Advanced Composites Market Size, Size Analysis Till 2030

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The global advanced composites market size exceeded USD 43.15 billion in 2022 and it is predicted to touch around USD 109.8 billion by 2030, expanding at a CAGR of 12.38% between 2022 to 2030.

Advanced Composites are substances made up of more than two basic elements that have distinct chemical or physical characteristics. The advanced composite is also known as the polymer matrix. These composites have exceptional qualities such as high strength fibres with elasticity, high stiffness, temperature and chemical resistance, dimension stability, and many more. It is commonly used to replace metal components and has applications in the aircraft sector.

Because of their outstanding strength and low weight, these advanced composites are commonly utilised in the manufacture of high-performance automobile and aircraft parts such as engine nacelles, elaborators wings, floor beams, landing gear doors, ailerons, rudders, and other components. Advanced composites are composites made up of multiple components with high specific strength and stiffness, and advanced composite materials are integrated with automated production techniques. In compared to the composite materials routinely utilized in reinforced concrete, advanced composite materials (ACM) Structures made on modern composites offer tremendous strength while being lightweight.

In addition, rapid urbanization and improved lifestyle will propel the number of airline passengers coupled with reduced fare prices. For instance, global air traffic is likely to witness a growth of over 5% by 2025.

Moreover, increased urbanization and a better standard of living will increase the number of airline passengers, resulting in cheaper fares. Global aircraft traffic, for example, is predicted to rise by more than 5% by 2025. Additionally, the total number of large commercial aircraft delivered in 2013 was around 1200 units, and this figure is expected to approach 1500 by the end of the projection year. Furthermore, increased vehicle sales in Japan, China, and the United States, as well as efforts by automakers to use polymer composites, would promote industry growth.

Report Highlights:

• In 2021, the aerospace and defence application segment accounted for more than 41% of total sales. The market is likely to be driven by rising air passenger traffic and an increase in aircraft production in North America and Europe.
• In 2021, the glass composites category accounted for more than 26.9% of the entire market. The product's expanding application breadth in the automotive, sports goods, and wind industries is projected to boost the market.
• From 2021 to 2030, the wind energy application category is predicted to grow at an 8.16% CAGR. The rising use of glass and carbon advanced composites, together with rapid expansion in the wind turbine sector, is likely to drive market growth throughout the forecast period.
• The increasing use of aramid composites in the defense sector is expected to drive market growth. Lightweight and high-strength qualities, as well as increased geopolitical instability, are likely to boost the military industry, which will promote market expansion.
• In terms of revenue, North America accounted for around 37.9% of the entire market in 2021. The existence of The Boeing Company, the world's biggest aircraft maker, is likely to be a crucial factor in market growth throughout the projection period.

Advanced Composites Market Report Scope:

Regional Snapshots:

In terms of both value and volume, North America is the world's greatest consumer of advanced composites. The rising consumption of advanced composites in different applications such as aerospace and military, wind energy, and transportation is driving the growth of the North America Advanced Composites Market.

In terms of value and volume, the United States is the world's largest consumer of advanced composites, and this position is expected to strengthen further during the forecast period. The creation of a number of new carbon fiber production plants in the country, as well as increasing investments by major Europe-based corporations dealing in the aerospace & military, transportation, and wind energy industries, are ascribed to the expansion of the US Advanced Composites Market.

Market Dynamics:

Drivers:

The primary factor driving the growth of the advanced composites market is the quickly expanding aerospace and military and automotive industries, as well as the rising use of lightweight materials in sports, electronic goods, and transportation. Advanced composites' properties such as high strength and low weight are important reasons driving their rapid penetration in the aerospace and military, marine, sports goods, transport, and wind energy industries.

Furthermore, the global advanced composites market is expanding rapidly as a result of driving factors such as rising demand for carbon fibre and s-glass fibre composites in the aerospace and defence industries, as well as increased demand for carbon fibre composites in new end-use industries such as civil engineering, medical, and pipes and tanks.

Furthermore, industrialisation in emerging markets such as China, India, and Japan propels the advanced composites industry forward. Demand for advanced composites in the construction industry is likely to be driven by rising demand for ecologically friendly specialty goods. However, the increased cost of advanced composites and the lack of a market substitute are expected to stifle market growth.

Restraints:

The fundamental disadvantage of these advanced composite materials is their brittleness, which can lead to unanticipated catastrophic failure of the component if not adequately maintained or tested on a regular basis. There is a shortage and a significant need for highly qualified labourers who understand how to apply effective repair procedures. As a result, the issue of reparability is exacerbated. Although these sophisticated composite materials have such a longer life period, the components could be recycled to be utilized in the same application. An increasing understanding of sophisticated composite materials and repair processes, as well as an increasing number of qualified and experienced individuals, can extend the life of such components.

Opportunities:

The increasing need for complicated and compact designs, as well as ever-increasing requirements and cost limitations, may drive the demand for advanced composites material even higher, hence boosting the advanced composites market development. Climate change and the corresponding emphasis on environmentally friendly lifestyles and industrial restrictions may limit the growth of the advanced composites industry. Renewable energy is essential, and market expansion would provide an excellent chance for the advanced composites market to realise its full potential, since composites are needed to manufacture and build the gadgets or equipment required to generate and store carbon-neutral energy.

Challenges:

The difficulty encountered in recycling is a barrier for the advanced composites market since it results in some restrictions being imposed by the government, which might stifle the advanced composites industry's growth. Furthermore, one of the most significant issues that firms in the advanced composites sector will have in the future is continuing to create and sell advanced composites that are better and have more diversified uses at a price range that the general public can afford.

Recent Developments:

• In December 2020, TORAY INDUSTRIES, INC announced the release of a new form of PET film called 'Ecouse,' which is eco-friendly and easily recyclable. The business intends to generate 2500 metric tonnes per year and to begin full-fledged sales of the new product.
• In May 2021, Impossible Objects signed a cooperative development agreement with Owens Corning, a manufacturer of construction and industrial materials, with the goal of developing different materials for its composite-based additive manufacturing (CBAM) technique.
• Toray Advanced Composites announced in December 2020 that "it has completed a long-term supply arrangement with Joby Aviation for the composite material used in its aircraft." Toray's carbon fibre composite materials will be used by the California-based aircraft firm to deliver rapid, inexpensive, and zero-emissions aerial ridesharing to global communities.” 
• Mitsubishi Chemical Corporation announced that it will acquire c-m-p GmbH, Germany through its subsidiary, Mitsubishi Chemical Advanced Material, in January 2020, in order to strengthen its presence in the carbon fibre composite material business.

Major Key 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 

Market Segmentation:

By Product

• Aramid Fiber Composites
• Carbon Fiber Composites
• S-Glass Fiber Composites
• Others

By Application Type

• Aerospace & defense
• Automotive
• Transportation
• Electrical & Electronics
• Wind energy
• Civil Engineering
• Medical
• Marine
• Sporting goods
• Others

By Resin

• Advanced Thermosetting Composites
• Advanced Thermoplastic Composites

By Manufacturing Process

• Hand layup/ Spray Layup
• Pultrusion
• AFP/ATL
• Injection Molding
• Compression Molding
• Filament Winding
• RTM/VARTM
• Others

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