Advanced Composites Market Forecasts to 2028 – Global Analysis By Product Type (S-Glass, Carbon, Aramid and Other Product Types), Resin Type (Thermoplastic and Thermosetting), Manufacturing Process (Automated Fiber Placement (AFP), Automated Tape Laying (

Advanced Composites Market Forecasts to 2028 – Global Analysis By Product Type (S-Glass, Carbon, Aramid and Other Product Types), Resin Type (Thermoplastic and Thermosetting), Manufacturing Process (Automated Fiber Placement (AFP), Automated Tape Laying (ATL), Resin Transfer Molding (RTM) and Other Resin Types), End User and By Geography

According to Stratistics MRC, the Global Advanced Composites Market is accounted for $35.28 billion in 2022 and is expected to reach $66.71 billion by 2028 growing at a CAGR of 11.2% during the forecast period. Advanced Composite Materials (ACM) has found extensive use in a variety of technical sectors thanks to their exceptional fatigue resistance, high strength, high hardness, and low weight, replacing metal alloys with composite materials decreases a structure's bulk by 20–30%. But in some unique circumstances the number of which is steadily growing the marriage of material directional properties with design ideas that make use of them, supported by the benefits of contemporary composite technology, results in a significant improvement in structural performance. Composite constructions with uniform strength that use fibres that are evenly strained to carry the load serve as examples of this efficiency.

Market Dynamics

Driver

Higher demand for lightweight, fuel-efficient vehicles

Recently, it has become very necessary to fight global pollution and reduce the carbon footprint of the world. It is crucial for automobile and aeroplane manufacturers to collaborate with the government to reduce the weight of cars in order to achieve greater efficiency, especially in light of the fact that governments in both developed and developing countries are working to reduce pollution and promote the use of fuel-efficient vehicles that produce less pollution. Advanced composites have grown in popularity as well as multiple activities for market and technology research and development. The need for innovative composite materials will be driven by the growing need to increase car and aviation efficiency, decrease fuel costs, reduce pollution, and create lightweight automobiles.

Restraint

Limited use since it may be repaired and recycled

Advanced composite materials have special characteristics and attributes that set them apart from conventional materials and make them much more effective for a range of applications. As a result, it is challenging to spot any internal cracks or malfunctions in the places where it is used. The primary drawback of these advanced composite materials is their brittleness, which, if not properly maintained or subjected to routine testing, might result in unexpected catastrophic failure of the component.

Opportunity

Growing demand for ceramic matrix composites in developing countries

In developing Asia-Pacific countries like Thailand, China, India, and Singapore, demand for ceramic matrix composites has expanded dramatically, which is expected to fuel market growth. These developing nations are striving to install fuel-efficient aviation engines and vehicle modules made of ceramic matrix composites in an effort to combat rising fuel prices and usage. Besides that, engine components including combustor liners, blades, nozzles, and shrouds utilise ceramic matrix advanced composites. Better fuel efficiency leads to a decrease in the aircraft's operating and administrative costs. In addition to high levels of urbanisation, industrialisation, and growing living standards, these countries' strong economies are a major factor in the adoption of machinery that uses less fuel.

Threat

Insufficient skilled workers

There is a dearth of highly skilled labourers with an understanding of how to use efficient repair techniques, and there is a considerable demand for them. As a result, the reparability issue is made worse. Despite the longer lifespan of these advanced composite materials, the individual parts might be recycled and used again. The lifespan of such components can be increased with more knowledge of complex composite materials and repair techniques as well as an increase in the number of skilled and knowledgeable people.

Covid-19 Impact

Prior to the COVID-19 epidemic, the automotive, building & construction, aerospace & defence, wind energy, and marine sectors dominated the market for advanced composites. Due to supply chain snags brought on by closed domestic and international borders in 2020, a number of sectors had to scale back operations. Manufacturing operations were affected by the epidemic as a result of limitations put in place by various governments. Advanced composites are widely employed in the automotive, aerospace, and defence sectors of the economy, particularly in the control of vehicle weight and fuel efficiency. It is also commonly utilised in the building industry. Consequently, when activity in these industries diminished, so did the need for advanced composites. The epidemic also brought about changes in the cost of basic materials.

The aramid segment is expected to be the largest during the forecast period

The aramid segment is estimated to have a lucrative growth, due to expanding use in the defence industry. The product's wide range of properties, including high strength, low density, high heat, and impact resistance, are anticipated to be the main driver of growth. Due to its great strength, stiffness, and resilience to heat and shock, advanced aramid fibres are being used more often in the global automobile industry. Over the course of the forecast period, the market for advanced composites is anticipated to be driven by the use of the product in the production of tyres, body armour, and parts for defence vehicles.

The aerospace & defense segment is expected to have the highest CAGR during the forecast period

The aerospace & defense segment is anticipated to witness the highest CAGR growth during the forecast period, due to the demand for composites is projected to be driven during the projection period by positive year-over-year growth in the aerospace sector and increased investment in the sector. However, the penetration of these composites is limited in these industries due to the restriction of the application of goods to only high-end vehicles, large ships, and aircraft carriers. Rising defence spending is anticipated to increase demand for aramid composites throughout the projected period. Growing political unrest throughout the world is anticipated to increase defence sector expenditure, which will increase product demand over the estimated period.

Region with highest share

Europe is projected to hold the largest market share during the forecast period owing to the nation's sizable market, enormous consumer disposable income, ability to mass produce and provide a wide range of goods, and other factors, the industry has expanded. It is projected that the rising demand for environmentally friendly renewable energy would be positively impacted by increased wind turbine installation in Spain, Germany, and the United Kingdom.

Region with highest CAGR

North America is projected to have the highest CAGR over the forecast period, owing to the volume and value, North America is the world's largest consumer of advanced composites. The increased use of advanced composites in industries like aerospace & defence, renewable energy, and transportation is fuelling the growth of the North American advanced composites market. In terms of value and volume, the US is now the greatest consumer of advanced composites worldwide, and it is anticipated that throughout the projected period, this position will only get stronger.

Key players in the market

Some of the key players profiled in the Advanced Composites Market include Mitsubishi Chemical Group Corporation, Huntsman International LLC, Solvay, Teijin Aramid B.V, TORAY INDUSTRIES, INC, BASF SE, DuPont, Honeywell International Inc., Henkel AG & Co. KgaA, Hanwha Solutions, Kemira, Akzo Nobel N.V., Hexion, Owens Corning, ,Formosa Plastics Corporation, SGL Carbon, Evonik Industries AG and H.B. Fuller

Key Developments

In March 2023, The Mitsubishi Chemical Group (the MCG Group) announced that a plant-derived bio-engineering plastic DURABIO™ has been adopted for the body surface (outer layer) of ZOOM L1, a cap-type water-based gel ink ballpoint pen of the design stationery brand ZOOM.* This product has been available at ZOOM dealers in major Japanese cities since February.

In September 2022, Ibaraki Prefecture and Mitsubishi Chemical Corporation (MCC), a member of the Mitsubishi Chemical Group (the MCG Group), hereby announce that we will commence a strategic partnership agreement aiming to establish a circular industrial complex in the Kashima coastal industrial zone and create a carbonneutral industrial base located in the Ibaraki coastal area.

Product Types Covered
• S-Glass
• Carbon
• Aramid
• Other Product Types

Resin Types Covered
• Thermoplastic
• Thermosetting

Manufacturing Processes Covered
• Automated Fiber Placement (AFP)
• Automated Tape Laying (ATL)
• Resin Transfer Molding (RTM)
• Filament Winding, Pultrusion
• Compression Molding
• Injection Molding

End Users Covered
• Automotive
• Civil Engineering
• Energy & Power
• Aerospace & Defense
• Electrical & Electronics
• Healthcare
• Other End Users

Regions Covered
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities,Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements