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Advanced Composites Market Report by Resin Type (Advanced Thermosetting Composites, Advanced Thermoplastic Composites), Type of Fiber (Glass, Carbon, Aramid), Manufacturing Process (Hand Layup/Spray Layup, AFP and ATL, Filament Winding, Injection Molding, Pultrusion, Compression Molding, RTM/VARTM, and Others), Application (Aerospace and Aviation, Automotive, Energy, Electronics, Marine, and Others), and Region 2024-2032
Report Format: PDF+Excel | Report ID: SR112024A1228
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Market Overview:
The global advanced composites market size reached US$ 37.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 77 Billion by 2032, exhibiting a growth rate (CAGR) of 8% during 2024-2032.
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Report Attribute
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Key Statistics
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|---|---|
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Base Year
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2023 |
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Forecast Years
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2024-2032
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Historical Years
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2018-2023
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| Market Size in 2023 | US$ 37.9 Billion |
| Market Forecast in 2032 | US$ 77 Billion |
| Market Growth Rate (2024-2032) | 8% |
Advanced composites are high-performance materials that possess superior mechanical resistance along with strength and stiffness. These composites are light in weight and have excellent dimensional stability, and thermal and electrical conductivity. Advanced composites are widely employed across verticals like aerospace, automobile, construction, sports and military. As these composites are used for manufacturing blades for wind turbines, an increase in the number of wind power stations around the world has also propelled the sales of advanced composites.
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Global Advanced Composites Market Drivers:
In the aerospace industry, reducing the weight of an aircraft is essential for enhancing its performance and fuel efficiency. As advanced composites are highly durable, have low density and are resistant to chemical corrosion, they are rapidly substituting traditionally used metals for manufacturing aeronautical and aircraft components such as rudders, wings, elaborators, floor beams, landing gear and engine nacelles. These composites are also replacing alloys and metals in the automotive sector. This, coupled with the rising demand for high-performance luxury vehicles, is boosting the growth of the market across the globe. Further, advanced polymer composites, such as HexPly and HexMC, are now being utilized in the production of sports equipment like snowboards, golf shafts, tennis racquets and surfboard fins. Inflating disposable incomes and a rising number of sports enthusiasts are creating strong demand for good quality sports equipment, thereby providing a thrust to the market growth.
Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.
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Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global advanced composites market report, along with forecasts at the global and regional level from 2024-2032. Our report has categorized the market based on resin type, type of fiber, manufacturing process and application.
Breakup by Resin Type:
- Advanced Thermosetting Composites
- Advanced Thermoplastic Composites
Breakup by Type of Fiber:
- Glass
- Carbon
- Aramid
Glass currently represents the biggest segment.
Breakup by Manufacturing Process:
Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.
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- Hand Layup/Spray Layup
- AFP and ATL
- Filament Winding
- Injection Molding
- Pultrusion
- Compression Molding
- RTM/VARTM
- Others
Breakup by Application:
- Aerospace and Aviation
- Automotive
- Energy
- Electronics
- Marine
- Others
The aerospace and aviation sector currently represents the largest application area.
Regional Insights:
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- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
North America currently represents the largest market.
Competitive Landscape:
The report has also analysed the competitive landscape of the market with some of the key players being Arkema S.A., BASF SE, Hexcel Corporation, Cytec Industries Inc., Koninklijke Ten Cate N.V., TPI Composites Inc., Toray Industries Inc., Mitsubishi Rayon Co. Ltd, Teijin Limited., Hexion, SGL Carbon SE, 3B-Fibreglass sprl, Owens Corning Corporation, Huntsman International, LLC, Solvay S.A., Kemrock Industries and Exports Limited, E. I. Du Pont Nemours & Co. and Cristex Ltd.
Report Coverage:
| Report Features | Details |
|---|---|
| Base Year of the Analysis | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Units | US$ Billion |
| Segment Coverage | Resin Type, Type of Fiber, Manufacturing Process, Application, Region |
| Region Covered | Asia Pacific, Europe, North America, Latin America, Middle East and Africa |
| Companies Covered | Arkema S.A., BASF SE, Hexcel Corporation, Cytec Industries Inc., Koninklijke Ten Cate N.V., TPI Composites Inc., Toray Industries Inc., Mitsubishi Rayon Co. Ltd, Teijin Limited., Hexion, SGL Carbon SE, 3B-Fibreglass sprl, Owens Corning Corporation, Huntsman International, LLC, Solvay S.A., Kemrock Industries and Exports Limited, E. I. Du Pont Nemours & Co. and Cristex Ltd. |
| Customization Scope | 10% Free Customization |
| Report Price and Purchase Option | Single User License: US$ 3899 Five User License: US$ 4899 Corporate License: US$ 5899 |
| Post-Sale Analyst Support | 10-12 Weeks |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
We expect the global advanced composites market to exhibit a CAGR of 8% during 2024-2032.
The growing utilization of advanced composites in manufacturing light-weight aircraft, for enhancing its performance and fuel efficiency, is primarily driving the global advanced composites market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in temporary shutdown of various end-use industries for advanced composites.
Based on the resin type, the global advanced composites market has been divided into advanced thermosetting composites and advanced thermoplastic composites. Currently, advanced thermosetting composites exhibit a clear dominance in the market.
Based on the type of fiber, the global advanced composites market can be categorized into glass, carbon, and aramid. Among these, glass holds the majority of the total market share.
Based on the manufacturing process, the global advanced composites market has been segmented into hand layup/spray layup, AFP and ATL, filament winding, injection molding, pultrusion, compression molding, RTM/VARTM, and others. Currently, hand layup/spray layup process represents the largest market share.
Based on the application, the global advanced composites market can be bifurcated into aerospace and aviation, automotive, energy, electronics, marine, and others. Among these, the aerospace and aviation sector accounts for the majority of the total market share.
On a regional level, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where North America currently dominates the global market.
Some of the major players in the global advanced composites market include Arkema S.A., BASF SE, Hexcel Corporation, Cytec Industries Inc., Koninklijke Ten Cate N.V., TPI Composites Inc., Toray Industries Inc., Mitsubishi Rayon Co. Ltd, Teijin Limited., Hexion, SGL Carbon SE, 3B-Fibreglass sprl, Owens Corning Corporation, Huntsman International, LLC, Solvay S.A., Kemrock Industries and Exports Limited, E. I. Du Pont Nemours, & Co., Cristex Ltd, etc.
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