Advanced Composites Market Size Is Expected To Reach USD 70.2 Billion By 2030

 Advanced Composites Industry Overview

The global advanced composites market size was valued at USD 31.73 billion in 2021 and is expected to expand at a compounded annual growth rate (CAGR) of 9.2% from 2022 to 2030. Growing demand for the product in the aerospace and defense industry and sporting goods is expected to drive the market for advanced composites. Advanced composites materials also known as advanced polymer matrix composites are lightweight materials with high strength and modulus to elasticity. These products are manufactured using fibrous material embedded in different resin matrices. These advanced materials are widely utilized in aerospace and defense, automotive, marine, and wind energy sector.

U.S. exhibits one of the robust manufacturing bases for aerospace and defense equipment. Thus, it is expected to witness a notable demand for advanced composites, as the aerospace and defense equipment are witnessing a rapid application penetration of the said materials as they reduce the weight of the equipment resulting in enhancement of their performance. The growing demand for advanced composites in manufacturing turbines is expected to have a positive impact on the market for advanced composites. Increasing installations of wind turbines globally are likely to be a contributing factor for market growth. The utilization of carbon and glass advanced composites in the industry is expected to augment demand over the forecasted period.

Gather more insights about the market drivers, restrains and growth of the Global Advanced Composites market

 

The application of advanced composites is growing in several industries including sporting goods, marine, and construction. However, the high cost of the product is expected to restrain the market growth. Automation coupled with the utilization of expensive high-performance resins increases the cost owing to which the demand for the product is declining. The market for advanced composites is characterized by integration across manufacturing stages to distribution channels of the value chain. The integration of manufacturing and distribution channel creates a cost advantage. The market is highly competitive owing to the presence of a large number of established manufacturers and suppliers globally.


Browse through Grand View Research's Advanced Interior Materials Industry Research Reports.

  • Medical Injection Molding Market -The global medical injection molding market size was estimated at USD 21.37 billion in 2022 and is anticipated to expand at a compound annual growth rate (CAGR) of 5.7% from 2023 to 2030. The industry growth is expected to be driven by the demand for mass production of identical medical components with design flexibility and precision at lower costs.

  • Elevators Market - The global elevator market size was valued at USD 72.39 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 6.4% from 2023 to 2030. Due to escalating urbanization and a significant rise in the number of elderly people, the global escalators market is anticipated to expand rapidly over the projected period.


Advanced Composites Market Segmentation 

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

Advanced Composites Product Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2030)

  • Aramid Fiber Composites
  • Carbon Fiber Composites
  • Glass Fiber Composites

Advanced Composites Application Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2030)

  • Aerospace & defense
  • Automotive
  • Wind energy
  • Sporting goods
  • Others

Advanced Composites Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2030)

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


Key Companies profiled:
Some of the prominent players in the 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



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

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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