospace components.
• The aramid composites segment accounted for over revenue share of 8.6% in 2021 and is likely to witness significant growth over the forecast period. This is owing to their growing application in the defense sector.
• The application of the product in the manufacturing of tires, body armors, and components of defense vehicles is expected to drive the market for advanced composites over the forecast period.

Advanced Composites Regional Outlook

• North America
• Europe
• Asia Pacific
• South & Central America
• Middle East & Africa (MEA)

Key Companies Profile & Market Share Insights

The market for advanced composites is highly competitive owing to the presence of a large number of established manufacturers and suppliers. Major players are actively involved in the fire trucks market, with numerous strategic alliances and product innovations, which are being emulated by other players as well. Key market players are involved in notable R&D efforts in a bid to build their product portfolio and increase their revenues. Major market players focus on delivering customized solutions to the clients which leads to a high switching cost for the consumer companies. In addition, the companies in the market are involved in notable collaborations with technology-based firms and research institutions to build advanced high strength solutions.

Some prominent players in the global Advanced Composites market include:

• Toray Industries, Inc.
• Koninklijke Ten Cate NV
• Teijin Limited
• Hexcel Corporation
• SGL Group
• Cytec Solvay Group
• Owens Corning
• I. Dupont De Nemours and Company
• Huntsman Corporation
• Momentive Performance Materials Inc.
• WS Atkins plc
• AGY Holdings Corp.
• Formosa Plastics Corporation
• Plasan Carbon Composites
• Strata Manufacturing

Order a free sample PDF of the Advanced Composites Market Intelligence Study, published by Grand View Research.