Advanced Composites Market 2024: Industry Insight, Drivers, Trends, Global Analysis and Forecast by 2032

According to the latest report by IMARC Group, titled “Advanced Composites Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032”, offers a comprehensive analysis of the industry, which comprises insights on advanced composites market outlook. The report also includes competitor and regional analysis, and contemporary advancements in the global market.

The global advanced composites market size reached US$ 37.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 77 Billion by 2032, exhibiting a growth rate (CAGR) of 8% during 2024-2032.

Advanced composites are engineered materials made from two or more constituents with distinct physical and chemical properties. These materials are notable for their exceptional strength-to-weight ratio, surpassing traditional materials like steel and aluminum. The primary components are a matrix, usually a polymer resin, and a reinforcement, such as carbon or glass fibers. These composites are designed to provide enhanced properties like high tensile strength, stiffness, and resistance to temperature and corrosion. They are particularly advantageous in applications requiring lightweight materials with superior strength, such as in aerospace, automotive, and sports equipment industries.

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Market Trends:

The global market is majorly driven by the expanding aerospace and defense industries where the demand for lightweight yet strong materials is paramount. Alongside, the automotive industry's shift towards lightweight materials for better fuel efficiency and reduced emissions is significantly contributing to the market growth. The burgeoning wind energy sector, with its need for durable and efficient turbine blades, also plays a crucial role in driving demand. The market further benefits from the rise in sports and leisure activities, where high-performance materials are increasingly sought after. Technological advancements in composite materials, leading to improved properties and new applications, are propelling the market forward. Additionally, the construction industry's growing adoption of advanced composites for both structural and aesthetic purposes is bolstering market growth.

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Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

• 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
• I. Du Pont Nemours & Co.
• Cristex Ltd

Advanced Composites Market Segmentation:

Our report has categorized the market based on region, resin type, type of fiber, manufacturing process and application.

Breakup by Resin Type:

• Advanced Thermosetting Composites
• Advanced Thermoplastic Composites

Breakup by Type of Fiber:

• Glass
• Carbon
• Aramid

Breakup by Manufacturing Process:

• Hand Layup/Spray Layup
• AFP and ATL
• Filament Winding
• Injection Molding
• Pultrusion
• Compression Molding
• RTM/VARTM
• Others

Breakup by Application:

• Aerospace and Aviation
• Automotive
• Energy
• Electronics
• Marine
• Others

Regional Insights:

• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key highlights of the report:

• Market Performance (2018-2023)
• Market Outlook (2024-2032)
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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