Advanced Composites Market to registering 9.2% CAGR during the forecast period 2022-2032
The advanced composites market is predicted to grow at a healthy CAGR of 9.2% from 2022 to 2032. The market is anticipated to increase from US$37.73 billion in 2021 to US$108.48 billion by 2032, according to FMI. The market for advanced composites is expected to expand as a result of rising demand from the sports goods, aerospace, and military industries.
Major growth factors for the worldwide advanced composites market include the need for carbon fibre and s-glass fibre composites in the aerospace and defence sector as well as rising demand for carbon fibre composites in new end-use industries including civil engineering, medicine, and pipelines and tanks.
What Drives The Advanced Composites Market Growth?
Demand for advanced composites is likely to be high, since they are being used more and more in aerospace and defense equipment, which benefits from their increased performance by reducing the weight of the equipment.
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.
Demand for advanced composites is surging due to the industry’s use of sophisticated composites made of carbon and glass. A cost-benefit resulting from the integration of the manufacturing and distribution channels leads to market size growth.
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What Is The Competitive Outlook Of The Advanced Composites Market?
Due to the presence of numerous reputable manufacturers and suppliers, the advanced composites market is very competitive. Major advanced composites market participants concentrate on providing clients with customized solutions, which results in a high switching cost for the consumer businesses.
- Toray Industries, Inc.
- Koninklijke Ten Cate NV
- Teijin Limited
- Hexcel Corporation
- SGL Group
- Cytec Solvay Group
- Owens Corning
- E. I. Dupont De Nemours and Company
- Huntsman Corporation
- Momentive Performance Materials Inc.
- WS Atkins plc
- 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 will 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.
Advanced composites materials or 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. Hence, the use of advanced composites is significantly growing in the aerospace & defense, marine, sporting goods, transportation, electrical & electronics, civil engineering, pipes & tanks, medical, and wind energy industries.
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What Restraints The Advanced Composites Market?
The product’s high price is anticipated to impede the 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 more 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.
- Aerospace & Defense
- Sporting Goods
- Wind Energy
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
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Published Wed, 28 Dec 2022 07:25:36 -0600