Advanced Composites Market to Grow with a CAGR of 4.33% through 2028
Growing demand for ceramic matrix composites is expected
to drive the Global Advanced Composites Market growth in the forecast period,
2024-2028.
According to TechSci Research report, “Advanced
Composites Market – Global Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028”, the Global Advanced Composites Market stood
at USD 32.41 billion in 2022 and is anticipated to grow with a CAGR of 4.33% in
the forecast period, 2023-2028. The initiatives taken by government based on advanced
composites has led to favorable market conditions for the Global Advanced
Composites Market. Several factors contribute to the growth of various advanced
composites products.
The NASA Advanced Composites Consortium (ACC) is a
dynamic public-private partnership aimed at fostering innovation and excellence
in aircraft manufacturing within the United States. By bringing together a
diverse group of industry experts, the ACC is dedicated to maintaining and
advancing the country's competitive edge in this critical sector.
The federal multi-agency Materials Genome Initiative
(MGI) is a forward-thinking initiative that is driving the development of new
materials for a wide range of applications. Recognizing the immense value of
advanced composites, the MGI is committed to supporting their development and
utilization across industries, meeting not only present demands but also future
national needs.
In this era of technological advancements,
collaborations like the ACC and MGI are pivotal in propelling the boundaries of
material science and engineering, ensuring that the United States remains at
the forefront of innovation in aerospace and beyond.
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One of the major applications of ceramic matrix
composites is in the aerospace industry. These composites are widely used in
aircraft parts due to their exceptional strength-to-weight ratio and
lightweight nature. Furthermore, the increased demand for fuel-efficient
aircraft and vehicles has further propelled the use of ceramic matrix
composites. This market is expected to be driven by the production of sports
cars and the continuous development of fuel-efficient aircraft.
To meet the growing demand for lightweight ceramic
matrix composites-based products, ongoing research and development are focused
on developing new technologies. These technologies aim to enhance the features
of ceramic matrix composites and improve their structural efficiency while
reducing their weight. This high level of innovation is anticipated to
significantly reduce production cycle time and lower composite production
costs.
As a result, the market for ceramic matrix composites
is poised to grow with the widespread adoption of such technology. The
full-fledged application of lightweight ceramic matrix composites-based
products will meet the increasing demand for advanced and efficient materials
in various industries.
The Global Advanced Composites Market is segmented
into fiber type, manufacturing process, end user, regional distribution, and company
Based on its fiber type, the aramid fiber composite segment
held the largest share in the market. The product's diverse qualities, which
include high strength, high heat resistance, low density, and exceptional
impact resistance, are projected to be a crucial component in fostering growth.
Advanced aramid fibers, known for their outstanding high-strength and stiffness
properties, are increasingly being utilized in the automobile industry
worldwide. These fibers exhibit remarkable resistance to heat and impact,
making them ideal for applications such as the production of tires, body armor,
and defense vehicle components. As a result, the market for advanced composites
is expected to experience significant growth throughout the forecast period,
driven by the rising demand for these innovative materials in various
industries.
Based on region, North America segment is expected to
grow during the forecast period. The increasing demand in the automotive, aerospace,
and military industries can be attributed to several factors. In North America,
the automotive industry stands out as one of the largest worldwide, with the
United States positioned as a top vehicle manufacturer. The growth of the
sector can be attributed to various factors, including the country's
significant market size and the substantial disposable income of its customers.
Additionally, the capacity to mass produce and offer a diverse range of products
has contributed to the industry's success. These factors have fueled the
expansion of the automotive industry in North America, making it a significant
player in the global market.
Major companies operating in Global Advanced
Composites Market are:
- Toray Industries, Inc.
- Koninklijke Ten Cate NV
- Teijin Limited
- Hexcel Corporation
- SGL Carbon Corp
- Cytec Industries Inc
- Owens Corning
- E. I. Dupont De Nemours and Company
- Huntsman Corporation
- Momentive Performance Materials Inc.
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“Growing application of advanced composites in various
end user industries are key drivers of the advanced composites market. Growth
in competitive landscape and presence of well-established companies in the
market who are dedicated to enhance their productivity of advanced composites with
every passing year are anticipated to register an impressive growth to Global
Advanced Composites Market in the forecast period.,” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based management consulting
firm.
“Advanced Composites Market By Fiber Type (S-Glass
Composite, Aramid Fiber Composite, Carbon Fiber Composite, Others), By
Manufacturing Process (Hand Lay Process, Injection Molding, Compression
Molding, Pultrusion, Others), By End User (Transportation, Aerospace,
Electricals & Electronics, Others), By Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated
the future growth potential of Global Advanced Composites Market and provides
statistics & information on market size, structure, and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Advanced Composites Market.
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