Advanced Composites Market by Fiber (Aramid Fiber Composites, Carbon Fiber Composites, S-Glass Fiber Composites), Resin (Advanced Thermoplastic Composites, Advanced Thermosetting Composites), Manufacturing Process, End-use Industry - Global Forecast 2024-

Advanced Composites Market by Fiber (Aramid Fiber Composites, Carbon Fiber Composites, S-Glass Fiber Composites), Resin (Advanced Thermoplastic Composites, Advanced Thermosetting Composites), Manufacturing Process, End-use Industry - Global Forecast 2024-2030

The Advanced Composites Market size was estimated at USD 18.35 billion in 2023 and expected to reach USD 20.16 billion in 2024, at a CAGR 10.06% to reach USD 35.90 billion by 2030.

Advanced composites are high-performance materials with superior mechanical properties such as high strength-to-weight ratio, stiffness, and chemical and temperature variance resistance. Advanced composite materials comprise a matrix and a reinforcement, which can be in the form of fibers or particles. Ongoing innovations in material science leading to the development of more durable and resilient advanced composites are driving the market growth. Increasing aircraft production rates and greater adoption of composites in commercial and military aerospace applications also enhance the adoption of advanced composites. Continuous efforts in cost reduction and process optimization facilitating wider adoption across industries positively contribute to market growth. However, high manufacturing and raw material costs are a significant limitation for the market growth. Moreover, the complexity of recycling composite materials poses environmental and economic challenges in the market space. Innovations in recycling processes for advanced composites present substantial opportunities, as does the exploration of bio-based resins that can offer improved sustainability. Additionally, the growing need for lightweight materials in the transportation sector provides ongoing opportunities for market expansion.

Regional Insights

In the Americas region, the U.S. leads in the innovation and application of advanced composites, propelled by significant investments in research and development. The aerospace and defense industries are major consumers of advanced composites, with the automotive sector rapidly adopting composite materials for lightweight and fuel-efficient vehicles in the Americas region. However, the European Union is at the forefront of regulatory standards and sustainability in the composites sector, fostering innovation in recycling technologies and the development of green composites. The Middle East is witnessing a surge in the use of advanced composites, especially in construction and infrastructure projects, due to their durability and resistance to harsh environmental conditions. Africa's advanced composites market is in its nascent stages, with potential growth in automotive, aerospace, and renewable energy sectors. In the APAC region, China's rapid industrial growth has made it a hotspot for the consumption and production of advanced composites, with significant advancements in the wind energy and transportation sectors. Additionally, India and Japan are emerging as a substantial market for advanced composites, driven by their growing aerospace, defense, and automotive industries.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Advanced Composites Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

• Demand for advanced composites from the renewable energy sector
• Surge in production of light-weight aircraft components
• Rising utilization of advanced composites in sporting goods

Market Restraints

• High cost of advanced composites

Market Opportunities

• Advancements in thermal and high-performance advanced composite manufacturing technology
• Extensive use of 3D printing technology and nanocomposites for advanced composites

Market Challenges

• Adverse health issues associated with exposure to toxic materials

Market Segmentation Analysis

• Fiber: Rising adoption of carbon fiber composites in automotive industry
• Manufacturing Process: Ongoing advancements in variety of manufacturing processes

Market Disruption Analysis

• Porter’s Five Forces Analysis
• Value Chain & Critical Path Analysis
• Pricing Analysis
• Technology Analysis
• Patent Analysis
• Trade Analysis
• Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Advanced Composites Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Advanced Composites Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

Toray Advanced Composites Announces Expansion of Morgan Hill Campus, Increasing Production Capacity by Fifty Percent

Toray Advanced Composites unveiled its expansion plans for the Morgan Hill, California facility to augment the production capacities for both thermoset and Cetex thermoplastic composites and enhance supply chain prowess and broaden technological research and development facilities. This strategic escalation, encompassing an additional 74,000 square feet to the pre-existing site, marks a significant leap in the company's capacity to serve an ever-expanding clientele across aerospace, urban air mobility, defense, and various commercial sectors.

GracoRoberts Acquires Pacific Coast Composites to Provide Customers with an Extensive Offering of Composites Products and Shorter Lead Times to the Aerospace Industry

GracoRobert acquired Pacific Coast Composites (PCC), valued at USD 31 billion, to enrich its portfolio, enhancing its position as a highly technical aerospace specialty chemical distributor globally. This acquisition eradicates historical long lead times, offering customers immediate access to critical composite materials and streamlining the supply chain.

DOE renews partnership with Vanderbilt collaborator Institute for Advanced Composites Manufacturing Innovation

The Department of Energy collaborated with the Institute for Advanced Composites Manufacturing Innovation (IACMI). This partnership, bolstered by financial support to be distributed over the next five years, aims to catalyze research and development (R&D) and hasten the market introduction of new technologies within the United States composites manufacturing industry.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Advanced Composites Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Advanced Composites Market, highlighting leading vendors and their innovative profiles. These include ACPT Inc., Advanced Composites Solutions Srl, AGY Holding Corp., Akzo Nobel N.V., ARRIS Composites, Inc., Avient Corporation, BASF SE, DuPont de Nemours, Inc., Evonik Industries AG, FormosaM Co., Ltd., Gurit Services AG, Hexcel Corporation, Honeywell International Inc., LyondellBasell Industries Holdings B.V., Mitsubishi Chemical Carbon Fiber and Composites, Inc., MITSUI CHEMICALS INDIA, PVT. LTD, Momentive Performance Materials Inc., Owens Corning, Inc., Plasan Carbon Composites, Rockman Advance Composites Private Limited, SGL Carbon SE, Solvay S.A., ST Advanced Composites, Teijin Limited, and Toray Industries, Inc..

Market Segmentation & Coverage

This research report categorizes the Advanced Composites Market to forecast the revenues and analyze trends in each of the following sub-markets:

• Fiber
• Aramid Fiber Composites
• Carbon Fiber Composites
• S-Glass Fiber Composites
• Resin
• Advanced Thermoplastic Composites
• Advanced Thermosetting Composites
• Manufacturing Process
• Automated Tape Laying (ATL) & Automated Fiber Placement (AFP)
• Compression Molding
• Filament Winding
• Hand Layup/ Spray Layup
• Injection Molding
• Pultrusion
• Vacuum Assisted Resin Transfer Molding
• End-use Industry
• Aerospace & Defense
• Civil Engineering
• Electrical & Electronics
• Marine
• Medical
• Pipes & Tanks
• Sporting Goods
• Transportation
• Wind Energy
• Region
• Americas
• Argentina
• Brazil
• Canada
• Mexico
• United States
• California
• Florida
• Illinois
• New York
• Ohio
• Pennsylvania
• Texas
• Asia-Pacific
• Australia
• China
• India
• Indonesia
• Japan
• Malaysia
• Philippines
• Singapore
• South Korea
• Taiwan
• Thailand
• Vietnam
• Europe, Middle East & Africa
• Denmark
• Egypt
• Finland
• France
• Germany
• Israel
• Italy
• Netherlands
• Nigeria
• Norway
• Poland
• Qatar
• Russia
• Saudi Arabia
• South Africa
• Spain
• Sweden
• Switzerland
• Turkey
• United Arab Emirates
• United Kingdom

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