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High Performance Composites Market Revenue | CAGR of 9.12%
21 Oct 2024
High Performance Composites Market Revenue and Trends
The global high performance composites market revenue surpassed USD 66.57 billion in 2024 and is predicted to attain around USD 146.03 billion by 2033, growing at a CAGR of 9.12% during forecast period. The demand for high-performance composites is rising in various industries, with the increasing need for lightweight and durable materials. The rising innovations in composite materials to enhance function and performance and their high usage in the aerospace, automotive, and construction industries are driving market growth.
Market Overview
High-performance composites are special materials used across various industries to substitute traditional materials like metals and alloys. They exhibit excellent strength and durability and are lightweight, making them suitable for manufacturing various automotive and aerospace components.
The adoption of high-performance composite materials is increasing in the aerospace, defense, and automotive sectors for their reliability, versatility, and ideal mechanical properties. These properties further enhance fuel economy and minimize fuel contamination. Composite materials also find applications in construction and infrastructure, providing high strength and long-life service for bridges, buildings, and tunnels.
The future of material science and manufacturing is bright, with AI playing a significant role in market expansion. This technology is set to revolutionize material discovery, providing engineers and researchers with high-strength, durable materials that will enhance architecture and design.
For instance, in July 2024, Jamco America Inc. partnered with Airtech Advanced Materials Group and launched advanced aerospace manufacturing through 3D printing tool recycling, which enables faster production of finished goods with reduced risk and cost and a low carbon footprint.
Report Highlights of the High Performance Composites Market
On the basis of material, the resins segment dominated the market with the largest share in 2023. This is due to the increasing adoption of composite resins for their corrosion resistance and the ability to withstand chemical attacks and high temperatures. They are widely used in automobile, aerospace, and sporting goods due to their low affinity for absorbing liquids.
Based on application, the automotive and industrial segment accounted for the largest share of the market in 2023. This is mainly due to the increasing demand for lightweight materials to enhance fuel efficiency and vehicle performance. High-performance composites are also used for manufacturing and testing industrial goods, enhancing their durability.
High Performance Composites Market Trends
Increasing demand among various industries: Rising demand for lightweight materials in aerospace, automotive, electronics, and construction industries boosts the market. High-performance composites replace metals and alloys due to their lightweight nature and excellent durability. Thus, they are widely used in vehicles, electronics, and construction materials. Composite materials are also used in vehicle interiors, engine blades, single-aisle wings, and many more.
Rising production of composite materials: Market players are adopting various business development strategies to boost production efficiency and cater to consumer’s varying demands. For instance, in March 2023, AAT Composites received Production Organization Approval (POA) in compliance with the European Union Aviation Safety Agency (EASA part 21G). The company will also join hands with aviation suppliers that will design and manufacture high-performance composite parts for aviation and the automotive industries.
High demand for eco-friendly and sustainable materials: The rising environmental concerns among customers and businesses drive the demand for high-performance composites. These materials are derived from fibers, oils, and resins that are eco-friendly and biodegradable.
Regional Insights
In 2023, Asia Pacific dominated the high performance composites market with the largest share due to the increasing demand from the aerospace, automobile, and construction industries. Rising urbanization, industrialization, and increasing technological advancements in manufacturing methods further contributed to regional market expansion. In addition, the rising demand for compact designs and more production to meet the customers’ varying needs boosts the adoption of high-performance composites, thus fueling the market growth.
High Performance Composites Market Coverage
Report Attribute
Key Statistics
Market Revenue in 2024
USD 66.57 Billion
Market Revenue by 2033
USD 146.03 Billion
CAGR
9.12% from 2024 to 2033
Quantitative Units
Revenue in USD million/billion, Volume in units
Largest Market
Asia Pacific
Base Year
2023
Regions Covered
North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa
Market News
In September 2024, Toray Advanced Composites launched Toray Cetex TC1130 PESU thermoplastic composite material that is specifically engineered to address the growing need for lightweight and environmentally friendly materials for aircraft interior applications.
In April 2024, NASA launched its advanced solar sail system made from flexible polymer reinforced with carbon fiber. This material helps with heavy propulsion systems and enables longer duration.
In April 2022, BMW Group invested in sustainable, resource-efficient manufacturing of vehicles made from natural materials with the launch of BMW I Ventures, which provides high-performance composites made from natural fibers.
Market Segmentation
By Material
Resins
Fibers
By Application
Aerospace
Automotive and Industrial
Energy
Consumer Goods
Defense
Electronics
Construction
Others
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