Wilmington, Delaware, Nov. 14, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Advanced Composites Market by Product Type (Carbon fiber, Glass fiber, and Aramid fiber), by Resin Type (Thermoplastic, and Thermoset), by End-Use Industry (Aerospace and Defense, Oil and Gas, Electrical and Electronic, Automotive, Wind energy, Medical, Sporting goods, Marine, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global advanced composites industry is expected to gain $88.7 billion by 2031, having witnessed a value of $34.0 billion in 2021, generating a considerable CAGR of 10.2% from 2022 to 2031.
Prime Determinants of Market Growth:
The global advanced composites market is experiencing growth due to a rise in demand for carbon fiber and S-glass fiber composites in the aerospace & defense industry, a surge in demand for carbon fiber composites in end-use industries, and industrialization in developing economies. On the other hand, the high cost of advanced composites, as well as the availability of substitutes limits the market growth. Moreover, the new technological developments in the wind energy industry, and the rise of automotive sales create prolific opportunities for market growth in the upcoming years.
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The carbon fiber segment to maintain its lead position during the forecast timeframe-
By product type, the carbon fiber segment dominates the highest market share in 2021, holding three-fifths of the global advanced composites market revenue, and is projected to maintain its lead position during the forecast timeframe. The same segment would also cite the highest CAGR of 10.3% from 2022 to 2031. Carbon fiber composites are one of the most corrosion-resistant, heat-resistant, and long-lasting materials on the market, and are widely used in the aerospace industry.
The thermoplastic segment to retain its lion's share over the projected period-
By resin type, the thermoplastic segment accounted for the major market share in 2021, acquiring nearly three-fifths of the global advanced composites market revenue, and is anticipated to retain its lion's share over the projected period. The same segment would also display the fastest CAGR of 10.3% from 2022 to 2031. The utilization of thermoplastic resins in various end-use applications is widespread due to their broad range of properties, such as high thermal resistance, dimensional stability, electrical insulation, and more.
The aerospace and defense segment to rule the roost by 2031-
By end-use industry, the aerospace and defense segment held the major market share in 2021, generating three-fifths of the global advanced composites market revenue, and is projected to rule the roost by 2031. The same segment would also exhibit the highest CAGR of 10.5% from 2022 to 2031. The growth is attributed to the widespread use of advanced composites in the various components and assemblies of the latest generation of military aircraft.
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Asia-Pacific to maintain its dominance throughout the forecast period-
By region, Asia-Pacific held the major market share in 2021, accounting for nearly two-fifths of the global advanced composites market revenue, and is expected to maintain its dominance throughout the forecast period. this is due to the growth of the aerospace and automotive industries in countries like China, India, and Japan. On the other hand, North America would portray the fastest CAGR of 10.3% from 2022 to 2031. This is due to advanced composites being in high demand in end-user industries such as aerospace, automotive, and wind energy. In addition, the automotive sector in North America has grown significantly over the last decade and is projected to continue to grow over the forecast period.
Industry-Leading Players:
- Hexcel Corporation
- Owens Corning
- Huntsman International LLC
- ST Advanced Composites
- Solvay
- Momentive
- DuPont
- SGL Carbon
- Toray Industries, Inc.
- TEIJIN LIMITED
The report provides a detailed examination of the top players in the global advanced composites market. These players have initiated various strategies such as the launch of new products, collaborations, geographical expansion, agreements, and others to boost their market share and maintain their leading position in different regions. The report is valuable in highlighting top winning segments, product portfolios, business performance, and strategic moves of leading players to showcase the competitive edge.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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