In July 2019, 3A Composites Holding AG have decided to Sign an Investment Agreement for PET Project, which will Increase the Production of the High-Performance PET Structural Foam Materials

Advanced composites are engineered materials consisting of high-performance reinforcing fibers embedded in a toughened polymeric matrix to form a ply or lamina. The structures that are made from advanced composites can be molded in any shape according to the application without affecting the strength ability of the part. The manufacturing of the large size structure from advanced composites material is easy and cost-effective than other material.      

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Global Advanced Composites Market is expected to reach USD 40,511.63 million by 2030 from USD 22,714.96 million in 2022, growing with a substantial CAGR of 7.50% in the forecast period of 2023 to 2030. Several advantage associated with advanced composites is an escalation in demand for lightweight and exceedingly durable materials in aerospace. High electrical resistance and flame retardation capabilities enable composites materials to be widely preferred in electrical and electronics sectors. To fulfill the growing demand for advanced composites products in aerospace and automotive industries, some companies are expanding their production capacities in different regions in order to grow their market for these products.            

Advanced Composites Market

The increasing awareness among consumers about health benefits of algae products across the world will drive the market's growth rate

Carbon fibers are largely replacing steel in both aerospace and automotive industries. This is done for many reasons, such as the better durability and strength the carbon fiber offers is several times greater than that of steel at a comparatively very lower weight factor. This weight reduction helps the vehicle reduce fuel consumption and increases its passenger-carrying capacity and the safety parameters in the case of an accident. In conclusion, advanced composite materials provide Structural Integrity and Crashworthiness when applied in the automotive and aerospace industries along with added benefits of corrosion, environmental, and chemical resistance at reduced weight condition.

Report Scope and Market Segmentation

Report Metric

Details

Forecast Period

2023 to 2030

Base Year

2022

Historic Years

2021 (Customizable to 2015 - 2020)

Quantitative Units

Revenue in USD Million, Volumes in Units, Pricing in USD

Segments Covered

Type (Carbon Fiber Composites, S-Glass Composites, Aramid Fiber Composites, Others), Resin (Advanced Thermosetting, Advanced Thermoplastic), Manufacturing Process (Automated Tape Laying (ATL) and Automated Fiber Placement (AFP), Hand Layup/Spray Layup, Filament Winding, Pultrusion, Resin Transfer Molding (RTM), Compression Molding, Injection Molding, Others), End-User (Aerospace and Defense, Automotive, Energy and Power, Sports Equipment, Civil Engineering, Electrical and Electronics, Healthcare, Others)

Countries Covered

U.S., Canada, Mexico in North America, Germany, Sweden, Poland, Denmark, Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, New Zealand, Vietnam, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in Asia-Pacific (APAC), Brazil, Argentina, Rest of South America as a part of South America, UAE, Saudi Arabia, Oman, Qatar, Kuwait, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA)

Market Players Covered

TORAY INDUSTRIES, INC (Japan), TEIJIN LIMITED (Japan), Mitsubishi Chemical Holdings Corporation (Japan), Koninklijke Ten Cate bv. (Netherlands), Huntsman International LLC (U.S.), Solvay (Belgium), Hexcel Corporation (U.S.), Hexion (U.S.), BASF SE (Germany), DuPont (U.S.), Honeywell International Inc. (U.S.), Henkel AG & Co. KGaA (Germany), SGL Carbon (Germany), HYOSUNG CHEMICAL (South Korea), Owens Corning (U.S.), Formosa Plastics Corporation (Taiwan), Strata Manufacturing PJSC (UAE), Renegade Materials Corporation (U.S.), Advanced Composites Inc. (U.S.), Core Composites (U.S.), Molded Fiber Glass Companies (U.S.), MasterMold, LLC (U.S.), Continental Structural Plastics Inc. (U.S.), First COMPOSITES GmbH (Germany), ATLAS COMPOSITE TECHNOLOGIES (U.K.), Performance Composites Inc. (U.S.), RECAERO S.A.S. (France), Bercella s.r.l. (Italy), SMI Composites, LLC (U.S.), Composite & Metal Products USA, Inc. (U.S.), STS Group AG (Germany), Plastic Omnium (France), LyondellBasell Industries Holdings B.V. (U.S.), Hanwha Solutions (South Korea), R3 Composites Inc. (U.S.), Georg Fritzmeier GmbH & Co. KG (Germany), TERMA (Denmark) among others             

Data Points Covered in the Report

In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework

Segment Analysis:

Global advanced composites market is segmented into four notable segments which are based on the type, resin, manufacturing process and end-user.

  • On the basis of type, the global advanced composites market is segmented into carbon fiber composites, S-glass composites, aramid fiber composites and others. In 2022, into carbon fiber composites segment is expected to dominate global advanced composites market and is expected to reach USD 15,920.02 million by 2030 as carbon fibers are used in the manufacturing of the bio-based structures for different end-users.
  • On the basis of resin, the global advanced composites market is segmented into advanced thermoplastic and advanced thermosetting. In 2022, advanced thermosetting segment is expected to dominate global advanced composites market and is expected to reach USD 26,193.40 million by 2030 as thermoplastic composites are found in the form of a tough, durable structural material for aerospace design.
  • On the basis of manufacturing process, global advanced composites market is segmented into automated tape laying (ATL) and automated fiber placement (AFP), hand layup/spray layup, compression molding, resin transfer molding (RTM), injection molding, filament winding, pultrusion and others. In 2022, automated tape laying (ATL) and automated fiber placement (AFP) segment is expected to dominate global advanced composites market and is expected to reach USD 10,707.73 million by 2030 as with this process, manufacturing of the composites material can be done in short time with high accuracy which makes automated tape laying (ATL) and automated fiber placement (AFP) dominate globally.

The automated tape laying (ATL) and automated fiber placement (AFP) segment will dominate the manufacturing process segment of the advanced composites market

The automated tape laying (ATL) and automated fiber placement (AFP) segment will emerge as the dominating segment under manufacturing process. This is because of the growing number of infrastructural development activities in the market especially in the developing economies. Further, growth and expansion of the chemicals and materials industry all around the globe will further bolster the growth of this segment.

  • On the basis of end-user, global advanced composites market is segmented into aerospace and defense, energy and power, automotive, sports equipment, civil engineering, electrical and electronics, healthcare and others. In 2021, aerospace and defense segment is expected to dominate global advanced composites market and is expected to reach USD 13,004.91 million by 2030 as with increasing demand of security jet planes and fighter planes makes aerospace and defense to dominate globally.

The aerospace and defense segment will dominate the end-user segment of the advanced composites market

The aerospace and defense segment will emerge as the dominating segment end-user segment. This is because of the growing demand from the aerospace and defense industries especially in developing economies. Further, growth and expansion of research development services on a global scale will further bolster the growth of this segment.

Major Players         

Data Bridge Market Research recognizes the following companies as the market players in market: TORAY INDUSTRIES, INC (Japan), TEIJIN LIMITED (Japan), Mitsubishi Chemical Holdings Corporation (Japan), Koninklijke Ten Cate bv. (Netherlands), Huntsman International LLC (U.S.), Solvay (Belgium), Hexcel Corporation (U.S.), Hexion (U.S.), BASF SE (Germany), DuPont (U.S.), Honeywell International Inc. (U.S.), Henkel AG & Co. KGaA (Germany), SGL Carbon (Germany), HYOSUNG CHEMICAL (South Korea), Owens Corning (U.S.), Formosa Plastics Corporation (Taiwan), Strata Manufacturing PJSC (UAE), Renegade Materials Corporation (U.S.), Advanced Composites Inc. (U.S.), Core Composites (U.S.), Molded Fiber Glass Companies (U.S.), MasterMold, LLC (U.S.), Continental Structural Plastics Inc. (U.S.), First COMPOSITES GmbH (Germany), ATLAS COMPOSITE TECHNOLOGIES (U.K.), Performance Composites Inc. (U.S.), RECAERO S.A.S. (France), and TERMA (Denmark).

Advanced Composites Market

Market Development

  • In July 2019, 3A Composites Holding AG signed an investment agreement for the PET project, increasing the production of high-performance PET structural foam materials. This development helps the company to increase the revenue.
  • In May 2019, LyondellBasell Industries Holdings B.V. entered into the agreement for Phu My Plastics Production JSC to supply the technology for producing new 300 KTA polypropylene in Vietnam. This development has helped the company to increase the revenue.
  • The Turkish company Kordsa introduced new Kratos structural reinforcement products, including Kratos C-fabric unidirectional (UD) carbon fibre fabric and Kratos C-plate pultruded carbon fibre strips, in May 2020. These are created to retrofit reinforced concrete structures, enhancing structural performance and boosting the structure's load-bearing capacity.

Regional Analysis

Geographically, the countries covered in the market report are U.S., Canada, Mexico in North America, Germany, Sweden, Poland, Denmark, Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, New Zealand, Vietnam, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in Asia-Pacific (APAC), Brazil, Argentina, Rest of South America as a part of South America, UAE, Saudi Arabia, Oman, Qatar, Kuwait, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).

As per Data Bridge Market Research analysis:

North America is the dominant region in advanced composites market during the forecast period 2023 to 2030

As a result of the expanding demand in the automotive, aerospace, and defence industries, North America controls the majority of the global market for advanced composites. North America has one of the largest automotive industries in the world, with the United States being among the top automakers. Large markets, large consumer disposable income, mass manufacturing efficiency, and a wide range of products have all contributed to the country's industry's rapid expansion.

Asia-Pacific is estimated to be the fastest-growing region in advanced composites market the forecast period 2023 to 2030

The market for advanced composites contributed significantly to revenue in Asia-Pacific. The demand is anticipated to increase as a result of the growing need for sustainable renewable energy sources and the increasing number of wind turbine installations.    

COVID-19 Impact

The market was significantly impacted during the pandemic owing to the movement, supply chain, production and lockdown restrictions. However, post-pandemic phase is a positive sign for the market. The market for advanced composites is anticipated to benefit from the rising demand for these materials in the production of turbines. Globally expanding wind turbine installations are probably going to help fuel market expansion. Demand is anticipated to increase throughout the anticipated period due to the industry's use of sophisticated composites made of carbon and glass.

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