Advanced Composites Market Share

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.