Advanced Composites Market is anticipated to thrive at a steady CAGR of 9.1% between 2023 and 2033. The market is expected to have a market share of US$ 107.30 billion by 2033 while it is likely to be valued at US$ 44.91 billion in 2023.
Advanced composites, also known as advanced composite materials, are engineered materials made from a combination of two or more constituent materials with significantly different physical or chemical properties. These materials are typically composed of a reinforcement material (often fibers like carbon, glass, or aramid) and a matrix material (usually a polymer resin).
Growing demand for advanced composites in the sports goods, aerospace, and military industries is projected to ramp up the market for advanced composites. The demand for carbon fiber and s-glass fiber composites in the aerospace and defense sector and increased demand for carbon fiber composites in new end-use industries like civil engineering, medicine, and pipes and tanks are key growth drivers for the global advanced composites market.
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Advanced Composites Market Overview:
- Key Characteristics:
- High Strength-to-Weight Ratio: Advanced composites are known for their exceptional strength-to-weight ratio, making them lighter and stronger than many traditional materials.
- Corrosion Resistance: They often exhibit excellent resistance to corrosion, making them suitable for various harsh environments.
- Design Flexibility: Composites can be tailored to meet specific design requirements, offering flexibility in shaping and forming.
- Market Drivers:
- Aerospace and Defense: The aerospace industry is a major driver of the advanced composites market, where lightweight and high-strength materials are essential for aircraft and spacecraft.
- Automotive: The automotive sector uses advanced composites to reduce vehicle weight and improve fuel efficiency, safety, and performance.
- Wind Energy: The wind energy industry relies on composites for manufacturing lightweight and durable wind turbine blades.
- Construction and Infrastructure: Composites are increasingly used in construction for applications such as bridges, pipelines, and reinforcement of concrete structures.
- Key Types of Advanced Composites:
- Carbon Fiber Reinforced Composites: These composites use carbon fibers as the reinforcement material, offering exceptional strength and stiffness.
- Glass Fiber Reinforced Composites: Glass fibers are commonly used as the reinforcement material, providing good strength and cost-effectiveness.
- Aramid Fiber Reinforced Composites: Aramid fibers offer high strength and are known for their resistance to heat and chemicals.
- Market Trends:
- Automotive Lightweighting: The automotive industry’s pursuit of lightweight materials to improve fuel efficiency and reduce emissions drives the demand for advanced composites.
- Sustainability: Increasing interest in sustainable composites made from renewable and recycled materials.
- 3D Printing: Advancements in 3D printing technology have opened up new possibilities for designing and manufacturing complex composite structures.
- Key Players:
- Leading companies in the advanced composites market include Hexcel Corporation, Toray Industries, Teijin Limited, and Solvay S.A., among others.
- Challenges:
- Cost: Advanced composites can be expensive to produce and may require specialized manufacturing techniques.
- Recycling: Recycling composites can be challenging, and developing sustainable disposal methods is an ongoing concern.
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Key Takeaways
- The United States market leads North America’s advanced composites market in terms of market share in North America. North America held a market share of 36.8% in 2022. The factors attributed to the growth are the advancement of the aerospace industry along with increased material research.
- Germany’s advanced composites market held a healthy market share in 2022. The market growth is due to being the hub of aerospace manufacturing with the presence of key aircraft production companies like Airbus, Collins Aerospace, and Germany Aerospace Center (DLR).
- India’s market thrives at a healthy CAGR between 2023 and 2033. Businesses in India are adopting new materials along with Aerospace engineering flourishing in the region.
- Based on product type, the carbon fiber composites segment leads the market as it held a market share of 64% in 2022.
- Based on application type, the aerospace industry leads the segment as it accumulated a revenue share of 40.4% in the global market in 2022.
Competitive Outlook of the Advanced Composites Market:
The advanced composites market is competitive due to the presence of numerous reputable manufacturers and suppliers. Leading advanced composites market participants concentrate on providing clients with customized solutions, which results in a high switching cost for consumer businesses.
Recent Developments:
- Toray Advanced Composites reports that it has finished a long-term supply arrangement with Joby Aviation for the composite material used in its aircraft in December 2020. Toray’s carbon fiber composite materials might be used by a California-based aircraft manufacturer to develop quick, inexpensive, and emissions-free aerial ridesharing for global communities.
- Impossible Objects and Owens Corning signed a joint development agreement in May 2021 to work on developing new materials for Impossible Objects’ composite-based additive manufacturing (CBAM) technology.
- Momentive Performance Materials Inc., has introduced new composites for multi-industrial usage under its performance materials segment. The focus is to produce solutions for sustainability with enhanced research and development efforts.
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