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We expect the global advanced composites market to exhibit a CAGR of 10.4% during 2022-2027.
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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