The scope of our recent study on the "Advanced Composites Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Fiber Type, Matrix Type, and End-Use Industry" includes the description of factors fueling the market growth, estimation and forecast of revenue, and identification of significant market players and their key developments. The report also provides a market share analysis.
The advanced composites market was valued at US$ 38,772.87 million in 2022 and is expected to reach US$ 69,092.18 million by 2028; it is estimated to record a CAGR of 10.1% from 2022 to 2028.
Advanced composite materials are also called advanced polymer matrix composites. Compared to other materials, these materials are generally characterized or determined by unusually high-power fibers with high stiffness or modulus of elasticity. These are advanced composite materials compared to those commonly used ones, such as reinforced concrete or concrete. The high-strength fibers can also display low density while occupying a significant fraction of the volume. Advanced composites exhibit desirable chemical and physical properties that include lightweight, high stiffness, strength along the direction of the reinforcing fiber, temperature, dimensional stability, flex performance, chemical resistance, and relatively easy processing.
Based on matrix type, the advanced composites market is segmented into epoxy resin, phenolics, polyester resin, polyurethane resin, polyphenylene sulfide (PPS), polyetherimide (PEI), and others. The epoxy resin segment is expected to register the highest CAGR during the forecast period. Epoxy resins are the most preferred matrix resin when composite materials are used for structural applications requiring optimal mechanical properties. Unlike thermoplastic resins, epoxy resins connect molecules by fixed bonds, forming large macro-molecules. Bonding starts by using specific curing agents, e.g., amines or anhydride. These resins offer better performance at high temperatures, with hot/wet service temperatures up to 121°C. Due to their toughness and resistance to chemical and less environmental damage, epoxy resins are widely used in applications such as the construction of vehicles, snowboards, aircraft, bicycles, encapsulates, electrical conductors in microelectronic packaging, and adhesives in structural bonding applications.
The advanced composites market is segmented into five main regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. Europe held the largest market share in 2022, and Asia Pacific is expected to register the highest CAGR during the forecast period. The proliferation of building & construction, aerospace & defense, wind energy, automotive, and other end-use industries drives the demand for advanced composites across Asia Pacific and Europe. There has been an increase in the production of lightweight vehicles in countries such as China and India, which propels the demand for advanced composites. In addition, the increased preference for sustainable building materials across various countries in Asia Pacific supports the advanced composites market growth.
Impact of COVID-19 Pandemic on Advanced Composites Market
The onset of the COVID-19 pandemic forced the shutdown of vehicle manufacturing plants in 2020, which hampered the demand for advanced composites. Moreover, politically enforced measures to contain the disease, such as implementing curfews; closing factories, offices, and dealerships; and laying off short-time workers, led to stagnancy in automotive, building & construction, and other labor-intensive industries, thus resulting in the decreased sales of advanced composites. Furthermore, disrupted global supply chains hampered the availability of raw materials at manufacturing plants, in turn impacting manufacturing activities, delivery schedules, and essential and nonessential sales of products. All these factors hindered the operations of various industries in 2020 and early 2021, which hampered the advanced composites market growth. However, in 2021, various economies resumed operation as governments of various countries announced the relaxation of the previously imposed restrictions, which boosted the global marketplace. Further, manufacturers were permitted to operate at full capacity, which helped them overcome the demand and supply gaps and other repercussions. Resurgence in the operations of automotive, aerospace & defense, and building & construction industries is expected to provide opportunities for the advanced composites market growth during the forecast period.
The report segments the advanced composites market as follows:
Based on fiber type, the advanced composites market is categorized into carbon fiber composites, aramid fiber composites, glass fiber composites, and others. Based on matrix type, the market is segmented into epoxy resin, phenolics, polyester resin, polyurethane resin, polyphenylene sulfide (PPS), polyetherimide (PEI), and others. Based on end-use industry, the advanced composites market is segmented into aerospace & defense, automotive, wind energy, building & construction, electrical & electronics, and others. Based on geography, the advanced composites market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America.
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