Product Code: GVR-1-68038-268-6
Advanced Composites Market Growth & Trends:
The global advanced composites market is anticipated to reach USD 70.18 billion by 2030 and is projected to grow at a CAGR of 9.3% from 2024 to 2030, according to a new report by Grand View Research, Inc. Growing demand for the product in the aerospace and defense industry and sporting goods is expected to drive the market growth. 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 sectors.
The growing need for renewable and eco-friendly sources of energy is one of the key aspects for increasing installations of wind energy plants across the globe. The growing offshore and onshore wind energy plants in the countries including China, Germany, Spain, the U.S., and India are likely to drive and dominate the wind energy market over the coming years. The need for lightweight components, particularly turbines to increase the conversion efficiency of wind farms is expected to have a positive impact on the demand for composites. Composites based turbines offer low resistance to wind and rotate easily to produce high amounts of electricity, which is likely to aid the market growth.
The need for fuel-efficient vehicles is expected to aid the market growth for advanced composites over the forecast period. However, innovation of other lightweight and high strength materials and metals may restrict market growth in automotive industry. Moreover, breakthrough in the development of new inexpensive material with high strength may augment market growth.
Key market players are involved in research and development efforts in a bid to build their product portfolio and increase the revenues. These players also focus on delivering customized solutions to the clients which leads to a high switching cost for the consumer companies. In addition, the companies in the market are involved in notable collaborations with technology-based firms and research institutions to build advanced high strength solutions.
Advanced Composites Market Report Highlights:
- Carbon fiber segment led the market with the largest revenue share of 66.23% in 2023. Advanced carbon composites are widely utilized in aerospace industry. The lightweight of material coupled with high impact resistance are expected to drive market growth over the forecast period
- Based on application, the automotive segment led the market with the largest revenue share of 14.75% in 2023, and it is expected to grow at the fastest CAGR over the forecast period. The rising demand for durable, lightweight, and conductive raw materials in the automotive industry is expected to boost market growth over the forecast period. In addition, the global automotive industry is growing at a constant rate, owing to steady technological advancement, need for emission reduction, and high volatility in some emerging countries, such as India and Brazil. These factors are predicted to fuel the demand for advanced composites in automotive applications
- The development of advanced technologies for the production of carbon fibers is also one of major characteristics of the market. Advanced technologies developed by key market player's result in an increased efficiency of the production processes which in turn results in a declined production cost leading to increased profit margins and increased demand by the consumer firms
- North America dominated the market with the revenue share of 35.66% in 2023, owing to factors such as such as high market size and significant disposable income of consumers along the ability of mass production and high product variation have boosted industry growth in country, which further likely to increase consumption of advanced composites in automotive applications in region
- In March 2022, Hexcel Corporation announced expansion of its current engineered core manufacturing operation in Morocco. In order to address rising demand for lightweight advanced composites from aerospace clients
Table of Contents
Chapter 1. Methodology and Scope
- 1.1. Market Segmentation & Scope
- 1.2. Market Definitions
- 1.3. Information Procurement
- 1.3.1. Information Analysis
- 1.3.2. Market Formulation & Data Visualization
- 1.3.3. Data Validation & Publishing
- 1.4. Research Scope and Assumptions
- 1.4.1. List To Data Sources
Chapter 2. Executive Summary
- 2.1. Market Snapshot
- 2.2. Segment Snapshot
- 2.3. Competitive Landscape Snapshot
Chapter 3. Advanced Composites Market Variables, Trends & Scope
- 3.1. Market Lineage/Ancillary Outlook
- 3.2. Industry Value Chain Analysis
- 3.2.1. Manufacturing Trends
- 3.3. Technology Overview
- 3.4. Regulatory Framework
- 3.5. Market Dynamics
- 3.5.1. Market Driver Analysis
- 3.5.2. Market Restraint Analysis
- 3.5.3. Market Challenges Analysis
- 3.6. Porter's Five Forces Analysis
- 3.7. PESTLE, by SWOT Analysis
- 3.8. Market Disruption Analysis
Chapter 4. Advanced Composites Market: Product Estimates & Trend Analysis
- 4.1. Key Takeaways
- 4.2. Product Movement Analysis & Market Share, 2023 & 2030
- 4.3. Advanced Composites Market Estimates & Forecast, by Product, 2018 - 2030 (USD Billion)
- 4.3.1. Aramid Fiber
- 4.3.1.1. Aramid Fiber Advanced Composites Market Estimates & Forecast, 2018 - 2030 (Kilotons) (USD Billion)
- 4.3.2. Carbon Fiber
- 4.3.2.1. Carbon Fiber Advanced Composites Market Estimates & Forecast, 2018 - 2030 (Kilotons) (USD Billion)
- 4.3.3. Glass Fiber
- 4.3.3.1. Glass Fiber Advanced Composites Market Estimates & Forecast, 2018 - 2030 (Kilotons) (USD Billion)
Chapter 5. Advanced Composites Market: Application Estimates & Trend Analysis
- 5.1. Key Takeaways
- 5.2. Application Estimates Movement Analysis & Market Share, 2023 & 2030
- 5.3. Advanced Composites Market Estimates & Forecast, by Application, 2018 - 2030 (Kilotons) (USD Billion)
- 5.3.1. Aerospace & Defense
- 5.3.1.1. Advanced Composites Market Estimates & Forecast in Aerospace & Defense, 2018 - 2030 (Kilotons) (USD Billion)
- 5.3.2. Automotive
- 5.3.2.1. Advanced Composites Market Estimates & Forecast, in Automotive, 2018 - 2030 (Kilotons) (USD Billion)
- 5.3.3. Wind Energy
- 5.3.3.1. Advanced Composites Market Estimates & Forecast, in Wind Energy, 2018 - 2030 (Kilotons) (USD Billion)
- 5.3.4. Sporting Goods
- 5.3.4.1. Advanced Composites Market Estimates & Forecast, in Sporting Goods, 2018 - 2030 (Kilotons) (USD Billion)
- 5.3.5. Other Applications
- 5.3.5.1. Advanced Composites Market Estimates & Forecast, in Other Applications, 2018 - 2030 (Kilotons) (USD Billion)
Chapter 6. Advanced Composites Market: Resin Type Estimates & Trend Analysis
- 6.1. Key Takeaways
- 6.2. Resin Type Estimates Movement Analysis & Market Share, 2023 & 2030
- 6.3. Advanced Composites Market Estimates & Forecast, by Resin Type, 2018 - 2030 (Kilotons) (USD Billion)
- 6.3.1. Advanced Thermosetting Composites
- 6.3.1.1. Advanced Thermosetting Composites Market Estimates & Forecast, 2018 - 2030 (Kilotons) (USD Billion)
- 6.3.2. Advanced Thermoplastic Composites
- 6.3.2.1. Advanced Thermoplastic Composites Market Estimates & Forecast, in Automotive, 2018 - 2030 (Kilotons) (USD Billion)
Chapter 7. Advanced Composites Market: Region Estimates & Trend Analysis
- 7.1. Key Takeaways
- 7.2. Regional Market Share Analysis, 2023 - 2030
- 7.3. North America
- 7.3.1. North America Advanced Composites Market Estimates & Forecasts, 2018 - 2030 (Kilotons) (USD Billion)
- 7.3.2. North America Advanced Composites Market Estimates & Forecasts, by Product, 2018 - 2030 (Kilotons) (USD Billion)
- 7.3.3. North America Advanced Composites Market Estimates & Forecasts, by Resin Type, 2018 - 2030 (Kilotons) (USD Billion)
- 7.3.4. North America Advanced Composites Market Estimates & Forecasts, by Application, 2018 - 2030 (Kilotons) (USD Billion)
- 7.3.5. U.S.
- 7.3.5.1. U.S. Advanced Composites Market Estimates & Forecasts, 2018 - 2030 (Kilotons) (USD Billion)
- 7.3.5.2. U.S. Advanced Composites Market Estimates & Forecasts, by Product, 2018 - 2030 (Kilotons) (USD Billion)
- 7.3.5.3. U.S. Advanced Composites Market Estimates & Forecasts, by Resin Type, 2018 - 2030 (Kilotons) (USD Billion)
- 7.3.5.4. U.S. Advanced Composites Market Estimates & Forecasts, by Application, 2018 - 2030 (Kilotons) (USD Billion)
- 7.3.6. Canada
- 7.3.6.1. Canada Advanced Composites Market Estimates & Forecasts, 2018 - 2030 (Kilotons) (USD Billion)
- 7.3.6.2. Canada Advanced Composites Market Estimates & Forecasts, by Resin Type, 2018 - 2030 (Kilotons) (USD Billion)
- 7.3.6.3. Canada Advanced Composites Market Estimates & Forecasts, by Product, 2018 - 2030 (Kilotons) (USD Billion)
- 7.3.6.4. Canada Advanced Composites Market Estimates & Forecasts, by Application, 2018 - 2030 (Kilotons) (USD Billion)
- 7.3.7. Mexico
- 7.3.7.1. Mexico Advanced Composites Market Estimates & Forecasts, 2018 - 2030 (Kilotons) (USD Billion)
- 7.3.7.2. Mexico Advanced Composites Market Estimates & Forecasts, by Resin Type, 2018 - 2030 (Kilotons) (USD Billion)
- 7.3.7.3. Mexico Advanced Composites Market Estimates & Forecasts, by Product, 2018 - 2030 (Kilotons) (USD Billion)
- 7.3.7.4. Mexico Advanced Composites Market Estimates & Forecasts, by Application, 2018 - 2030 (Kilotons) (USD Billion)
- 7.4. Europe
- 7.4.1. Europe Advanced Composites Market Estimates & Forecasts, 2018 - 2030 (Kilotons) (USD Billion)
- 7.4.2. Europe Advanced Composites Market Estimates & Forecasts, by Product, 2018 - 2030 (Kilotons) (USD Billion)
- 7.4.3. Europe Advanced Composites Market Estimates & Forecasts, by Resin Type, 2018 - 2030 (Kilotons) (USD Billion)
- 7.4.4. Europe Advanced Composites Market Estimates & Forecasts, by Application, 2018 - 2030 (Kilotons) (USD Billion)
- 7.4.5. Germany
- 7.4.5.1. Germany Advanced Composites Market Estimates & Forecasts, 2018 - 2030 (Kilotons) (USD Billion)
- 7.4.5.2. Germany Advanced Composites Market Estimates & Forecasts, by Resin Type, 2018 - 2030 (Kilotons) (USD Billion)
- 7.4.5.3. Germany Advanced Composites Market Estimates & Forecasts, by Product, 2018 - 2030 (Kilotons) (USD Billion)
- 7.4.5.4. Germany Advanced Composites Market Estimates & Forecasts, by Application, 2018 - 2030 (Kilotons) (USD Billion)
- 7.4.6. UK
- 7.4.6.1. UK Advanced Composites Market Estimates & Forecasts, 2018 - 2030 (Kilotons) (USD Billion)
- 7.4.6.2. UK Advanced Composites Market Estimates & Forecasts, by Resin Type, 2018 - 2030 (Kilotons) (USD Billion)
- 7.4.6.3. UK Advanced Composites Market Estimates & Forecasts, by Product, 2018 - 2030 (Kilotons) (USD Billion)
- 7.4.6.4. UK Advanced Composites Market Estimates & Forecasts, by Application, 2018 - 2030 (Kilotons) (USD Billion)
- 7.4.7. France
- 7.4.7.1. France Advanced Composites Market Estimates & Forecasts, 2018 - 2030 (Kilotons) (USD Billion)
- 7.4.7.2. France Advanced Composites Market Estimates & Forecasts, by Resin Type, 2018 - 2030 (Kilotons) (USD Billion)
- 7.4.7.3. France Advanced Composites Market Estimates & Forecasts, by Product, 2018 - 2030 (Kilotons) (USD Billion)
- 7.4.7.4. France Advanced Composites Market Estimates & Forecasts, by Application, 2018 - 2030 (Kilotons) (USD Billion)
- 7.4.8. Italy
- 7.4.8.1. Italy Advanced Composites Market Estimates & Forecasts, 2018 - 2030 (Kilotons) (USD Billion)
- 7.4.8.2. Italy Advanced Composites Market Estimates & Forecasts, by Resin Type, 2018 - 2030 (Kilotons) (USD Billion)
- 7.4.8.3. Italy Advanced Composites Market Estimates & Forecasts, by Product, 2018 - 2030 (Kilotons) (USD Billion)
- 7.4.8.4. Italy Advanced Composites Market Estimates & Forecasts, by Application, 2018 - 2030 (Kilotons) (USD Billion)
- 7.5. Asia Pacific
- 7.5.1. Asia Pacific Advanced Composites Market Estimates & Forecasts, 2018 - 2030 (Kilotons) (USD Billion)
- 7.5.2. Asia Pacific Advanced Composites Market Estimates & Forecasts, by Product, 2018 - 2030 (Kilotons) (USD Billion)
- 7.5.3. Asia Pacific Advanced Composites Market Estimates & Forecasts, by Resin Type, 2018 - 2030 (Kilotons) (USD Billion)
- 7.5.4. Asia Pacific Advanced Composites Market Estimates & Forecasts, by Application, 2018 - 2030 (Kilotons) (USD Billion)
- 7.5.5. China
- 7.5.5.1. China Advanced Composites Market Estimates & Forecasts, 2018 - 2030 (Kilotons) (USD Billion)
- 7.5.5.2. China Advanced Composites Market Estimates & Forecasts, by Resin Type, 2018 - 2030 (Kilotons) (USD Billion)
- 7.5.5.3. China Advanced Composites Market Estimates & Forecasts, by Product, 2018 - 2030 (Kilotons) (USD Billion)
- 7.5.5.4. China Advanced Composites Market Estimates & Forecasts, by Application, 2018 - 2030 (Kilotons) (USD Billion)
- 7.5.6. Japan
- 7.5.6.1. Japan Advanced Composites Market Estimates & Forecasts, 2018 - 2030 (Kilotons) (USD Billion)
- 7.5.6.2. Japan Advanced Composites Market Estimates & Forecasts, by Resin Type, 2018 - 2030 (Kilotons) (USD Billion)
- 7.5.6.3. Japan Advanced Composites Market Estimates & Forecasts, by Product, 2018 - 2030 (Kilotons) (USD Billion)
- 7.5.6.4. Japan Advanced Composites Market Estimates & Forecasts, by Application, 2018 - 2030 (Kilotons) (USD Billion)
- 7.5.7. India
- 7.5.7.1. India Advanced Composites Market Estimates & Forecasts, 2018 - 2030 (Kilotons) (USD Billion)
- 7.5.7.2. India Advanced Composites Market Estimates & Forecasts, by Resin Type, 2018 - 2030 (Kilotons) (USD Billion)
- 7.5.7.3. India Advanced Composites Market Estimates & Forecasts, by Product, 2018 - 2030 (Kilotons) (USD Billion)
- 7.5.7.4. India Advanced Composites Market Estimates & Forecasts, by Application, 2018 - 2030 (Kilotons) (USD Billion)
- 7.5.8. South Korea
- 7.5.8.1. South Korea Advanced Composites Market Estimates & Forecasts, 2018 - 2030 (Kilotons) (USD Billion)
- 7.5.8.2. South Korea Advanced Composites Market Estimates & Forecasts, by Resin Type, 2018 - 2030 (Kilotons) (USD Billion)
- 7.5.8.3. South Korea Advanced Composites Market Estimates & Forecasts, by Product, 2018 - 2030 (Kilotons) (USD Billion)
- 7.5.8.4. South Korea Advanced Composites Market Estimates & Forecasts, by Application, 2018 - 2030 (Kilotons) (USD Billion)
- 7.6. Central & South America
- 7.6.1. Central & South America Advanced Composites Market Estimates & Forecasts, 2018 - 2030 (Kilotons) (USD Billion)
- 7.6.2. Central & South America Advanced Composites Market Estimates & Forecasts, by Product, 2018 - 2030 (Kilotons) (USD Billion)
- 7.6.3. Central & South America Advanced Composites Market Estimates & Forecasts, by Resin Type, 2018 - 2030 (Kilotons) (USD Billion)
- 7.6.4. Central & South America Advanced Composites Market Estimates & Forecasts, by Application, 2018 - 2030 (Kilotons) (USD Billion)
- 7.6.5. Brazil
- 7.6.5.1. Brazil Advanced Composites Market Estimates & Forecasts, 2018 - 2030 (Kilotons) (USD Billion)
- 7.6.5.2. Brazil Advanced Composites Market Estimates & Forecasts, by Resin Type, 2018 - 2030 (Kilotons) (USD Billion)
- 7.6.5.3. Brazil Advanced Composites Market Estimates & Forecasts, by Product, 2018 - 2030 (Kilotons) (USD Billion)
- 7.6.5.4. Brazil Advanced Composites Market Estimates & Forecasts, by Application, 2018 - 2030 (Kilotons) (USD Billion)
- 7.7. Middle East & Africa
- 7.7.1. Middle East & Africa Advanced Composites Market Estimates & Forecasts, 2018 - 2030 (Kilotons) (USD Billion)
- 7.7.2. Middle East & Africa Advanced Composites Market Estimates & Forecasts, by Product, 2018 - 2030 (Kilotons) (USD Billion)
- 7.7.3. Middle East & Africa Advanced Composites Market Estimates & Forecasts, by Resin Type, 2018 - 2030 (Kilotons) (USD Billion)
- 7.7.4. Middle East & Africa Advanced Composites Market Estimates & Forecasts, by Application, 2018 - 2030 (Kilotons) (USD Billion)
- 7.7.5. Saudi Arabia
- 7.7.5.1. Saudi Arabia Advanced Composites Market Estimates & Forecasts, 2018 - 2030 (Kilotons) (USD Billion)
- 7.7.5.2. Saudi Arabia Advanced Composites Market Estimates & Forecasts, by Resin Type, 2018 - 2030 (Kilotons) (USD Billion)
- 7.7.5.3. Saudi Arabia Advanced Composites Market Estimates & Forecasts, by Product, 2018 - 2030 (Kilotons) (USD Billion)
- 7.7.5.4. Saudi Arabia Advanced Composites Market Estimates & Forecasts, by Application, 2018 - 2030 (Kilotons) (USD Billion)
Chapter 8. Advanced Composites Market - Supplier Intelligence
- 8.1. Kraljic Matrix
- 8.2. Engagement Model
- 8.3. Negotiation Strategies
- 8.4. Sourcing Best Practices
- 8.5. Vendor Selection Criteria
- 8.6. List of Suppliers
Chapter 9. Advanced Composites Market - Competitive Landscape
- 9.1. Recent Developments & Impact Analysis, By Key Market Participants
- 9.2. Company Categorization
- 9.3. Company Market Position Analysis, 2023
- 9.4. Company Heat Map Analysis
- 9.5. Strategy Mapping, 2023
- 9.6. Company Profiles
- 9.6.1. TORAY INDUSTRIES, INC.
- 9.6.1.1. Participant's overview
- 9.6.1.2. Financial performance
- 9.6.1.3. Product benchmarking
- 9.6.1.4. Recent developments
- 9.6.2. Koninklijke Ten Cate NV
- 9.6.2.1. Participant's overview
- 9.6.2.2. Financial performance
- 9.6.2.3. Product benchmarking
- 9.6.2.4. Recent developments
- 9.6.3. TEIJIN LIMITED
- 9.6.3.1. Participant's overview
- 9.6.3.2. Financial performance
- 9.6.3.3. Product benchmarking
- 9.6.3.4. Recent developments
- 9.6.4. Hexcel Corporation
- 9.6.4.1. Participant's overview
- 9.6.4.2. Financial performance
- 9.6.4.3. Product benchmarking
- 9.6.4.4. Recent developments
- 9.6.5. SGL Carbon
- 9.6.5.1. Company overview
- 9.6.5.2. Financial performance
- 9.6.5.3. Product benchmarking
- 9.6.5.4. Strategic initiatives
- 9.6.6. Solvay
- 9.6.6.1. Company overview
- 9.6.6.2. Financial performance
- 9.6.6.3. Product benchmarking
- 9.6.6.4. Strategic initiatives
- 9.6.7. Owens Corning
- 9.6.7.1. Company overview
- 9.6.7.2. Financial performance
- 9.6.7.3. Product benchmarking
- 9.6.7.4. Strategic initiatives
- 9.6.8. DuPont
- 9.6.8.1. Company overview
- 9.6.8.2. Financial performance
- 9.6.8.3. Product benchmarking
- 9.6.8.4. Strategic initiatives
- 9.6.9. Huntsman Corporation
- 9.6.9.1. Company overview
- 9.6.9.2. Financial performance
- 9.6.9.3. Product benchmarking
- 9.6.9.4. Strategic initiatives
- 9.6.10. Momentive Performance Materials Inc.
- 9.6.10.1. Company overview
- 9.6.10.2. Financial performance
- 9.6.10.3. Product benchmarking
- 9.6.10.4. Strategic initiatives
- 9.6.11. WS Atkins plc
- 9.6.11.1. Company overview
- 9.6.11.2. Financial performance
- 9.6.11.3. Product benchmarking
- 9.6.11.4. Strategic initiatives
- 9.6.12. AGY Holdings Corp.
- 9.6.12.1. Company overview
- 9.6.12.2. Financial performance
- 9.6.12.3. Product benchmarking
- 9.6.12.4. Strategic initiatives
- 9.6.13. Formosa Plastics Corporation
- 9.6.13.1. Company overview
- 9.6.13.2. Financial performance
- 9.6.13.3. Product benchmarking
- 9.6.13.4. Strategic initiatives
- 9.6.14. Plasan Carbon Composites
- 9.6.14.1. Company overview
- 9.6.14.2. Financial performance
- 9.6.14.3. Product benchmarking
- 9.6.14.4. Strategic initiatives
- 9.6.15. Strata Manufacturing
- 9.6.15.1. Company overview
- 9.6.15.2. Financial performance
- 9.6.15.3. Product benchmarking
- 9.6.15.4. Strategic initiatives