Selbyville, Delaware , Jan. 23, 2025 (GLOBE NEWSWIRE) -- Advanced Composites Market was valued at USD 31.5 billion in 2023 and is projected to be worth USD 49.5 billion by the end of 2032, as per a recent study by Global Market Insights Inc.
This growth is largely driven by the rising demand for lightweight materials, particularly in the electric vehicle (EV) sector. As EV manufacturers strive to improve battery efficiency and extend vehicle range, advanced composites like carbon fiber and glass fiber have become essential components in various automotive parts, including chassis and body panels. These materials help reduce overall weight without compromising strength, making them critical for enhancing performance and efficiency.
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The advanced composites market is segmented by product type into carbon fiber composites, glass fiber composites, aramid fiber composites, ceramic matrix composites, and others. Among these, carbon fiber composites emerged as a dominant segment in 2023, generating approximately USD 14.2 billion in revenue. Expected to grow at a CAGR of 5.4% over the forecast period, carbon fiber composites are widely recognized for their superior strength-to-weight ratio. This characteristic makes them a preferred choice across multiple industries, such as aerospace, automotive, and sports equipment, where minimizing weight is crucial for boosting performance.
End-use industries driving the demand for advanced composites include aerospace & defense, automotive, wind energy, marine, construction, and electronics & electrical. In 2023, the aerospace & defense sector accounted for around 33% of the global market share, with a projected CAGR of 5.6% through 2032. Advanced composites are integral in developing lightweight and durable components for various defense applications. These materials enhance fuel efficiency and range, contributing to the operational efficiency of military aircraft, unmanned aerial vehicles (UAVs), and armored vehicles.
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In North America, the U.S. represents a significant share of the advanced composites market, generating approximately USD 9.5 billion in revenue in 2023. The country is home to several leading aerospace and defense companies that heavily rely on advanced composites to enhance the performance of their products. The consistent demand for carbon fiber, glass fiber, and ceramic matrix composites in this region underscores the strategic importance of lightweight, high-strength materials in both commercial and defense sectors.
As industries continue to prioritize efficiency, durability, and sustainability, the global market is poised for steady growth, offering innovative solutions across diverse applications.
Advanced Composites Market Players
Companies including Cytec Industries Inc., DuPont, Gurit Holding AG, Hexcel Corporation, Huntsman Corporation, Hyosung Corporation, Mitsubishi Chemical Holdings , Corporation, Nippon Graphite Fiber Corporation, Owens Corning, Royal DSM N.V., SGL Carbon SE, Solvay S.A., Teijin Limited, Tencate Advanced Composites, Toray Industries, Inc. are some firms working in advanced composites industry.
This Advanced Composites Market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Million) & volume (Thousand Tons) from 2021 to 2032, for the following segments:
Market, By Product Type
- Carbon fiber composites
- Glass fiber composites
- Aramid fiber composites
- Ceramic matrix composites
- Others (natural fibers, basalt fiber, Etc)
Market, Resin Type
- Thermoset resins
- Epoxy
- Polyester
- Vinyl ester
- Others (phenolic, Etc)
- Thermoplastic Resins
- Polyetheretherketone (PEEK)
- Polypropylene (PP)
- Polyamide (PA)
- Others (Polycarbonate (PC), Etc)
Market, Manufacturing Process
- Layup process
- Filament winding
- Injection Molding
- Pultrusion
- Resin Transfer Molding (RTM)
- Others (Compression Molding, Etc)
Market, Application
- Aerospace components
- Automotive components
- Wind energy
- Marine
- Sporting goods
- Construction and infrastructure
- Others (electronics, Etc)
Market, End Use
- Aerospace & defense
- Automotive
- Wind energy
- Marine
- Construction
- Electronics & electrical
- Others (sporting goods, Etc)
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
