Published Date : 26 May 2023
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.
Advanced Composites Market Report Scope:
|Market Revenue in 2023||USD 48.5 Billion|
|Projected Forecast Revenue in 2030||USD 109.8 Billion|
|Growth Rate from 2022 to 2030||CAGR of 12.38%|
|Largest Market||North America|
|Forecast Period||2022 to 2030|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa|
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.
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.
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.
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.
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.
Major Key Players:
By Application Type
By Manufacturing Process
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