Global Advanced Composites Market – Industry Trends and Forecast to 2030

Advanced Composites Market Analysis and Size

The increasing demand for advanced composites in 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 expected to enhance the market growth.

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. 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.

Advanced Composites Market Scope and Segmentation

Market Definition

Advanced composites materials are also called as advanced polymer matrix composites. These composites are lightweight materials with high modulus to elasticity and strength. These products are manufactured by using fibrous material which are embedded in different resin matrices. These advanced materials are extensively utilized in marine, aerospace and defense, automotive and wind energy sector.

Global Advanced Composites Market Dynamics

Drivers

• Growing demand of advanced composites in defense industry

The increasing demand of aramid composites is expected to drive the growth of the global advanced composites over the forecast period. This is because of their increasing application in the defense industry. The diversified characteristics of aramid composites including high strength, high heat, low density and impact resistance is expected to be the key factor promoting growth.

• Increasing demand for fuel-efficient vehicles

The increasing concerns regarding climate change have emphasized the requirement to have fuel-efficient vehicles to reduce carbon emissions. As a result, vehicle manufacturers utilize advanced composite to reduce the weight of vehicle without compromising safety. The reduction in vehicle-weight surges engine efficiency. Thus, the growing demand for fuel-efficient vehicles will drive the market growth.

Opportunities

• High usage of advanced composites in construction industry

Waterfronts, bridges, and other structures require replacement and rehabilitation as a result of aging infrastructure. Advanced composites offer better corrosion resistance and durability properties, which contribute to low maintenance, resulting a long-term economic advantage over traditional materials such as concrete and steel. The main applications of advanced composites in architecture include bridge decks, full-bridge structures, cladding, domes, roofing, structures, as a result of which the demand for these composites increase which will likely to create ample opportunities for the market growth.

• Increasing strategic agreements between market players

Increasing strategic agreements between market players will create ample opportunities for the market growth. For instance, Toray Advanced Composites has announced that it had completed an agreement with Joby Aviation in December 2020 for the composite material which are used for its aircraft. Joby Aviation will use the composite materials of Toray’s to provide global communities with zero-emissions and aerial ridesharing.

Restraints/ Challenge

• High cost of advanced composite production

The entire process of manufacturing an advanced composite is complex. The high market expenses are reflected in the R&D expenditure incurred by advanced composite manufacturers to improve its applications and enhance its properties. The labour or other production costs are also high in the production of advanced composite. Thus, the high prices of advanced composites will hamper the market growth.

• Stringent government regulations

Advanced composites are harmful for the environment due to their non-biodegradable nature. As a result, the production, distribution, disposition and use of advanced composite are regulated with strict implementation and standardized guidelines. The stringent government regulations will obstruct the growth of the market.

This advanced composites market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the advanced composites market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.

Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Recent Development

• In 2022, a novel twin-screw extrusion line was added in Insight Polymers and Compounding's advanced compounding facilities in Tennessee. This addition increases possibilities by allowing high-temperature processing and reactive extrusion processes, including nanoparticle dispersion, graft polymerization,  and exfoliation
• In 2022, The Bioproduct Chemistry team developed an eco-friendly process to make strong and flexible cellulosic films that preserve their strength even when wet. This material is made by an inventive combination of biodegradable polymers and wood-based without any chemical modification which is maximizing the benefits of each component.

Global Advanced Composites Market Scope

The advanced composites market is segmented on the basis of fiber type, resin type, manufacturing process and end-user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Fiber Type

• Carbon
• S-Glass
• Aramid
• Others

Resin Type

• Thermosetting
• Thermoplastic

Manufacturing Process

• Automated Tape Laying (ATL)
• 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

Advanced Composites Market Regional Analysis/Insights

The advanced composites is analyzed and market size insights and trends are provided by country fiber type, resin type, manufacturing process and end-user as referenced above.

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.

North America dominates the advanced composites market owing to the growing demand of the light weight material in the manufacture of cars and airplane in this region. The U.S. is expected to dominate the growth of the North America advanced composites market due to increased use of advanced composites in several applications in this region.

Asia-Pacific is expected to be the fastest developing region during the forecast period of 2023-2030 due to the high consumption of advanced composites in various application such as aerospace and defense, civil engineering, electrical and electronics, energy and power, automotive, sports equipment, healthcare and others.

 The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Advanced Composites Market Share Analysis

The advanced composites market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to advanced composites market.

Some of the major players operating in the 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.)
• 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 (U.S.)
• Evonik Industries AG (Germany)

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