The advanced composites sector is projected to expand from US$ 38,772.87 million in 2022 to US$ 69,092.18 million by 2028, reflecting an anticipated compound annual growth rate (CAGR) of 10.1% throughout the forecast period.
Advanced composites are produced through various raw materials and techniques, including pultrusion, resin injection, resin transfer molding (RTM), filament winding, and automated fiber placement (AFP). These composites find applications across multiple industries such as aerospace & defense, automotive, wind energy, construction, and electrical & electronics. Their remarkable strength-to-weight ratio, high stiffness, durability, and resistance to corrosion, chemicals, and environmental factors make them highly sought after in diverse application areas.
The advanced composites market is classified by fiber type into carbon fiber composites, aramid fiber composites, glass fiber composites, and others. In 2022, carbon fiber composites dominated the market share. These lightweight and robust materials are utilized in various sectors, including construction, wind energy, and aerospace & defense structural components. Typically, carbon fiber composites employ thermosetting resins like polyester, epoxy, or vinyl ester. Their lightweight nature not only contributes to energy efficiency but also sees them being integrated into the alternative energy sector, such as in tanks for natural gas and hydrogen, as well as in wind turbine blades and automotive and aerospace applications.
When categorized by end-use industry, the advanced composites market includes aerospace & defense, automotive, wind energy, construction, electrical & electronics, and others. The aerospace & defense sector was the leading segment in 2022. Advanced composites play a vital role in ensuring the safety and performance efficiency of modern aircraft. The growing demand for lightweight materials for aviation components has significantly boosted the need for advanced composites. Aircraft manufacturers are increasingly focused on developing large primary thermoplastic structures for business jets and commercial aircraft, having been early adopters of long fiber-reinforced thermoplastics. Composites and polymers are considerably lighter than traditional materials like steel, brass, and iron, allowing manufacturers to reduce the weight of aircraft components, which in turn lowers fuel costs. These factors have solidified the aerospace & defense segment's prominence.
Geographically, the advanced composites market is divided into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. Europe held the largest market share in 2022, while Asia Pacific is projected to exhibit the highest CAGR from 2022 to 2028. Key drivers of advanced composites market growth in Asia Pacific include economic expansion and infrastructure development. Additionally, the rising production of automobiles, particularly in China, India, Japan, and South Korea, is fueling the demand for advanced composites. A report from the China Passenger Car Association indicated that Tesla Inc delivered 83,135 electric vehicles manufactured in China in 2022, showcasing a rise in electric vehicle sales compared to 2021. According to the International Organization of Motor Vehicle Manufacturers, approximately 46.73 million motor vehicles were produced in various Asia Pacific countries in 2021. Advanced composites are increasingly utilized in automotive components to lower tooling costs and enhance design flexibility, while also improving fuel efficiency and the overall driving experience by minimizing noise and vibration. Furthermore, their properties such as corrosion resistance, high strength, and low noise make them ideal for shipbuilding, thus driving growth in both the automotive and marine sectors.
The chemicals & materials industry encountered significant challenges due to the COVID-19 pandemic. The disruption in raw material supply, workforce shortages, factory shutdowns, and operational hurdles related to COVID-19 safety measures adversely impacted the advanced composites market. Lockdown measures severely affected both supply and production aspects of advanced composites. The construction sector, being sensitive to economic fluctuations, faced considerable challenges, with construction companies and workers particularly vulnerable to the sharp decline in economic activity during the pandemic. The extent of operational shutdowns in construction varied by location and project type, influenced by the severity of SARS-CoV-2 infections and the timing and strictness of containment measures. According to the European Commission, construction output in the European Union rose by 3.9% in January 2022 compared to December 2021, indicating a recovery trend. While construction operations were deemed essential in some countries, others experienced complete or partial shutdowns as part of containment strategies. However, the successful rollout of mass vaccination campaigns in 2021 led to a resurgence in business activities. As economies began to recover, the global demand for advanced composites is expected to increase, with major manufacturers resuming operations and restoring normal production levels.
Key players in the global advanced composites market include Avient Corp, Toray Industries Inc, Teijin Ltd, Mitsubishi Chemical Corp, SGL Carbon SE, Owens Corning, Solvay SA, Johns Manville Corp, Tecnaro GmbH, and Ensinger GmbH. These companies are focused on developing innovative and cost-effective products to meet the growing demands of customers.
The overall size of the advanced composites market has been determined through a combination of primary and secondary research. The research process began with extensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data related to the market. Numerous primary interviews were conducted with industry stakeholders to validate the information and gain deeper analytical insights. Participants included VPs, business development managers, market intelligence managers, national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the advanced composites market.