Advanced Composites Market size is estimated at USD 44.7 billion in 2024 and is anticipated to cross USD 149.8 billion by the end of 2037, witnessing more than 10.6% CAGR during the forecast period i.e., between 2025-2037. In 2025, the industry size of advanced composites is evaluated at USD 49.4 billion.
Advanced composites are a rapidly growing industry, revolutionizing the approach to designing products, manufacturing, and utilization across various fields. Advanced composite materials combine more than two distinct substances to produce a product with special properties, such as increased strength, rigidity, and resistance to corrosion and heat. These materials are increasingly used in a wide range of applications, including aerospace, automotive, construction, sports equipment, wind energy, electronics, medical devices, industrial processes, marine, and consumer goods. As technology is advancing the demand for high-performance and quality materials growing. This can result in significant advanced composites market growth in the forthcoming years.
The market is experiencing steady growth and expansion owing to the growing need for lightweight materials, particularly in the aerospace and automotive industries. In the aerospace industry, advanced composites such as glass fiber-reinforced polymers (GFRP) and carbon fiber-reinforced polymers (CFRP) are used in the body structure of aircraft to mitigate fuel consumption and increase payload capacity. In the automotive sector, these advanced composite materials are utilized to manufacture body panels, engine components, and battery enclosures to enhance vehicle performance and fuel efficiency and decrease vehicle emissions.
Growth Drivers:
Challenges:
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Base Year |
2024 |
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Forecast Year |
2025-2037 |
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CAGR |
10.6% |
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Base Year Market Size (2024) |
USD 44.7 billion |
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Forecast Year Market Size (2037) |
USD 149.8 billion |
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Regional Scope |
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Product (Aramid Fiber Composites Carbon Fiber Composites, S-Glass Fiber Composites)
Carbon fiber composite segment is projected to dominate advanced composites market share of around 66.2% by the end of 2037, driven by the increasing demand for lightweight materials in numerous applications. Automotive, aerospace, and defense industries are significant contributors to the carbon fiber composite sales. Carbon composites are widely used to improve fuel efficiency, reduce vehicle weight, and provide high performance in varied applications inclusive of sports equipment, wind energy, marine industries, and construction. Prominent industry players such as Mitsubishi Chemical Corporations, Hexcel Corporation, and Toray Industries are introducing technologically advanced products, providing cost-saving benefits, and innovations.
Application (Aerospace & Defense, Automotive, Transportation, Electrical & Electronics, Wind energy, Civil Engineering, Medical, Marine, Sporting goods)
The aerospace and defense segment in advanced composites market accounts for a substantial share in the advanced composites segment owing to the distinct carbon fiber composite properties such as corrosion resistance, strength-to-weight ratio, durability, and stiffness. Space systems, inclusive of satellite components, spacecraft components, and vehicle structures rely on advanced composites due to their exceptional qualities acclimated to harsh climates.
Aircraft interior parts such as seats, cabin components, and other structural parts gain a competitive advantage due to the durability, strength, and appealing qualities of advanced composites. It provides vehicles with higher durability, less environmental impact, corrosion resistance, and enabled fuel efficiency and extended range. Owing to the wide use of advanced composite materials in aerospace and automobile industries, mainly during the manufacturing process makes it more reliable and seeks to drive demand and growth.
Resin (Advanced Thermosetting Composites, Advanced Thermoplastic Composites)
Advanced thermosetting composite segment in the advanced composites market is poised to register around 8.4% growth till 2037. Advanced thermosetting resin is a type of polymer matrix used in composite materials, with properties such as heat resistance, higher thermal stability, enhanced chemical and mechanical properties, better adhesion to fillers, and high durability. Some commonly used advanced thermosetting are cyanate esters, polyimides, high-performance epoxies, and silicones. These materials are utilized in aerospace, sports equipment, automotive, and medical devices owing to their safety and durability, reduced maintenance costs, and flexibility.
Our in-depth analysis of the global market includes the following segments:
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Product |
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Application |
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Resin |
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North America Market Analysis
North America advanced composites market is projected to account for revenue share of around 39.4% by 2024 owing to the presence of the fastest-growing automotive industry globally, with the U.S. ranking among the top producers of automobiles. The capacity for mass manufacturing, a wide range of product variations, a sizable customer base, and a high market size have all contributed to the nation's industrial expansion, which is expected to drive up demand for advanced composites in regional automotive applications. Key trends in North America are increasing demands for lightweight materials in aerospace, and automotive industries, rising usage of high-performance materials in sports equipment, and expanding use of advanced composites in the medical field.
The U.S. holds the largest advanced composites market share in this region owing to the presence of well-established market players such as Owen Corning, Cytec Industries, Hexcel Corporation, and Toray Industries directed towards automotive, aerospace, wind energy, and defense applications. Canada is the fastest-growing sector owing to rising aerospace, automotive, military activities, and government initiatives to support the adoption of advanced composites. Other factors such as growing need to enhance fuel efficiency and rising investments in developing advanced composites are expected to fuel market growth in Canada going ahead.
Asia Pacific Market Analysis
Asia Pacific advanced composites market is the fastest growing revenue driven by several factors such as high demand from the aerospace and automotive, medical field, and sports equipment sectors, government initiatives and funding, and competitive labor costs. Investment in research and developments assists the market players in the identification of prevalent trends and dynamism, making them capable of modifying and adopting alternative processes to escalate the market operations and provide the consumers with desired outcomes such as lightweight, cost-efficient, fuel-efficient, and high durability materials.
In forthcoming years, the advanced composites market is likely to witness significant growth due to sustainable and recyclable advanced composite materials used in medical devices and 3D printing. Tata Advanced Materials Limited (TAML), in India, is a leading player in the advanced composites field with a strong focus on enhancing quality, improving customer satisfaction, and innovative solutions. It has a state-of-the-art manufacturing facility to improve the process and make it effortless.
The advanced composites market is rapidly evolving owing to continuous innovation and advancements in technological fields. Companies are revolutionizing the approach toward product designing, manufacturing processes, and optimum utilization of advanced composite materials with their innovative ideas and breakthroughs. The industry leaders are striving to achieve unprecedented levels of performance and efficiency of the advanced composite material by focusing on features such as lightweight, diverse applications, and innovative usages to foster growth and sustainability in the market. The constant breakthroughs by companies in this field are making them stay ahead in this rapidly evolving market. Examples of such prominent stakeholders in the advanced composites market are:
Author Credits: Rajrani Baghel
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