Global Advanced Composites Market - 2023-2030
The Global Advanced Composites Market reached US$ 35.3 billion in 2022 and is expected to reach US$ 78.8 billion by 2030, growing with a CAGR of 10.6% during the forecast period 2023-2030.
Several trends, including increasing emphasis on lightweight materials for fuel efficiency and sustainability and growing demand for electric vehicles and renewable energy sources influence the advanced composites market. The market is expected to show unprecedented growth in the coming years due to rising investments in research and development for automation and cost-effective production methods.
Technological advancements in carbon fiber-reinforced polymer manufacturing processes, such as automated layup, resin infusion, and out-of-autoclave curing methods, have improved production efficiency and reduced costs. These advancements have made CFRP composites more accessible to a broader range of industries and applications, making it a major shareholder at a global level.
The rising demand for lightweight and durable raw materials has increased the product’s share in the aerospace & defense sector, covering on quarter share at the global level. North America is the dominating region in the aerospace & defense sector. Key players such as Hexcel Corporation, Toray Composites America and Owens Corning are investing in the area to further escalate the product's market value in the forecast period.
Market DynamicsIncreasing Demand For Lightweight and High-Strength Materials
The unique combination of properties offered by composites, such as strength, lightness, durability, and design flexibility, positions them as a preferred choice for manufacturers looking to enhance performance, improve efficiency, and meet sustainability goals. Furthermore, the increasing demand for electric vehicles (EVs) has created a need for lightweight materials to maximize battery range and efficiency. Advanced composites help reduce the weight of EVs, enabling longer driving ranges and improved battery performance.
Additionally, composites offer benefits such as thermal stability and insulation, contributing to the safety and efficiency of battery systems in EVs. The rising demand for lightweight materials is escalating the need for advanced composites in the industry, encouraging key players to invest in the market.
For instance, on March 2021, For the next generation of energy-efficient aircraft and future mobility, GKN Aerospace is leading a new UK industry partnership called ASCEND (Aerospace and Automotive Supply Chain Enabled Development) to develop and accelerate composite material and process technologies.
The partnership will assist in developing innovations from throughout the UK supply chain to produce lightweight structures for the aerospace, automotive, and sustainable air mobility industries.
Renewable Energy Expansion
In the solar energy sector, advanced composites produce solar panels and supporting structures. Lightweight composites help reduce the overall weight of solar panels, making them easier to install and transport. Additionally, advanced composites offer corrosion resistance, durability, and flexibility, enabling innovative and efficient solar panel designs. The growing investments in the solar energy sector are expected to create growth prospects for advanced composites to grow in the industry in the forecast period.
For instance, in 2021, Rocket Lab a U.S.-based company specializing in launching services and space systems, announced it has been selected to launch NASA’s Advanced Composite Solar Sail System on the Electron launch vehicle.
High Cost of Materials
The manufacturing processes of producing advanced composites often require specialized equipment, skilled labor, and extensive quality control measures. These factors increase production costs, making advanced composites more expensive than conventional materials.
Furthermore, Continuous research and development efforts are essential to improve advanced composites' performance and manufacturing processes. These R&D activities require substantial investments, including equipment, testing facilities, and skilled researchers. The expenses incurred in R&D are often factored into the final product cost.
COVID-19 Impact AnalysisThe pandemic led to disruptions in global supply chains, including those related to raw materials, manufacturing components, and transportation. Lockdown measures, restrictions, and reduced production capacities resulted in delays and shortages, affecting the availability of advanced composites and impacting the market's operations.
Furthermore, Several industries that are major consumers of advanced composites, such as aerospace, automotive, and construction, experienced a significant decline in demand during the pandemic. Travel restrictions, production shutdowns, and economic uncertainty led to decreased orders and postponed projects, impacting the need for advanced composites.
Segment AnalysisThe Global Advanced Composites Market is segmented based on type, resin, process, end-user and region.
Rising Demand For Composites Having Lightweight, Longer Lifespans And Excellent Durability
Carbon fiber composites hold a share of more than half of the global advanced composites market and are expected to grow at the fastest CAGR in the forecast period. The unique properties of carbon fiber composites, including their lightweight nature, high strength, and increasing cost competitiveness, have fueled their growth in the Global Advanced Composites Market.
Continued advancements in manufacturing processes and increased adoption across various industries are expected to further drive the expansion of carbon fiber composites in the coming years.
Companies across the globe are also investing in boosting the segmental growth of the product. For instance, on 28 September 2022, Mussel Polymers, Inc., a specialized materials and coatings company, announced new multi-functional carbon and aramid fiber coating offering stronger lighter reinforced composites.
Geographical AnalysisPresence Of Key Players And Increasing Demand Of Advanced Composites From End-User Industries In North America
The North American advanced composites market has been a prominent and mature market for various industries. The automotive industry in North America has embraced advanced composites, driven by the need for lightweight materials to improve fuel efficiency and reduce emissions. Carbon fiber composites and other advanced materials are used in high-performance, luxury, and electric vehicles. The region's strong automotive manufacturing base and focus on technological advancements have propelled the adoption of advanced composites in the industry.
Furthermore, North America has a strong research and development ecosystem, comprising universities, research institutions, and industry collaborations. Ongoing R&D efforts focus on advancing composite materials, manufacturing processes, and applications. These advancements contribute to the innovation and growth of the North America advanced composites market.
Competitive LandscapeThe major global players include Covestro AG, DuPont, BASF SE, DSM, Rhodia, SABIC, LANXESS, Teijin Ltd, Celanese Corporation, Toray Industries and Meyer Corporation.
Why Purchase the Report?• To visualize the Global Advanced Composites Market segmentation based on type, resin, process, end-user and region, and understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous advanced composites market-level data points with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.
The Global Advanced Composites Market Report Would Provide Approximately 69 Tables, 78 Figures And 201 Pages.
Target Audience 2023• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies