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 size. 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.

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Factors Affecting the Growth of the Advanced Composites Industry:

• Technological Innovation:

Technological advancements play a crucial role in driving the growth of the advanced composites industry. As research and development efforts continue to push the boundaries of material science and manufacturing processes, new composite materials with enhanced properties are continually being developed. These innovations often result in composites that are lighter, stronger, more durable, and more cost-effective compared to traditional materials like metals and plastics. For instance, the development of nanocomposites, which incorporate nanoparticles into the composite matrix, has led to materials with improved mechanical, thermal, and electrical properties. Similarly, advancements in additive manufacturing techniques, such as 3D printing, have enabled the production of complex composite structures with minimal waste, opening up new possibilities for design flexibility and customization. Furthermore, ongoing research into sustainable composite materials derived from renewable sources is poised to address environmental concerns and drive the adoption of eco-friendly alternatives in various industries.

• Market Demand and Application Expansion:

The growth of the advanced composites industry is closely tied to market demand and the expanding range of applications across various sectors. Industries such as aerospace, automotive, wind energy, construction, marine, and sporting goods are increasingly turning to advanced composites to meet the demand for lightweight, high-performance materials that offer superior strength-to-weight ratios and corrosion resistance. In the aerospace sector, for example, composites are extensively used in aircraft components to reduce fuel consumption, enhance structural integrity, and improve overall performance. Likewise, the automotive industry is witnessing a shift towards composite materials to achieve fuel efficiency targets, reduce emissions, and enhance vehicle safety. As technological advancements continue to drive down production costs and increase the scalability of advanced composites, their adoption is expected to further accelerate across a broader spectrum of applications, including infrastructure, renewable energy, and consumer electronics.

• Regulatory Environment and Standards:

Regulatory frameworks and industry standards play a significant role in shaping the growth trajectory of the advanced composites industry. Government regulations related to safety, environmental sustainability, and performance standards influence the adoption of composites in various applications. For instance, stringent emissions regulations in the automotive sector are driving automakers to explore lightweight materials like composites to improve fuel efficiency and reduce greenhouse gas emissions. Similarly, in the aerospace industry, stringent safety regulations imposed by aviation authorities necessitate the use of materials that meet stringent performance and reliability standards. Compliance with regulatory requirements often necessitates investments in research, testing, and certification processes, which can impact the cost and time-to-market of composite products. Furthermore, the establishment of industry-specific standards and certification bodies helps ensure product quality, reliability, and interoperability, thereby fostering consumer confidence and facilitating market growth. As regulatory frameworks improve to address emerging challenges such as sustainability and recyclability, the advanced composites industry will need to adapt and innovate to remain competitive in the global marketplace.

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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

Based on resin type, the market has been divided into advanced thermosetting composites and advanced thermoplastic composites.

Breakup by Type of Fiber:

• Glass
• Carbon
• Aramid

Glass represented the largest segment by type of fiber in the advanced composites market due to its widespread use across various industries, offering a balance of cost-effectiveness, versatility, and desirable mechanical properties suitable for a wide range of applications.

Breakup by Manufacturing Process:

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

Based on the manufacturing process, the market has been divided into hand layup/spray layup, AFP and ATL, filament winding, injection molding, pultrusion, compression molding, RTM/VARTM, and others.

Breakup by Application:

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

The aerospace and aviation sector represented the largest segment by application in the advanced composites market because of the industry's stringent requirements for lightweight materials with high strength-to-weight ratios, corrosion resistance, and durability, all of which are qualities offered by advanced composites. 

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)

North America's dominance in the advanced composites market is attributed to factors such as strong demand from aerospace, automotive, and wind energy sectors, coupled with significant investments in research and development, advanced manufacturing capabilities, and a robust regulatory environment fostering innovation and adoption of advanced composite materials.

Global Advanced Composites Market Trends:

The global market is primarily driven by the increasing demand for advanced composites in the renewable energy sector, particularly in wind energy applications, where lightweight and durable materials are essential for improving turbine efficiency and reliability. Additionally, the expanding use of advanced composites in infrastructure projects, such as bridges and pipelines, to enhance structural integrity and longevity, is driving market growth.

Moreover, the growing adoption of advanced composites in medical devices and equipment, owing to their biocompatibility and strength, is opening up new avenues for market expansion. Furthermore, the ongoing trend towards electrification in the automotive industry is creating opportunities for advanced composites, as these materials offer lightweight solutions for electric vehicle components, extending driving range and performance thereby providing an impetus to the market.

Key highlights of the report:

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

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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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