The advanced composites market is anticipated to flourish at a steady CAGR of 9.1% between 2023 and 2033. The market is expected to hold a market share of US$ 107.30 billion by 2033 while the market is likely to reach a value of US$ 44.91 billion in 2023.
Growing demand for advanced composites in the sports goods, aerospace, and military industries is projected to ramp up the market for advanced composites. The demand for carbon fiber and s-glass fiber composites in the aerospace and defense sector and increased demand for carbon fiber composites in new end-use industries like civil engineering, medicine, and pipes and tanks are key growth drivers for the global advanced composites market.
The industrialization of developing nations like China, India, and Japan also contributes to market expansion. The demand for advanced composites in the construction industry is anticipated to increase, along with the demand for specialist goods that are ecologically safe.
The advanced composites market share suffered greatly during the pandemic. The market has only just begun to recover from the production halts and reductions. To meet the growing demand from multiple end-use sectors, the leading advanced composite key players are closely investing in the production of thermoplastic composites.
What Drives the Advanced Composites Market Growth?
Demand for advanced composites is likely to be high since they are being used in aerospace and defense equipment, which benefits from their increased performance by reducing the weight of the equipment. Also, the advanced composites market is anticipated to benefit from the rising demand for these materials in the production of turbines. Globally expanding wind turbine installations are probably going to help fuel the market expansion further.
Demand for advanced composites is surging due to the industry’s use of sophisticated composites made of carbon and glass. In addition, a cost-benefit resulting from the integration of the manufacturing and distribution channels leads to market size growth.
What Restraints the Advanced Composites Market?
The product’s high price is anticipated to impede market expansion. Owing to the increased costs brought on by automation and the use of pricey high-performance resins, there is less demand for advanced composites.
Developing and marketing advanced composites that are superior and have varied uses at a price point that the majority of people across the world can afford is one of the key problems that the advanced composites market is anticipated to face during the forecast period.
What are the Opportunities Prevailing in the Advanced Composites Market?
Advanced composites market trends are offering immense development and profit possibilities during the forecast period. Due to this, the market participants are making significant investments in research and development.
The goal is to create a new generation of advanced composites that is higher quality, lighter, and has more creative and practical applications than prior generations, creating profitable opportunities for the market.
Country-wise Insights
What is North America’s Outlook for the Advanced Composites Market?
North America dominated the market with a market sales share of more than 36.9% in 2021.
The product’s demand in North America was estimated to be worth over US$ 12.0 billion in 2021 as a result of the expanding demand in the automotive, aerospace, and defense industries. North America has one of the large automotive industries in the world, with the United States being among the top automakers.
Large markets, large consumer disposable income, mass manufacturing efficiency, and a wide range of products have all contributed to North America’s advanced composites expansion.
How Europe Aids the Advanced Composites Market?
In Europe, the market represented a sizable portion of total revenue in 2021. It is anticipated that the increased demand for sustainable renewable energy might positively affect the installation of wind turbines in Spain, Germany, and the United Kingdom.
Onshore and offshore wind energy plant installation is increasing, and this is likely to support advanced composites market growth in the area. After Asia, Europe, and Oceania, North America is the region with the fourth-highest number of wind energy farm installations. Further, the demand for wind turbine manufacturing is anticipated to increase as a result of the expanding wind energy farms and the growing need for renewable energy sources. This is projected to propel the market share.
What is the Competitive Outlook of the Advanced Composites Market?
The advanced composites market is competitive due to the presence of numerous reputable manufacturers and suppliers. Leading advanced composites market participants concentrate on providing clients with customized solutions, which results in a high switching cost for consumer businesses.
Recent Developments:
· Toray Advanced Composites reports that it has finished a long-term supply arrangement with Joby Aviation for the composite material used in its aircraft in December 2020. Toray’s carbon fiber composite materials might be used by a California-based aircraft manufacturer to develop quick, inexpensive, and emissions-free aerial ridesharing for global communities.
· Impossible Objects and Owens Corning signed a joint development agreement in May 2021 to work on developing new materials for Impossible Objects’ composite-based additive manufacturing (CBAM) technology.
· Momentive Performance Materials Inc., has introduced new composites for multi-industrial usage under its performance materials segment. The focus is to produce solutions for sustainability with enhanced research and development efforts.
