Pune India, Dec. 28, 2022 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and Middle East and Africa. These are the key regions where the Advanced Composites Market is operating currently and is predicted to expand in the near future. The manufacturers and suppliers involved in the Advanced Composites Market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the fiber type, end-user and regions. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating in the global Advanced Composites Market are 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 among others. To achieve a substantial market share in the worldwide Advanced Composites Market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
It is projected that growing demand for the product in the sports goods, aerospace, and military industries will boost the market for advanced composites. Advanced polymer matrix composites, often known as advanced composites, are strong, elastic materials that are lightweight. These objects are produced using fibrous materials mixed with different resin matrices. The wind energy, automotive, aerospace and defence, and marine industries all make extensive use of these cutting-edge materials. The United States is one of the major production hubs for aerospace and defence products. As a result of the rapid expansion of their application in aerospace and defence equipment, which may perform better by reducing its weight, advanced composites are consequently expected to be in high demand. The increased demand for these materials in the manufacture of turbines is likely to favour the market for advanced composites. Global wind turbine installation growth will likely contribute to market growth. Due to the employment of complex composites comprised of carbon and glass in the industry, demand is expected to rise over the forecast period. Advanced composites are being employed more frequently in a number of industries, such as construction, shipping, and leisure goods. But it's expected that the product's high cost would limit market growth. There is decreased demand for the product as a result of rising prices brought on by automation and the usage of expensive high-performance resins.
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Scope of Advanced Composites Market Report
| Report Metric | Information |
| Study Period | 2021-2029 |
| Base Year | 2021 |
| Forecast Period | 2022-2029 |
| Market Share Unit | USD Billion |
| Segments Covered | Fibre Type, End-User and Regions. |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle-East and Africa |
| Major Players | 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 among others. |
Segmentation Analysis
The carbon fiber segment is expected to be the fastest-growing segment in 2021.
The fiber type segment is Aramid Fiber, Glass Fiber, Carbon Fiber, and Others. The carbon fibre segment is expected to witness the highest growth rate during the forecast period. The primary factor driving market expansion is the product's increased use in the manufacture of wind turbines and aerospace components. Carbon is expected to experience the largest growth rate during the forecast period as a result of the commodity's expanding use in the aerospace sector. It is projected that there would be a rise in the demand for lightweight, fuel-efficient airplanes, which will encourage the creation of better carbon materials.
Aerospace and Defense is expected to be the fastest-growing segment in 2021.
The end user segment includes Aerospace and Defence, Wind Energy, Transportation, Marine, Consumer Goods, and Others. The aerospace and defense segment is expected to witness the highest growth rate during the forecast period. Composite demand is predicted to be driven during the forecast period by the aerospace industry's favorable year-over-year growth as well as increasing investment in the field. Due to the rising demand for conductive, lightweight, and durable raw materials in the automotive industry, it is predicted that the market for advanced composites will expand over the forecast period. Due to the restrictions on product use to just high-end cars, enormous ships, and aircraft carriers, these composites are not widely used in these industries.
Regional Analysis
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the advanced composites include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
- The North America region witnessed a major share. The increased use of advanced composites in a variety of applications, including aerospace & military, wind energy, and transportation, is fueling the expansion of the North American advanced composites market. In terms of value and volume, the US is currently the greatest consumer of advanced composites worldwide, and it is anticipated that during the forecast period, this position will only get stronger. The opening of many new carbon fiber manufacturing facilities in the US as well as increasing investments from several European firms operating in the aerospace & defense, transportation, and wind energy sectors are both credited with the market's expansion.
Country Analysis
- Germany
- Germany's Advanced Composites Market size was valued at USD 0.59 billion in 2021 and is expected to reach USD 1.05 billion by 2029, at a CAGR of 7.5% from 2022 to 2029.
Germany's aerospace industry is growing more quickly than it did previously. Airbus is principally in charge of this, with several billion dollars in committed orders and around eight years of manufacturing. The demand for complex composite materials has lately increased as a result of the country's vehicle manufacturing industry, which is also growing by more than 1% annually.
- China
China’s Advanced Composites Market size was valued at USD 0.85 billion in 2021 and is expected to reach USD 1.63 billion by 2029, at a CAGR of 8.5% from 2022 to 2029. The demand for intricate and compact designs, increasing material requirements, and cost constraints can all contribute to an increase in the demand for advanced composite materials and, eventually, to the growth of the advanced composite market.
- India
India's Advanced Composites Market size was valued at USD 0.80 billion in 2021 and is expected to reach USD 1.48 billion by 2029, at a CAGR of 8% from 2022 to 2029. The demand for incredibly strong, lightweight materials in the aerospace and automotive industries is anticipated to grow, which will boost the market for advanced composites.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven by the increasing demand for complex and small designs, rising material needs, and financial constraints.
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