The Advanced Composites Market was valued at $35.0 billion in 2023 and is projected to reach $89.7 billion by 2028, growing at a CAGR of 10.2% from 2023 to 2028.
Advanced composite materials are special kinds of materials that are very strong and stiff for their weight. They are made using modern manufacturing methods, which makes them efficient and cost-effective. When we use these composites instead of metal in structures, they can reduce the weight of the structure by around 20-30%. In some cases, where we combine the material's unique properties with smart designs, these composites can greatly improve the performance of the structure. The composites are grouped into four main categories based on the material used for the main part, like the glue that holds everything together. These categories are polymer composites, metal composites, ceramic composites, and carbon composites. These composite materials are being used in many industries, such as aerospace, cars, and buildings, where we get the final products. But we need to be careful with these materials because they can be vulnerable to high temperatures. If they catch fire, they release harmful particles and fumes that can be dangerous to health. Additionally, they might not work well when the temperature gets high, and the structure could fail.
More and more industries are realizing the advantages of using advanced composite materials. These materials are giving a competitive advantage to industries that used to rely on steel or aluminum. It's not just limited to aerospace, yachts, and wind energy any more. Now, we can find advanced composites in building exteriors, medical equipment, truck cabins, and many other uses. These things drive the growth of the advanced composites market.
Reducing global pollution and carbon emissions has become very important lately. Governments around the world are encouraging the use of fuel-efficient vehicles that produce less pollution. To make cars and airplanes more efficient, manufacturers are working on making them lighter. Advanced composite materials are helping in this process, as they allow for the production of lightweight and fuel-efficient vehicles. By using these materials, emissions and smog can be reduced by up to 50%. This not only helps the environment but also reduces the impact of increasing gasoline prices. As a result, there is a growing demand for advanced composites market materials, and many research and development efforts are focusing on improving these technologies. The goal is to improve vehicle and aircraft fuel economy, lower fuel costs, and reduce pollution by using these advanced materials.
Advanced composite materials have special qualities that make them very efficient for various uses compared to common materials. They are so strong that it's hard to see any cracks or damage in the parts where they are used. However, one problem is that these materials can be brittle, which means they can unexpectedly break if not taken care of or checked regularly. Fixing them when they break can be challenging, as it requires skilled workers who know how to repair them effectively. But even though these materials last a long time, they can be recycled and used again in the same way.
The demand for ceramic matrix composites is rising in many countries. These countries are trying to reduce fuel consumption and costs by using fuel-efficient engines and car parts made with ceramic matrix composites. Ceramic matrix composites are also used in engine parts like liners, blades, nozzles, and shrouds. By using these composites, aircraft can operate more efficiently, resulting in lower operational and administrative expenses due to better fuel economy. The economic growth, urbanization, industrialization, and improved living standards in these countries are driving the adoption of fuel-efficient machinery to cut costs and improve efficiency.
The demand for advanced composite materials is increasing because we need complex and compact designs and materials that meet higher requirements while keeping costs in check. However, concerns about climate change and the push for eco-friendly lifestyles may put some limits on the growth of the advanced composites market. On the positive side, the growth of renewable energy presents a great opportunity for the advanced composites market. These materials are crucial for making the gadgets and equipment needed to generate and store clean energy. So, as the renewable energy market expands, the demand for advanced composites will also grow, allowing them to reach their full potential.
COVID-19 is a dangerous pandemic that has affected the world in significant ways. To prevent its spread, measures like social distancing and contactless delivery have made people feel more isolated. The virus has made some people very sick and caused deaths, but what worried governments, even more were the possibility of reinfection after recovery and long-term health problems for some survivors. To control the virus, governments imposed lockdowns and quarantines, but they didn't work well. The negative effects on businesses were long-lasting. Many companies, including those in the advanced composites market, had to stop or reduce production during these periods. As there was a disruption in the supply chain and manufacturing of raw materials, the advanced composites market was also affected.
In December 2022, Solvay SA joined forces with Electronic Fluorocarbons (EFC) to have exclusive rights to distribute its Advanced Composites products in North America.
In October 2022, Toray Advanced Composites expanded its collaboration with Specialty Materials. This partnership allows engineers to better control and manage important factors for creating unique solutions using high-quality Advanced Composites products made in the USA.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2022-2028 |
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Base Year |
2022 |
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Forecast Period |
2023-2028 |
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CAGR |
10.2% |
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Segments Covered |
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Various Analyses Covered |
Global, Regional and Country Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
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Regions Covered |
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Market Leaders Profiled |
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Carbon fiber composites are leading the advanced composites market share. This is because they are being used more and more in making wind turbines and aerospace parts. The aerospace industry is also using carbon fiber composites increasingly, making it the fastest-growing segment. The demand for lightweight and fuel-efficient airplanes is driving the development of advanced carbon materials. Aramid fiber composites are also expected to see significant growth, especially in the defense sector. These composites are very strong and stiff and can withstand heat and impact well. They are being used more in the automotive industry worldwide, making tires, body armor, and components for defense vehicles. This is expected to boost the growth of the market for aramid fiber composites.
Thermoset
Thermoplastic
The thermoset resin segment is expected to dominate the advanced composites market size. Thermoset composites are very popular in various industries because they have excellent properties. They are strong, can handle high heat, and are stable against chemicals. These materials are used in places where strength and durability are crucial, like airplanes, cars, boats, and sports equipment. One cool thing about thermoset composites is that they become solid and keep their shape permanently when they are made. This helps them stay strong and maintain their structure, even when exposed to high temperatures and tough conditions. However, it's essential to remember that the market can change over time, and new materials might become more popular in the future.
The aerospace and defense industries are leading the advanced composites market, and they are expected to grow even more because the aerospace industry is also growing. This growth will drive the overall market expansion. The automotive industry is also expected to grow a lot during the forecast period. This is because more and more vehicles are using these advanced composites, as they are strong, lightweight, and can conduct electricity. The increasing demand for these materials in cars will push the advanced composites market to grow further.
In North America, the advanced composites market is expected to be very strong, with a large market share. This is because there is increasing demand for these materials in the automotive, aerospace, and defense industries. The United States, in particular, has a big automotive sector and is one of the world's largest producers of cars. The country's market has grown because it has a large number of consumers with enough money to spend, and it can mass-produce and offer a wide variety of products. In Europe, the advanced composites market is also expected to grow significantly and make up a big part of the revenue. This is due to the rising demand for renewable energy, especially wind power. Countries like Spain, Germany, and the United Kingdom are installing more wind turbines, which drives the demand for these materials. Overall, the industry is growing quickly, especially with the increasing installation of wind energy plants onshore and offshore.
Owens Corning
SGL Group
Solvay S.A.
Mitsubishi Chemical Corporation
Huntsman Corporation
Cytec Industries Inc.
Koninklijke Ten Cate bv
Gurit Holding AG
TPI Composites, Inc.
Mitsubishi Rayon Co. Ltd.
Zoltek Companies, Inc.
Frequently Asked Questions
The global advanced composites market was valued at $35.0 billion in 2023 and is projected to reach $89.7 billion by 2028.
Owens Corning, SGL Group, Solvay S.A., Mitsubishi Chemical Corporation, Huntsman Corporation, Cytec Industries Inc., Koninklijke Ten Cate bv, Gurit Holding AG, TPI Composites, Inc., etc.
North America dominates the advanced composites market
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