Advanced Composites Market (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) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2032
The global advanced composites market size accounted for USD 40.4 billion in 2023 and is predicted to surpass around USD 99.15 billion by 2032 increasing growth at a compound annual growth rate (CAGR) of 10.6% from 2023 and 2032.
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The U.S. advanced composites market size was valued at USD 10.40 billion in 2023 and is expected to reach USD 26.17 billion by 2032, growing at a CAGR of 10.80% from 2023 to 2032.
North America dominated the advanced composites market, accounting for more than 37% of sales in 2022. The product's demand in North America was estimated to be worth more than USD 12.8 billion in 2022, owing to rising demand in the automotive, aerospace, and military industries. The automotive industry in North America is one of the largest in the world, with the United States being one of the top vehicle makers. The country's sector has grown due to its large market size and huge disposable income of customers, as well as its capacity to mass produce and provide a wide range of products.
In 2022, the advanced composites market in Europe will account for a large revenue share. The growing demand for sustainable renewable energy, along with the increased installation of wind turbines in Spain, Germany, and the United Kingdom. is anticipated to have a favourable influence on demand. The fast expansion of the sector and the increasing installation of onshore and offshore wind energy facilities are projected to support market growth in the area. After Asia, Europe, and Oceania, North America ranks fourth in the number of wind energy farm installations. The growing wind energy farms, combined with the need for renewable energy sources, are expected to have a positive impact on demand for wind turbine manufacturing, driving the advanced composite market.
Advanced Composites Market Share, By Region, 2022 (%)
Regions | Revenue Share in 2022 (%) |
North America | 37% |
Asia Pacific | 26% |
Europe | 29% |
Latin America | 5% |
MEA | 3% |
The market for advanced composites is likely to be driven by rising demand for the product in the aerospace and military industries, as well as sporting goods. Advanced composites, also known as advanced polymer matrix composites, are lightweight materials with a high modulus of elasticity and strength. These items are made of fibrous material incorporated in various resin matrices. These sophisticated materials are widely used in the aerospace and military industries, as well as the marine, automotive, and wind energy sectors.
The United States has one of the most substantial production bases for aerospace and defence systems. Thus, it is projected that there would be a significant demand for advanced composites, as the aerospace and defence industries see a quick application penetration of the abovementioned materials as they lower the weight of the equipment, resulting in improved performance. The increased need for advanced composites in the construction of turbines is projected to benefit the advanced composites market. Increased wind turbine installations globally are projected to contribute to market growth. The industry's use of carbon and glass advanced composites is predicted to boost demand throughout the forecasted period.
The use of advanced composites is expanding in a variety of industries, including sporting goods, maritime, and construction. However, the product's high price is projected to limit market expansion. Automation, along with the use of pricey high-performance resins, raises the cost of the product, causing demand to fall. The industry for advanced composites is distinguished by integration from the manufacturing stages through the value chain distribution channels. Manufacturing and distribution channel integration results in a cost advantage. Because of the existence of a significant number of prominent manufacturers and suppliers worldwide, the industry is very competitive.
Because of its superior technical qualities such as high strength, stiffness, great fatigue and abrasion resistance, the Advanced Composites Market will be driven by rising product demand in the automotive and aerospace industries. Because of their outstanding strength and low weight, these advanced composites are commonly utilised in the manufacture of high-performance supercar and aircraft parts such as wings, engine nacelles, ailerons, elaborators, floor beams, rudders, landing gear doors, and other components.
Report Coverage |
Details |
Growth Rate from 2023 to 2032 |
CAGR of 10.6% |
Market Size in 2023 |
USD 40.04 Billion |
Market Size by 2032 |
USD 99.15 Billion |
Base Year |
2022 |
Forecast Period |
2023 to 2032 |
Segments Covered |
Product, Application Type, Resin, Manufacturing Process, and Geography |
Companies Mentioned | 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 |
Key Market Drivers
Key Market Challenges
Key Market Opportunities
Growing demand for ceramic matrix composites in developing countries
The growing demand for intricate and compact designs
The carbon fiber composites led the market for advanced composites in 2022, accounting for 64.5% of total sales. The expanding scope of the product in the manufacture of wind turbines and aerospace components is the primary driver of market expansion. Carbon is predicted to be the fastest expanding market over the next eight years as the product gains traction in the aerospace sector. The increasing need for lightweight, fuel-efficient aeroplanes is likely to stimulate demand for improved carbon materials.
The aramid composites category had a market share of 8.6% in 2022 and is expected to rise significantly during the forecast period. This is due to its increasing use in the defence industry. The product's diverse qualities, which include high strength, high heat, low density, and impact resistance, are projected to be a crucial component in fostering growth. Advanced aramid fibers are high-strength, stiff composites with great resistance to heat and impact, and as a result, they are rapidly being used in the automobile industry across the world. The product's use in the production of tires, body armor, and defense vehicle components is likely to drive the market for advanced composites throughout the forecast period.
The aerospace and defense application category led the market for advanced composites, accounting for 42% of sales in 2022. Positive year-on-year expansion in the aerospace sector, combined with increased investment in the industry, is likely to drive composites demand throughout the forecast period. Because of increased product penetration in automobiles, the automotive sector application category is predicted to develop at a CAGR of 8.7%. The increased need in the automotive sector for lightweight, durable, and conductive raw materials is likely to drive the advanced composites market throughout the forecast period.
Growing demand for air travel and the ability to spend are likely to be the driving factors for the sector throughout the forecast period, positively impacting the market. However, because to the restriction of the application of goods in only high-end cars and big ships and aircraft carriers, the penetration of these composites is restricted in these industries. Over the projection period, rising defence spending is likely to boost demand for aramid composites. Growing worldwide political tensions are predicted to raise investment in the defence industry, which is expected to boost demand for the product throughout the forecasted period.
The advanced thermosetting composites category accounted for the biggest proportion of the advanced composite materials market in 2022 and is expected to increase at an 8.3% CAGR from 2023 to 2032. The rising usage of advanced thermosetting composites in aerospace and military, transportation, sports goods, and many other end-use sectors is driving the expansion of this market segment.
Advanced thermosetting composites are used in a variety of end-use sectors because they do not expand in high-heat and damp environments, making them ideal for extremely corrosive and high-temperature applications. For example, the automobile sector aims to produce cars that use less fuel, release less pollution, and have great durability and strength. Using these innovative thermosetting resins to manufacture lightweight and durable materials for vehicles decreases the weight of the automobile components, lowering fuel consumption and emissions.
Market Segmentation
By Product
By Application Type
By Resin
By Manufacturing Process
By Geography
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Advanced Composites Market
5.1. COVID-19 Landscape: Advanced Composites Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Advanced Composites Market, By Product
8.1. Advanced Composites Market, by Product, 2023-2032
8.1.1. Aramid Fiber Composites
8.1.1.1. Market Revenue and Forecast (2020-2032)
8.1.2. Carbon Fiber Composites
8.1.2.1. Market Revenue and Forecast (2020-2032)
8.1.3. S-Glass Fiber Composites
8.1.3.1. Market Revenue and Forecast (2020-2032)
8.1.4. Others
8.1.4.1. Market Revenue and Forecast (2020-2032)
Chapter 9. Global Advanced Composites Market, By Application Type
9.1. Advanced Composites Market, by Application Type, 2023-2032
9.1.1. Aerospace & defense
9.1.1.1. Market Revenue and Forecast (2020-2032)
9.1.2. Automotive
9.1.2.1. Market Revenue and Forecast (2020-2032)
9.1.3. Transportation
9.1.3.1. Market Revenue and Forecast (2020-2032)
9.1.4. Electrical & Electronics
9.1.4.1. Market Revenue and Forecast (2020-2032)
9.1.5. Wind energy
9.1.5.1. Market Revenue and Forecast (2020-2032)
9.1.6. Civil Engineering
9.1.6.1. Market Revenue and Forecast (2020-2032)
9.1.7. Medical
9.1.7.1. Market Revenue and Forecast (2020-2032)
9.1.8. Marine
9.1.8.1. Market Revenue and Forecast (2020-2032)
9.1.9. Sporting goods
9.1.9.1. Market Revenue and Forecast (2020-2032)
9.1.10. Others
9.1.10.1. Market Revenue and Forecast (2020-2032)
Chapter 10. Global Advanced Composites Market, By Resin
10.1. Advanced Composites Market, by Resin, 2023-2032
10.1.1. Advanced Thermosetting Composites
10.1.1.1. Market Revenue and Forecast (2020-2032)
10.1.2. Advanced Thermoplastic Composites
10.1.2.1. Market Revenue and Forecast (2020-2032)
Chapter 11. Global Advanced Composites Market, By Manufacturing Process
11.1. Advanced Composites Market, by Manufacturing Process, 2023-2032
11.1.1. Hand layup/ Spray Layup
11.1.1.1. Market Revenue and Forecast (2020-2032)
11.1.2. Pultrusion
11.1.2.1. Market Revenue and Forecast (2020-2032)
11.1.3. AFP/ATL
11.1.3.1. Market Revenue and Forecast (2020-2032)
11.1.4. Injection Molding
11.1.4.1. Market Revenue and Forecast (2020-2032)
11.1.5. Compression Molding
11.1.5.1. Market Revenue and Forecast (2020-2032)
11.1.6. Filament Winding
11.1.6.1. Market Revenue and Forecast (2020-2032)
11.1.7. RTM/VARTM
11.1.7.1. Market Revenue and Forecast (2020-2032)
11.1.8. Others
11.1.8.1. Market Revenue and Forecast (2020-2032)
Chapter 12. Global Advanced Composites Market, Regional Estimates and Trend Forecast
12.1. North America
12.1.1. Market Revenue and Forecast, by Product (2020-2032)
12.1.2. Market Revenue and Forecast, by Application Type (2020-2032)
12.1.3. Market Revenue and Forecast, by Resin (2020-2032)
12.1.4. Market Revenue and Forecast, by Manufacturing Process (2020-2032)
12.1.5. U.S.
12.1.5.1. Market Revenue and Forecast, by Product (2020-2032)
12.1.5.2. Market Revenue and Forecast, by Application Type (2020-2032)
12.1.5.3. Market Revenue and Forecast, by Resin (2020-2032)
12.1.5.4. Market Revenue and Forecast, by Manufacturing Process (2020-2032)
12.1.6. Rest of North America
12.1.6.1. Market Revenue and Forecast, by Product (2020-2032)
12.1.6.2. Market Revenue and Forecast, by Application Type (2020-2032)
12.1.6.3. Market Revenue and Forecast, by Resin (2020-2032)
12.1.6.4. Market Revenue and Forecast, by Manufacturing Process (2020-2032)
12.2. Europe
12.2.1. Market Revenue and Forecast, by Product (2020-2032)
12.2.2. Market Revenue and Forecast, by Application Type (2020-2032)
12.2.3. Market Revenue and Forecast, by Resin (2020-2032)
12.2.4. Market Revenue and Forecast, by Manufacturing Process (2020-2032)
12.2.5. UK
12.2.5.1. Market Revenue and Forecast, by Product (2020-2032)
12.2.5.2. Market Revenue and Forecast, by Application Type (2020-2032)
12.2.5.3. Market Revenue and Forecast, by Resin (2020-2032)
12.2.5.4. Market Revenue and Forecast, by Manufacturing Process (2020-2032)
12.2.6. Germany
12.2.6.1. Market Revenue and Forecast, by Product (2020-2032)
12.2.6.2. Market Revenue and Forecast, by Application Type (2020-2032)
12.2.6.3. Market Revenue and Forecast, by Resin (2020-2032)
12.2.6.4. Market Revenue and Forecast, by Manufacturing Process (2020-2032)
12.2.7. France
12.2.7.1. Market Revenue and Forecast, by Product (2020-2032)
12.2.7.2. Market Revenue and Forecast, by Application Type (2020-2032)
12.2.7.3. Market Revenue and Forecast, by Resin (2020-2032)
12.2.7.4. Market Revenue and Forecast, by Manufacturing Process (2020-2032)
12.2.8. Rest of Europe
12.2.8.1. Market Revenue and Forecast, by Product (2020-2032)
12.2.8.2. Market Revenue and Forecast, by Application Type (2020-2032)
12.2.8.3. Market Revenue and Forecast, by Resin (2020-2032)
12.2.8.4. Market Revenue and Forecast, by Manufacturing Process (2020-2032)
12.3. APAC
12.3.1. Market Revenue and Forecast, by Product (2020-2032)
12.3.2. Market Revenue and Forecast, by Application Type (2020-2032)
12.3.3. Market Revenue and Forecast, by Resin (2020-2032)
12.3.4. Market Revenue and Forecast, by Manufacturing Process (2020-2032)
12.3.5. India
12.3.5.1. Market Revenue and Forecast, by Product (2020-2032)
12.3.5.2. Market Revenue and Forecast, by Application Type (2020-2032)
12.3.5.3. Market Revenue and Forecast, by Resin (2020-2032)
12.3.5.4. Market Revenue and Forecast, by Manufacturing Process (2020-2032)
12.3.6. China
12.3.6.1. Market Revenue and Forecast, by Product (2020-2032)
12.3.6.2. Market Revenue and Forecast, by Application Type (2020-2032)
12.3.6.3. Market Revenue and Forecast, by Resin (2020-2032)
12.3.6.4. Market Revenue and Forecast, by Manufacturing Process (2020-2032)
12.3.7. Japan
12.3.7.1. Market Revenue and Forecast, by Product (2020-2032)
12.3.7.2. Market Revenue and Forecast, by Application Type (2020-2032)
12.3.7.3. Market Revenue and Forecast, by Resin (2020-2032)
12.3.7.4. Market Revenue and Forecast, by Manufacturing Process (2020-2032)
12.3.8. Rest of APAC
12.3.8.1. Market Revenue and Forecast, by Product (2020-2032)
12.3.8.2. Market Revenue and Forecast, by Application Type (2020-2032)
12.3.8.3. Market Revenue and Forecast, by Resin (2020-2032)
12.3.8.4. Market Revenue and Forecast, by Manufacturing Process (2020-2032)
12.4. MEA
12.4.1. Market Revenue and Forecast, by Product (2020-2032)
12.4.2. Market Revenue and Forecast, by Application Type (2020-2032)
12.4.3. Market Revenue and Forecast, by Resin (2020-2032)
12.4.4. Market Revenue and Forecast, by Manufacturing Process (2020-2032)
12.4.5. GCC
12.4.5.1. Market Revenue and Forecast, by Product (2020-2032)
12.4.5.2. Market Revenue and Forecast, by Application Type (2020-2032)
12.4.5.3. Market Revenue and Forecast, by Resin (2020-2032)
12.4.5.4. Market Revenue and Forecast, by Manufacturing Process (2020-2032)
12.4.6. North Africa
12.4.6.1. Market Revenue and Forecast, by Product (2020-2032)
12.4.6.2. Market Revenue and Forecast, by Application Type (2020-2032)
12.4.6.3. Market Revenue and Forecast, by Resin (2020-2032)
12.4.6.4. Market Revenue and Forecast, by Manufacturing Process (2020-2032)
12.4.7. South Africa
12.4.7.1. Market Revenue and Forecast, by Product (2020-2032)
12.4.7.2. Market Revenue and Forecast, by Application Type (2020-2032)
12.4.7.3. Market Revenue and Forecast, by Resin (2020-2032)
12.4.7.4. Market Revenue and Forecast, by Manufacturing Process (2020-2032)
12.4.8. Rest of MEA
12.4.8.1. Market Revenue and Forecast, by Product (2020-2032)
12.4.8.2. Market Revenue and Forecast, by Application Type (2020-2032)
12.4.8.3. Market Revenue and Forecast, by Resin (2020-2032)
12.4.8.4. Market Revenue and Forecast, by Manufacturing Process (2020-2032)
12.5. Latin America
12.5.1. Market Revenue and Forecast, by Product (2020-2032)
12.5.2. Market Revenue and Forecast, by Application Type (2020-2032)
12.5.3. Market Revenue and Forecast, by Resin (2020-2032)
12.5.4. Market Revenue and Forecast, by Manufacturing Process (2020-2032)
12.5.5. Brazil
12.5.5.1. Market Revenue and Forecast, by Product (2020-2032)
12.5.5.2. Market Revenue and Forecast, by Application Type (2020-2032)
12.5.5.3. Market Revenue and Forecast, by Resin (2020-2032)
12.5.5.4. Market Revenue and Forecast, by Manufacturing Process (2020-2032)
12.5.6. Rest of LATAM
12.5.6.1. Market Revenue and Forecast, by Product (2020-2032)
12.5.6.2. Market Revenue and Forecast, by Application Type (2020-2032)
12.5.6.3. Market Revenue and Forecast, by Resin (2020-2032)
12.5.6.4. Market Revenue and Forecast, by Manufacturing Process (2020-2032)
Chapter 13. Company Profiles
13.1. Toray Industries, Inc.
13.1.1. Company Overview
13.1.2. Product Offerings
13.1.3. Financial Performance
13.1.4. Recent Initiatives
13.2. Koninklijke Ten Cate NV
13.2.1. Company Overview
13.2.2. Product Offerings
13.2.3. Financial Performance
13.2.4. Recent Initiatives
13.3. Teijin Limited
13.3.1. Company Overview
13.3.2. Product Offerings
13.3.3. Financial Performance
13.3.4. Recent Initiatives
13.4. Hexcel Corporation
13.4.1. Company Overview
13.4.2. Product Offerings
13.4.3. Financial Performance
13.4.4. Recent Initiatives
13.5. SGL Group
13.5.1. Company Overview
13.5.2. Product Offerings
13.5.3. Financial Performance
13.5.4. Recent Initiatives
13.6. Cytec Solvay Group
13.6.1. Company Overview
13.6.2. Product Offerings
13.6.3. Financial Performance
13.6.4. Recent Initiatives
13.7. Owens Corning
13.7.1. Company Overview
13.7.2. Product Offerings
13.7.3. Financial Performance
13.7.4. Recent Initiatives
13.8. E. I. Dupont De Nemours and Company
13.8.1. Company Overview
13.8.2. Product Offerings
13.8.3. Financial Performance
13.8.4. Recent Initiatives
13.9. Huntsman Corporation
13.9.1. Company Overview
13.9.2. Product Offerings
13.9.3. Financial Performance
13.9.4. Recent Initiatives
13.10. Momentive Performance Materials Inc.
13.10.1. Company Overview
13.10.2. Product Offerings
13.10.3. Financial Performance
13.10.4. Recent Initiatives
Chapter 14. Research Methodology
14.1. Primary Research
14.2. Secondary Research
14.3. Assumptions
Chapter 15. Appendix
15.1. About Us
15.2. Glossary of Terms
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