Austin, Feb. 11, 2025 (GLOBE NEWSWIRE) -- The SNS Insider report indicates that, “The Advanced Composites Market size was valued at USD 38.5 billion in 2023 and is expected to reach USD 91.1 Billion by 2032, growing at a CAGR of 10.07% over the forecast period of 2024-2032.”
Significant Growth of Advanced Composites Driven by Demand in Aerospace, Automotive, Construction, and Sustainable Innovations Across Various Industries
The advanced composites market is growing due to increasing demand in aerospace, automotive, and construction. Composites like CFRPs, GFRPs, and aramid fibers offer superior strength, corrosion resistance, and durability. In aerospace, composites enhance fuel efficiency, while in automotive, they support lightweight design for improved performance and emission compliance. Innovations in 3D printing and fiber placement are reducing costs, and making composites more accessible. Sustainability efforts, including bio-based composites, are gaining traction. The wind energy sector also benefits from lightweight composites for efficient energy conversion. However, high production costs and specialized manufacturing processes remain barriers to broader adoption.
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Key Companies:
- Hexcel Corporation - Hexcel Composites
- Toray Industries, Inc. - Toray Advanced Composites
- Solvay S.A. - Solvay Composite Materials
- Teijin Limited - Teijin Composites
- SGL Carbon SE - SGL Composites
- Mitsubishi Chemical Corporation - Mitsubishi Chemical Advanced Materials
- 3M Company - 3M Advanced Materials
- BASF SE - BASF Advanced Materials
- Huntsman Corporation - Huntsman Advanced Materials
- DSM Company - DSM Composite Resins
- Covestro AG - Covestro Composite Solutions
- Axiom Materials, Inc. - Axiom Advanced Composites
- Royal Ten Cate N.V. - TenCate Advanced Composites
- Zoltek Companies, Inc. - Zoltek Carbon Fiber
- General Electric Company - GE Aviation Composites
- Northrop Grumman Corporation - Northrop Grumman Aerospace Composites
- Gurit Holding AG - Gurit Composites
- Lanxess AG - Lanxess High Performance Materials
- Boeing Company - Boeing Commercial Airplanes (Composites Division)
- Airbus S.A.S. - Airbus Composites Division
Advanced Composites Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 38.5 Billion |
| Market Size by 2032 | USD 91.1 Billion |
| CAGR | CAGR of 10.07% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Product (Aramid Fiber, Carbon Fiber, Glass Fiber) • By Resin (Advanced Thermosetting Composites, Advanced Thermoplastic Composites) • By Application (Aerospace & Defense, Automotive, Wind Energy, Sporting Goods and Others) |
| Key Drivers | • These materials offer improved durability and resistance to corrosion, making them ideal for demanding environments. • Innovations in manufacturing processes, such as 3D printing and automated fiber placement, reduce costs and improve accessibility. |
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By Product: Carbon Fiber Leads Advanced Composites Market Growth Driven by Demand in Aerospace, Automotive, and Sporting Goods Sectors
The carbon fiber segment held 67.25% of the market in 2023, driven by its lightweight and high-impact resistance, fueling demand in automotive, sporting goods, and pipes & tanks. Advanced glass composites are expected to grow, offering stability, moisture resistance, and chemical inertness for various applications. Their cost-effective manufacturing process also enhances market potential. Both composites are crucial in the aerospace and automotive industries, further promoting growth in lightweight materials.
By Application: The Automotive Sector Dominates the Advanced Composites Market Growth Driven by Lightweight and Durable Material Demand
In 2023, the automotive segment accounted for a 15.75% revenue share, with expectations for the highest CAGR due to rising demand for durable and lightweight materials. This growth is fueled by technological advancements and emission reduction needs in the global automotive market, especially in emerging economies like India and Brazil. Additionally, increasing air travel and consumer spending will boost the aerospace sector, while escalating investments in defense will further enhance demand for advanced composites in aramid applications.
Regional Analysis of Advanced Composites Market
North America Dominates Advanced Composites Market Driven by Automotive Sector
In 2023, North America held a 39.74% share of the advanced composites market, primarily due to its robust automotive industry, with the U.S. being a leading manufacturer. High consumer disposable income, mass production capabilities, and product diversity are fueling growth, especially in automotive applications. The U.S. market is projected to grow at an 8.0% CAGR, driven by increased use in automotive, aerospace, and wind turbine industries.
Europe’s Advanced Composites Market Expected to Grow with Wind Energy and Aerospace Demand
Europe is anticipated for significant growth in the advanced composites market, propelled by the expanding wind energy sector in Germany and Spain. The aerospace and defense industries are also rapidly growing, driving increased demand for advanced composites in manufacturing.
Recent Developments
- July 2024: Hexcel revealed a partnership with the University of Bristol to explore cutting-edge carbon fiber applications for the aerospace and automotive sectors.
- August 2024: Toray introduced a high-performance carbon fiber designed to improve the efficiency of wind turbine blades.
- September 2024: BASF unveiled a new line of thermoplastic composites targeted at the automotive industry, focusing on sustainability.
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The advanced composites industry is experiencing varied performance across different sectors. In July 2023, the marine sector faced a year-over-year decline of approximately 30%, reflecting strong inventory backlogs from previous periods. The recreational vehicle (RV) market remained soft, working through high inventories following strong demand during the COVID-19 pandemic and into 2022. Construction experienced a dip of about 15%, while transportation, including heavy trucks, buses, passenger cars, and RVs, fell about 5%. The distribution sector also contracted. However, infrastructure applications, including pipes, storage tanks, renewable energy, utilities, and polymer concrete enclosures for telecommunications, remained solid. Raw material prices trended slightly downward, and the consumer price index rose by 0.2% in July 2023, the same as in June. Privately-owned housing starts rose 3.9% in July 2023 from June and 5.9% compared to July 2022.
Table of Contents – Major Key Points
1. Introduction
- Market Definition
- Scope (Inclusion and Exclusions)
- Research Assumptions
2. Executive Summary
- Market Overview
- Regional Synopsis
- Competitive Summary
3. Research Methodology
- Top-Down Approach
- Bottom-up Approach
- Data Validation
- Primary Interviews
4. Market Dynamics Impact Analysis
- Market Driving Factors Analysis
- PESTLE Analysis
- Porter’s Five Forces Model
5. Statistical Insights and Trends Reporting
- Adoption Rates of Emerging Technologies
- Network Infrastructure Expansion, by Region
- Cybersecurity Incidents, by Region (2020-2023)
- Cloud Services Usage, by Region
6. Competitive Landscape
- List of Major Companies, By Region
- Market Share Analysis, By Region
- Product Benchmarking
- Strategic Initiatives
- Technological Advancements
- Market Positioning and Branding
7. Advanced Composites Market Segmentation, By Product
8. Advanced Composites Market Segmentation, by Resin
9. Advanced Composites Market Segmentation, by Application
10. Regional Analysis
11. Company Profiles
12. Use Cases and Best Practices
13. Conclusion
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