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Advanced Composites Market Size, Revenue, End Users And Forecast Till 2028

09-18-2024 04:33 PM CET | Advertising, Media Consulting, Marketing Research

Press release from: Premium Market Insights

The Advanced Composites Market is expected to grow from US$ 38,772.87 million in 2022 to US$ 69,092.18 million by 2028; it is estimated to register a CAGR of 10.1% during the forecast period.

Advanced composites are manufactured using different raw materials and methods such as pultrusion, resin injection, resin transfer molding (RTM), filament winding, and automated fiber placement (AFP). The advanced composites are used in different end-use industries such as aerospace & defense, automotive, wind energy, building & construction, and electrical & electronics. Advanced composites have an exceptional strength-to-weight ratio, high stiffness, durability, and resistance to corrosion, chemicals, and environmental exposures. Due to all these benefits, they are highly used in different application sectors.

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Analysis of the Top Market Players:

1. Avient Corp
2. Toray Industries Inc
3. Teijin Ltd
4. SGL Carbon SE
5. Owens Corning
6. Solvay SA
7. Johns Manville Corp
8. Tecnaro GmbH
9. Ensinger GmbH
10. Mitsubishi Chemical Corp.

In this report, the market has been segmented on the basis of:

Fiber Type (Carbon Fiber Composites, Aramid Fiber Composites, Glass Fiber Composites, and Others)
Matrix Type [Epoxy Resin, Phenolics, Polyester Resin, Polyurethane Resin, Polyphenylene Sulfide (PPS), Polyetherimide (PEI), and Others]
End-Use Industry (Aerospace & Defense, Automotive, Wind Energy, Building & Construction, Electrical & Electronics, and Others)

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Based on fiber type, the advanced composites market is categorized into carbon fiber composites, aramid fiber composites, glass fiber composites, and others. In 2022, the carbon fiber composites segment held the largest market share. Carbon fiber composites are lightweight, strong materials used in manufacturing various products such as building & construction, wind energy, and aerospace & defense structural components. Carbon fiber composites generally use thermosetting resins such as polyester, epoxy, or vinyl ester. Carbon fiber composites contribute not just to energy savings through their lighter weight but are also being adopted by the alternative energy sector, such as in tanks for natural gas and hydrogen, as well as in wind turbine blades, automotive & aerospace composites, and other applications.

Based on end-use industry, the advanced composites market is segmented into aerospace & defense, automotive, wind energy, building & construction, electrical & electronics, and others. In 2022, the aerospace & defense segment led the market. Advanced composites are crucial for the safety and efficient performance of modern aircraft. The increasing need for lightweight materials to construct aviation components and parts has significantly increased the demand for advanced composites. Aircraft manufacturers are making efforts to develop huge primary thermoplastic structures in business jets and commercial aircraft. They were the early adopters of long fiber-reinforced thermoplastics. Materials such as composites and polymers are significantly lighter than steel, brass, alloys, iron, etc. The use of these materials allows manufacturers to lower the weight of airplane parts, subsequently facilitating fuel cost reductions. These factors led to the dominance of the aerospace & defense segment.

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