Advanced composites Market By Product Type (Aramid fiber, Carbon fiber, Glass fiber), By Resin Type (Thermoset, Thermoplastic), By End-Use Industry (Aerospace and Defense, Automotive, Electrical and Electronic, Wind energy, Oil and Gas, Sporting goods, Ma

Advanced composites Market By Product Type (Aramid fiber, Carbon fiber, Glass fiber), By Resin Type (Thermoset, Thermoplastic), By End-Use Industry (Aerospace and Defense, Automotive, Electrical and Electronic, Wind energy, Oil and Gas, Sporting goods, Marine, Medical, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031

The global advanced composites market was valued at $34.0 billion in 2021, and is projected to reach $88.7 billion by 2031, growing at a CAGR of 10.2% from 2022 to 2031.

Advanced composites have two types including thermoset composites and thermoplastic composites. Thermoplastic composites are becoming more popular due to their advantages such as recyclability, ease of manufacturing and design flexibility. A thermoset cannot be reshaped after it has been made, cured, and cooled, whereas thermoplastics can be heated up and molded. This is the major distinction between a thermoset and a thermoplastic. Materials such as thermoset and thermoplastic are selected according to the types of properties required for the application since each of them have unique advantages. For instance, thermoset composites have high temperature resistance and excellent fatigue resistance. However, thermoplastic composites have improved toughness and the potential for recycling.

Advanced composite material is a structure made from two or more constituent materials. Constituent material have notably different chemical or physical properties that are merged to create a material with properties unlike individual elements. In the finished structure of advanced carbon composites, the individual elements remain separate and distinct, distinguishing composites from mixture and solid solution. The main raw materials used to produce carbon fiber composites are polyester resin and carbon fibers. It contains both reinforcing fibers and matrix material of pure carbon. Advanced carbon composites are known for their superior properties which are low thermal expansion, light weight, UV resistance, durability, corrosion resistance and others. Carbon composites also have higher stiffness-to-weight ratio then other conventional materials. The market of carbon composites is growing due to its increasing demand from aerospace, defense, thermoplastic and wind energy industries.

In addition, growing demand for thermoplastic resins have increased their scope in marine and piping applications. With growth in the electrical & electronics sector, the market for GFRP composites is likely to create new lucrative market growth opportunities. Fluctuations in the price of raw materials are anticipated to impede market expansion, while increased use of these composites as carbon substitutes combined with advancements in molding techniques are anticipated to fuel market expansion.

However, advanced composites are comparatively more expensive than metals. Advanced composite parts offer a broad range of benefits over steel, aluminum, wood, and performance plastics due to their high specific strength and modulus. Nevertheless, they remain expensive due to the high costs of raw materials and labor required. Additionally, the high cost of the product owing to the need for automation and advanced technologies for the manufacturing of advanced composites is expected to restrain the market growth.

 The advanced composite market is segmented on the basis of product type, resin type, end-use industry and region. On the basis of product type, the advanced composite market is segmented into aramid fiber composites, carbon fiber composites, and glass fiber composites. On the basis of resin type, the advanced composite market is segmented into thermosets and thermoplastic. On the basis of the end-use industry, the advanced composite market is segmented into aerospace & defence, thermoplastic, electrical and electronic, wind energy, sporting goods, marine, medical, and others. The regional market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. 

The major players operating in the industry include Toray Industries, Inc., Koninklijke Ten Cate NV, Teijin Limited, Hexcel Corporation, SGL Group, Cytec Solvay Group, Owens Corning, E. I. Dupont De Nemours, Huntsman Corporation, Momentive Performance Materials Inc. These players have adopted product launch, acquisition, and business expansion as their key strategies to increase their market shares.

IMPACT OF COVID-19 ON THE GLOBAL MINERAL TURPENTINE MARKET

Tthe thermoplastic composites market has also suffered considerably since the production lines were standing still in the first half year of 2020. In addition, they are also generally impacted by the transition to more e-mobility which has created a lot of drawbacks and led to less sales.

Key Benefits For Stakeholders

This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the advanced composites market analysis from 2021 to 2031 to identify the prevailing advanced composites market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the advanced composites market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global advanced composites market trends, key players, market segments, application areas, and market growth strategies.

Key Market Segments

By Product Type

Aramid fiber
Carbon fiber
Glass fiber

By Resin Type

Thermoset
Thermoplastic

By End-Use Industry

Aerospace and Defense
Automotive
Electrical and Electronic
Wind energy
Oil and Gas
Sporting goods
Marine
Medical
Others

By Region

North America
U.S.
Canada
Mexico
Europe
Germany
France
UK
Italy
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Rest of Asia-Pacific
LAMEA
Brazil
South Arabia
South Africa
Rest of LAMEA

Key Market Players

Solvay
Hexcel Corporation
SGL Carbon
Momentive
ST Advanced Composites
TEIJIN LIMITED
Toray Industries, Inc.
Huntsman International LLC
DuPont
Owens Corning

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