Advanced Composites Market Growth Factors, Segmentation, Trends, Opportunities, Key Players and Forecast | Evolve Business Intelligence

As per the study initiated by Evolve Business Intelligence, the global Advanced Composites Market size accounted for USD 38.41 Billion in 2022, growing at a CAGR of 10.94% from 2023 to 2033.The advanced composites market involves high-performance materials created by combining two or more constituents to produce a stronger, lighter, and more durable substance than traditional materials. These composites, often utilizing carbon fibers, aramid fibers, or fiberglass, find extensive applications in aerospace, automotive, wind energy, and construction sectors due to their superior strength-to-weight ratio, corrosion resistance, and flexibility in design. Market growth is driven by the demand for fuel-efficient vehicles, lightweight aircraft, sustainable construction materials, and advancements in composite manufacturing technologies.
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The advanced composites market is primarily propelled by the increasing demand for lightweight, high-strength materials across industries like aerospace, automotive, and wind energy, aiming to improve fuel efficiency, performance, and sustainability. Advancements in composite manufacturing techniques, coupled with stringent regulations for fuel economy and emissions reduction, further drive the market growth.
Key Players
Some of the major Advanced Composites Market players holding high market shares include 3M (US), Axalta Coating Systems, LLC (US) and PPG Industries (US). These players use partnership and collaboration as a key strategy to gain significant market share to compete with market leaders. Some of the other major market players include DowAksa Advanced Composites Holdings BV (The Netherlands), TEIJIN LIMITED (Japan), Koninklijke Ten Cate B.V. (the Netherlands), Toray Industries Inc. (Japan), Hexcel Corporation (US), SGL Carbon (Germany), Cytec Solvay Group ( US), Huntsman International, LLC (US), and Mitsubishi Chemical Holding Corporation (Japan).
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Segmental Analysis
Based on Product, the Advanced Composites market is segmented into Aramid fiber composites, Carbon fiber composites and Glass fiber composites.With a 64.1% revenue share in 2021, the carbon fiber composites product segment dominated the advanced composites market. From 2022 to 2030, a CAGR of 10.9% is anticipated. The product's expanding use in the production of aerospace and wind turbine components is the main driver of market expansion.
Based on Application, the Advanced Composites market is segmented into Aerospace & defense, Automotive, Wind energy, Sporting goods and Others.With a 40.5% revenue share in 2021, the aerospace and defense application sector dominated the advanced composites market. Throughout the anticipated period, the aerospace industry's positive year-over-year expansion and rising investment are anticipated to fuel demand for composites.
Key Region/ Countries Covered
• North America (US, Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Spain, Russia, Nordic Countries, BeNeLux, Rest of Europe)
• Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Rest of Asia Pacific)
• Middle East and Africa (Saudi Arabia, UAE, Egypt, South Africa, Rest of MEA)
• Latin America (Mexico, Brazil, Argentina, Rest of Latin America)

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