Global Advance Composites Market Trends and Forecast
Lucintel finds that the future of the global advance composite material market looks promising with opportunities in the aerospace and defense, wind energy, transportation, marine, construction, consumer goods, and pressure vessels applications. The global advance composite market is expected to reach an estimated $13 billion by 2030 with a CAGR of 6% from 2023 to 2030. The major drivers of growth for this market are increasing demand of lightweight materials in the aerospace & defense and automotive industry.
Advanced composites are usually derived from materials like carbon fibers, fiberglass, aramid fibers (e.g. Kevlar), and a variety of resins such as epoxy and polyester. These materials are chosen in a wide range of industries such as the aircraft industry and construction of cars due to their light weight, strength and good wear resistance. In general, modern composites are expensive compared to conventional ones due to raw material costs, specialized manufacturing techniques and performance over metals and plastics.
• Lucintel forecasts that aerospace and defense will remain the largest application over the forecast period due to the increase penetration of composites in next generation commercial aircraft, like Boeing’s B787 and Airbus 380, regional aircraft such as Bombardier’s C Series, and general aviation aircraft such as Cirrus and Diamond.
• Carbon composite will remain the largest segment over the forecast period due to its beneficial qualities of being lightweight while offering corrosion resistance and high tensile strength.
• North America is expected to remain the largest region and APAC witness the highest growth over the forecast period.
Country wise Outlook for the Global Advance Composites Market
The advance composites market is witnessing substantial growth globally. Major players in the market are expanding their operations and forming strategic partnerships to strengthen their positions. Below image highlights recent developments by major advan
Emerging Trends in the Global Advance Composites Market
Emerging trends in the Global Advance Composites Market shaping its future applications and market dynamics:
1. Increased Use in Automotive: Some automotive industry composites are lighter, improving fuel economy and reducing emissions through increased use of advanced composites.
2. Growing Additive Manufacturing: For example, with 3D printing technology, manufacturing flexibility and cost effectiveness could improve due to advanced composite design freedom and complexity geometries.
3. Increasing Usage of Bio-based Composites: Additionally, there is a growing focus on bio-based resins and fibers derived from renewable sources because they are consistent with sustainable objectives while minimizing environmental impact.
4. Digitalization and Industry 4.0: Optimizing manufacturing processes, enhancing product performance and reducing costs related to advanced composites can be realized through the integration of IoT, AI and data analytics.
5. Renewable Energy Applications: Furthermore, wind turbines have seen an increasing number of turbine blades made out of these materials like advanced composites as their strength-to-weight ratio has improved as well as resistance to elements such as wind.
These trends indicate a dynamic and evolving landscape for advance composites materials, driven by technological advancements, market diversification, and sustainability considerations across various industries globally.
A total of 93 figures / charts and 79 tables are provided in this 205-page report to help in your business decisions.
Recent Developments by the Global Advance Composites Market
Recent developments in advance composites market by various companies highlight ongoing innovations and advancements across different sectors:
• Recycling Progress: Composite recycling technologies undergo rapid development, which offers sustainable end-of-life composites solutions on the market.
• Collaborative Efforts: Manufacturers, material suppliers and buyers are increasingly collaborating to find specific answers that can enhance their level of acceptance across markets.
• Automation Focus: This is also being used in manufacturing processes like AFP (automated fiber placement) as well as ATL (automated tape laying), thus raising efficiency, scalability and repeatability.
• Applications beyond Traditional Sectors: These include consumer goods, construction, medical devices that fill the technical gaps in these industries by incorporating advanced composites rather than applying aerospace or automotive industry talk alone.
• Innovative Products: They help for greater utilization across various industries because such materials have improved features such as better conductivity; higher ability to withstand impact or slower burning rates.
Strategic Growth Opportunities for Global Advance Composites Market
The advance composites market is very dynamic due to its unique properties of being lightweight, strong and thermally stable. Some key strategic growth opportunities for this market include:
• Diversification of Industry: For instance, going outside the usual applications like aerospace and defense to include automotive, wind turbines for renewable energy sports and leisure equipment’s or even infrastructure such as bridges and pipelines where these sectors benefit from lightweight, durableness and advanced performance features of composites.
• Sustainability Drive: In addition to this, companies involved in advanced composite production must ensure that their products contribute to “greener” vehicles and structures leading to reduced fuel consumption rate as well as less pollution. Furthermore investigation into bio-based resins and recyclable composite materials will help engaged enterprises in designing circular economy strategies.
• Global Market Expansion: The infrastructural development coupled with urbanization and industrialization taking place within emerging markets across Asia Pacific region such as Latin America or Africa create a demand for advance materials. A proper mechanism through which penetration can be effectively realized is forming partnerships while setting up local factories.
• Regulatory Support & Standards: Advocacy should also be done for appropriate legislative frameworks that encourage deployment of advanced composites among sensitive industries. It becomes easier to penetrate highly regulated industries e.g. aerospace or automobiles when one has conformed to industry standards as well as certifications.
• Investment in Infrastructure: Expanding production facilities with state of art equipment would help to effectively meet increasing demands. In addition, supply chain capability including raw material sourcing and logistics must be enhanced for dependable delivery and to support scaling.
Global Advance Composites Market Drivers and Challenges
The confluences of factors that include the increasing demand for lightweight materials, rapid technological innovation and strict regulations on efficiency and emissions have combined to alter industries like aerospace. Similarly, the global advanced composites industry is influenced by them. Also involved in this are sectors such as automotive. Nevertheless, this market has various obstacles that are; expensive manufacturing processes, difficulties in recycling and competition from other alternatives among others.
The key drivers for the global advance composites market include:
1. Weight Reduction Requirements: These are as a result of the increasing demand of light materials in several sectors such as aerospace and automotive industries for improving on fuel consumption and performance.
2. Strength-to-Weight Ratio: From the viewpoint of weight saving, advanced composites have a higher strength to weight ratio than traditional metals.
3. Technological Advancements: Continuous development in material, manufacturing process especially automation and design capabilities has led to increased approach in adopting advanced composites.
4. Environmental Regulations: Additionally, strict carbon emission regulatory regimes have made many people advocate for them on account of potential environmental savings.
5. Growing Applications: As a result its exceptional characteristics are enabling more expansion into consumer goods and building or even wind turbines used in generating clean energy sources like wind power.
The key challenges for the global advance composites market include
1. High Cost: The result of these is that advanced composites are usually more costly to produce. Firstly; they are made from expensive raw materials such as carbon fibers and resins which elevates their prices and secondly; the process of their production is very complicated.
2. Recycling and Disposal: Conversely, this composite cannot be recycled easily at the end of its life since it is composed of many compounds which are hard to separate into separate components.
3. Quality Control: In large-scale production, quality control continues to be a challenge especially for those specific applications demanding high performance or safety standards.
4. Competition from Alternatives: It would be difficult to compete with other technologies or materials if there were low cost capable substitutes that could rival advanced composites in terms of economics or technology.
5. Skills and Knowledge Gap: Therefore, lack of skilled workforce including knowledge in designing, maintaining or manufacturing advanced composites can hinder market growth and innovation.
The global advance composites market is filled with a lot of windows due to their need in different sectors for lesser weight and higher performance materials. Nonetheless, they should be constantly innovative and collaborate to overcome three main challenges: steep costs; recycling limitations; competitive pressures. These issues when solved will not only ensure growth in the industry but also create room for improved use of advanced composites while meeting technological and environmental requirements.
Advance Composites Suppliers and Their Market Shares
In this globally competitive market, several key players such as Toray Industries Inc., Cytec Solvay Group, Owens Corning, AGY Holdings, Du Pont etc. dominate the market and contribute to industry’s growth and innovation. These players capture maximum market share. To know the current market share of each of major players, contact us by email at helpdesk@lucintel.com. Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies advance composites market cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the advance composites companies profiled in this report include.
• Toray Industries Inc.
• Solvay Group
• Owens Corning
• AGY Holdings
• Du Pont
• Teijin Aramid
These companies have established themselves as leaders in the global advance composites market, with extensive product portfolios, global presence, and strong research and development capabilities. They continually strive to enhance their market positions through strategic partnerships, mergers and acquisitions, and product innovations. The market share dynamics within the advance composites market are evolving, with the entry of new players and the emergence of innovative advance composites market technologies. Additionally, collaborations between material suppliers, manufacturers, and end-users are fostering technological advancements and expanding market opportunities.
Global Advance Composites Market by Segment
The worldwide advanced composites market indicates substantial increase in a number of major segments. The aerospace industry, for example, is registering an increasing demand for lightweight high-strength materials to boost fuel efficiency and performance both in commercial and military aircraft. Similarly, the automotive sector has embraced the use of advanced composites to reduce vehicle weight as required by electric cars that depend on the range and energy efficiency provided by light weight materials. The wind energy division is also experiencing growth with widespread use of advanced composites in wind turbine blades due to their durability, strength and ability to withstand harsh environmental conditions thereby supporting renewable energy infrastructure growth. Additionally, there are many applications of advanced composites in sporting goods such as tennis rackets or golf clubs where their lightweight nature and superior performance characteristics are highly prized. Likewise, there’s been an increasing utilization of advanced composites in reinforcing materials, lightweight panels and structural components within construction industry driven by the need for sustainable building materials that provide increased strength and improved durability. These segments constitute burgeoning opportunities in global advanced composite markets fueled by technological improvements combined with growing requirements for efficient high-performance products across various industries.
Advance composites Market by Application [Value ($M) and Volume (M lbs) Analysis for 2018 – 2030]:
• Aerospace and Defense
• Wind Energy
• Transportation
• Marine
• Construction
• Consumer Goods
• Pressure Vessels
• Others
By Fiber Type [Value ($M) and Volume (M lbs) Analysis for 2018 – 2030]:
• Carbon Composites
• S-Glass Composites
• Aramid Composites
By Resin Type [Value ($M) and Volume (M lbs) Analysis for 2018 – 2030]:
• Epoxy Composites
• Phenolic Composites
• Vinyl Ester Composites
• Other Thermoset
• Thermoplastic Composites
By Region [Value ($M) and Volume (M lbs) Analysis for 2018 – 2030]:
• North America
• Europe
• Asia Pacific
• Rest of the world
Features of Global Advance Composites Market
• Market Size Estimates: Advance composite market size estimation in terms of value ($M) and Volume (M lbs)
• Trend and Forecast Analysis: Market trends (2018-2023) and forecast (2024-2030) by various segments and regions.
• Segmentation Analysis: Market size by application, fiber type, resin type, and region
• Regional Analysis: Advance Composite market breakdown by North America, Europe, Asia Pacific, and the Rest of the World.
• Growth Opportunities: Analysis of growth opportunities in different application, fiber type, resin type, and regions for the advance composite market.
• Strategic Analysis: This includes M&A, new product development, and competitive landscape for the advance composite market.
• Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
If you are looking to expand your business in advance composites market or adjacent markets, then contact us. We have done hundreds of strategic consulting projects in market entry, opportunity screening, due diligence, supply chain analysis, M & A, and more.
FAQ
Q1. What is the advance composite market size?
Answer: The global advance composite market is expected to reach an estimated $13 billion by 2030.
Q2. What is the growth forecast for advance composite market?
Answer: The advance composite market is expected to grow at a CAGR of 6% from 2023 to 2030.
Q3. What are the major drivers influencing the growth of the advance composite market?
Answer: The major drivers of growth for this market are increasing demand of lightweight materials in the aerospace & defense and automotive industry.
Q4. What are the major applications or end use industries for advance composite?
Answer: Aerospace and defense, wind energy, transportation, marine, construction, consumer goods, and pressure vessels applications are the major end use industries for advance composite.
Q5. What is the emerging trends in advance composite market?
Answer: Emerging trends, which have a direct impact on the dynamics of the industry, includes increased used in automotive, growing additive manufacturing, usage of bio-based composites, digitalization and industrialization 4.0, and renewable energy application.
Q6. Who are the key advance composite companies?
Answer: Some of the key advance composite companies are as follows:
• Toray Industries Inc.
• Solvay Group
• Owens Corning
• AGY Holdings
• Du Pont
• Teijin Aramid
Q7.Which advance composite product segment will be the largest in future?
Answer: Lucintel forecasts that carbon composites will remain the largest segment due to its beneficial qualities of being lightweight while offering corrosion resistance and high tensile strength.
Q8: In advance composite market, which region is expected to be the largest in next 7 years?
Answer: North America is expected to remain the largest region and witness the highest growth over next 7 years
Q9. Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% Customization Without any Additional Cost.
This report answers following 11 key questions
Q.1 What are some of the most promising potential, high growth opportunities for the global advance composite market by application (aerospace and defense, wind energy, automotive, marine, construction, consumer goods, pressure vessels, and others), fiber type (carbon composites, s-glass composites and aramid composites), resin type (epoxy composites, phenolic composites, vinyl ester composites, other thermoset, thermoplastic composites), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q. 2 Which segments will grow at a faster pace and why?
Q.3 Which regions will grow at a faster pace and why?
Q.4 What are the key factors affecting market dynamics? What are the drivers and challenges of the market?
Q.5 What are the business risks and threats to the market?
Q.6 What are the emerging trends in this market and the reasons behind them?
Q.7 What are the changing demands of customers in the market?
Q.8 What are the new developments in the market? Which companies are leading these developments?
Q.9 Who are the major players in this market? What strategic initiatives are being implemented by key players for business growth?
Q.10 What are some of the competitive products and processes in this area and how big of a threat do they pose for loss of market share via material or product substitution?
Q.11 What M & A activities have taken place in the last 6 years in this market?