Advanced Composites Market to Outstrip US$ 68.9 billion by 2028 Growing Sturdy at 9.1% CAGR | The Insight Partners

The advanced composites market was valued at US$ 36.1 billion in 2021, it is estimated to grow at a CAGR of 9.1% from 2022 to 2028. Advanced composites materials or advanced polymer matrix composites are lightweight materials with high strength and modulus to elasticity. These products are manufactured using fibrous material embedded in different resin matrices. Hence, the use of advanced composites is significantly growing in the aerospace & defense, marine, sporting goods, transportation, electrical & electronics, civil engineering, pipes & tanks, medical, and wind energy industries.

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Toray Industries, Inc.; Koninklijke Ten Cate NV; Teijin Limited; Hexcel Corporation; SGL Group; Cytec Solvay Group; Owens Corning; E. I. Dupont De Nemours and Company; Huntsman Corporation; and Momentive Performance Materials Inc. are a few of the key advanced composites market players profiled during the study.

The growing use of advanced composite materials reduces the weight of the equipment used in the aerospace & defense industry, resulting in enhanced equipment performance. Further, the growing demand for advanced composites in manufacturing turbines is expected to boost the market growth. For instance, in December 2020, Toray Advanced Composites announced that it had completed a long-term supply agreement with Joby Aviation, the California-based aircraft company, for the composite material used for its aircraft. Joby Aviation will use Toray's carbon fiber composite materials to provide global communities with fast, affordable, and zero-emissions aerial ridesharing. In May 2021, Impossible Objects signed a joint development agreement with Owens Corning, a building and industrial materials provider, to establish new materials for its composite-based additive manufacturing (CBAM) technology.

Advanced composite materials aid in the production of fuel-efficient automobiles and airplanes, lowering emissions and smog. As a result, the impact of rapidly rising gasoline prices and carbon emissions will be mitigated. This has resulted in numerous research and development operations on the market and associated technologies. Thus, the rising requirement for improving vehicle and aircraft economy, lowering fuel costs, reducing pollution, and producing lightweight automobiles is boosting the demand for advanced composites.

Further, an expanding number of industry sectors are getting aware of the benefits of advanced composite materials. Composites are providing a competitive edge to industries that have historically utilized steel or aluminum constructions. It is no longer limited to aerospace, high-performance yachting, and wind energy applications. Advanced composites are being used on building facades, medical uses, truck cabins, and a variety of other applications. Hence the wide application of advanced composites is bolstering the market growth.

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