The increasing demand for advanced composites in the manufacturing of aircraft is expected to have a positive impact on the growth of the market for advanced composites. For instance, the overall large commercial aircraft supplied in 2013 was about 1200 units and is anticipated to surpass 1500 units by the end of the forecast period. Hence, the increasing product demand owing to its excellent technical properties such as excellent fatigue, high strength, stiffness, and abrasion resistance will be expected to enhance the market growth.
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Data Bridge Market Research analyses that the Advanced Composites Market is expected to reach USD 40,574.57 million by 2030, which was USD 21,921.18 million in 2022, registering a CAGR of 8.00% during the forecast period of 2023 to 2030. Advanced composites offer superior strength-to-weight ratios compared to traditional materials such as metals. This property makes them highly desirable in industries such as aerospace, automotive, and renewable energy, where lightweight materials can improve fuel efficiency, performance, and overall product capabilities.
Environmental sustainability is expected to drive the market's growth rate
Advanced composites contribute to environmental sustainability by offering lightweight alternatives to traditional materials. Their lightweight nature reduces fuel consumption and emissions in industries such as aerospace, automotive, and renewable energy. Moreover, composites can be recycled and have longer lifecycles, reducing waste and promoting resource efficiency. The growing focus on sustainability and environmental regulations across industries drives the demand for advanced composites as eco-friendly solutions with reduced environmental impact.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015-2020)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Fiber Type (Carbon, S-Glass, Aramid, Others), Resin Type (Thermosetting, Thermoplastic), Manufacturing Process (Automated Tape Laying (ATL) and Automated Fiber Placement (AFP), Hand Layup/Spray Layup, Filament Winding, Pultrusion, Resin Transfer Molding (RTM), Compression Molding, Injection Molding, Others), End-User (Aerospace and Defense, Automotive, Energy and Power, Sports Equipment, Civil Engineering, Electrical and Electronics, Healthcare, Others)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
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Market Players Covered
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TORAY INDUSTRIES, INC. (Japan), Teijin Aramid B.V. (Netherlands), Mitsubishi Chemical Group Corporation Japan Huntsman International LLC. (U.S.), BASF SE (Germany), Solvay (Belgium), Akzo Nobel N.V. (Netherlands); DuPont (U.S.), Hexion (U.S.), Honeywell International Inc. (U.S.), Owens Corning (U.S.), Formosa Plastics Corporation (Taiwan), Henkel AG & Co. KgaA (Germany), Lyondellbasell Industries Holdings B.V. (Netherlands), Hanwha Solutions (South Korea), SGL Carbon (Germany), Kemira (Finland), H.B Fuller Company (U.S.), Evonik Industries AG (Germany)
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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
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Segment Analysis:
The advanced composites market is segmented on the basis of type, resin, manufacturing process, and end-user.
- On the basis of type, the global advanced composites market is segmented into carbon fiber composites, S-glass composites, aramid fiber composites, and others. The carbon fiber composites segment is expected to dominate the global advanced composites market with a CAGR of 7.7% in the forecast period of 2023 to 2030 due to the demand for the lightweight material increasing for the production of finished goods which makes carbon fiber.
In 2023, the carbon fiber composites segment is expected to dominate the type segment of the global advanced composites market
In 2023, the carbon fiber composites segment is expected to dominate the global advanced composites market owing to its exceptional strength-to-weight ratio, high stiffness, and excellent fatigue resistance, making it a preferred choice in industries such as aerospace, automotive, and sports equipment with a CAGR of 7.7% in the forecast period of 2023 to 2030
- On the basis of resin, the global advanced composites market is segmented into thermosetting, thermoplastic. The thermosetting segment is expected to dominate the global advanced composites market with a CAGR of 7.6% in the forecast period of 2023 to 2030 due to resin can re-form parts as thermoplastic resins can retain their properties even after repeated heating and cooling which makes advanced thermoplastic to dominate in the region.
- On the basis of the manufacturing process, the global advanced composites market is segmented into automated tape laying (ATL) and automated fiber placement (AFP), hand layup/spray layup, compression molding, resin transfer molding (RTM), injection molding, filament winding, pultrusion and others. The automated tape laying (ATL) and automated fiber placement (AFP) segment is expected to dominate the global advanced composites market with a CAGR of 8.6% in the forecast period of 2023 to 2030 due to the increase in the technology, advancement for the manufacturing of the lightweight composite material increases the demand for the automated tape laying (ATL) and automated fiber placement (AFP) process in the region.
In 2023, the automated tape laying (ATL) and automated fiber placement (AFP) segment is expected to dominate the manufacturing process segment of the global advanced composites market
In 2023, the automated tape laying (ATL) and automated fiber placement (AFP) segment is expected to dominate the global advanced composites market owing to higher precision and flexibility in placing fiber reinforcements, allowing for more intricate and tailored composite components. On the other hand, ATL is commonly used for less complex geometries and larger surface areas with a CAGR of 8.6% in the forecast period of 2023 to 2030
- On the basis of end-user, the global advanced composites market is segmented into aerospace and defense, energy and power, automotive, sports equipment, civil engineering, electrical and electronics, healthcare, and others. The aerospace and defense segment is expected to dominate the global advanced composites market with a CAGR of 8.1% in the forecast period of 2023 to 2030 due to an increase in the demand for airplanes and aerospace and defense to dominate in the region.
Major Players
Data Bridge Market Research recognizes the following companies as the major advanced composites market players in advanced composites market are TORAY INDUSTRIES, INC. (Japan), Teijin Aramid B.V. (Netherlands), Mitsubishi Chemical Group Corporation Japan Huntsman International LLC. (U.S.), BASF SE (Germany), Solvay (Belgium), Akzo Nobel N.V. (Netherlands); DuPont (U.S.), Hexion (U.S.), Honeywell International Inc. (U.S.), Owens Corning (U.S.)
Market Development
- In 2022, The Bioproduct Chemistry team came up with an environmentally friendly method for producing flexible and durable cellulosic films that retain their integrity even when wet. This material is created through a creative combination of wood-based and biodegradable polymers without any chemical modification, maximizing the advantages of each component.
- In 2022, In Tennessee's cutting-edge compounding facilities of Insight Polymers and Compounding, a brand-new twin-screw extrusion line was added. By enabling high-temperature processing and reactive extrusion processes, such as exfoliation, graft polymerization, and nanoparticle dispersion, this addition expands the range of potential applications.
- In 2022, Solvay launched a new advanced thermoset resin system called VTM260, designed for high-performance composite structures in the aerospace and defense industries.
- In 2019, 3A Composites Holding AG have decided to sign an investment agreement for PET project which will increase the production of the high-performance PET structural foam materials. This development helps the company to increase the revenue.
- In 2019, LyondellBasell Industries Holdings B.V. has entered in to the agreement for Phu My Plastics Production JSC for the supply of the technology for the production of new 300 KTA polypropylene in Vietnam. This development has helped the company to increase the revenue.
Regional Analysis
Geographically, the countries covered in the advanced composites market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
As per Data Bridge Market Research analysis:
North America is the dominant region in the advanced composites market during the forecast period 2023-2030
North America is a dominant force in the advanced composites market, driven by the increasing demand for lightweight materials in car and airplane manufacturing. The United States is projected to lead the growth of this market in North America, primarily due to its extensive utilization of advanced composites across various applications within the region. This trend is indicative of the significant role played by the U.S. in driving the advancements and adoption of advanced composites.
Asia-Pacific is estimated to be the fastest growing region in advanced composites market the forecast period 2023-2030
Asia-Pacific is anticipated to experience rapid growth in the advanced composites market from 2023 to 2030, primarily attributed to the region's substantial consumption of advanced composites across diverse applications. Industries such as aerospace and defense, civil engineering, electrical and electronics, energy and power, automotive, sports equipment, healthcare, and others are driving the demand for advanced composites in the region. This increasing adoption of advanced composites in various sectors positions Asia-Pacific as the fastest-developing region in the forecast period.
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