NEWARK, Del, July 28, 2023 (GLOBE NEWSWIRE) -- The advanced composites market is anticipated to thrive at a steady CAGR of 9.1% between 2023 and 2033. The market is expected to have a market share of US$ 107.30 billion by 2033 while it is likely to be valued at US$ 44.91 billion in 2023.
- High design independence due to flexibility, limited material costs, sustainable materials, and a wide range of applications are vital to the market growth. The enhanced productivity due to the reduced assembly costs and molding process also favors the market’s success.
- Better fuel saving triggers high performance while excellent strength-to-weight and stiffness-to-weight rations can only be attained through the usage of advanced composites.
- The low drag reaction design delivers a smooth aerodynamic profile and expands its consumption range. Further, the improved adaptability allows the laminate patterns and ply buildup to the materials to flourish the material growth.
- A long range of materials involving aluminum, rotors, fiber-reinforced polymer, energy engineering, carbon nanofiber, etc. have diverse applications. Other common advanced polymer composites involve glass, graphite, and Kelver. These key materials and their contribution to the large sectors make the market big.
- The usage of carbon fiber in the manufacturing of aerospace equipment is flourishing market growth.
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Key Takeaways
- The United States market leads North America’s advanced composites market in terms of market share in North America. North America held a market share of 36.8% in 2022. The factors attributed to the growth are the advancement of the aerospace industry along with increased material research.
- Germany’s advanced composites market held a healthy market share in 2022. The market growth is due to being the hub of aerospace manufacturing with the presence of key aircraft production companies like Airbus, Collins Aerospace, and Germany Aerospace Center (DLR).
- India’s market thrives at a healthy CAGR between 2023 and 2033. Businesses in India are adopting new materials along with Aerospace engineering flourishing in the region.
- Based on product type, the carbon fiber composites segment leads the market as it held a market share of 64% in 2022.
- Based on application type, the aerospace industry leads the segment as it accumulated a revenue share of 40.4% in the global market in 2022.
Competitive Scenario:
The key suppliers focus on providing each type of polymer, advanced composites for different applications. Moreover, the competitors also merge, acquire, and partner with other companies to increase their supply chain and distribution channel.
Key Players Profiled in the Global Market
- 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
- AGY Holdings Corp.
- Formosa Plastics Corporation
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Recent Market Developments
- Cytec Solvay Group has introduced advanced materials for leading industries such as aerospace composited, automotive composited, and oil and gas composites. These composites hold different properties that benefit the sector.
- Huntsman Corporation has also revised its advanced materials for energy, electrical, and other aerospace projects.
Key Segments Covered
By Product:
- Aramid
- Carbon
- Glass
By Application:
- Aerospace & Defense
- Automotive
- Construction
- Sporting Goods
- Wind Energy
By Regions Covered:
- North America
- The United States
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- The United Kingdom
- France
- Spain
- Russia
- Rest of Europe
- Japan
- Asia Pacific Excluding Japan
- China
- India
- Malaysia
- Singapore
- Australia
- Rest of Asia Pacific Excluding Japan (APEJ)
- Middle East and Africa
- GCC Countries
- Israel
- South Africa
- The Middle East and Africa (MEA)
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