Advanced composites Market: Size, Share, Competitive Overview and Trend Analysis Report

The global advanced composites market is witnessing robust growth, fueled by rising demand for carbon fiber and S-glass fiber composites in the aerospace & defense sector, increasing adoption across diverse end-use industries, and rapid industrialization in emerging economies.

According to a report published by Allied Market Research, titled "Advanced Composites Market by Product Type, Resin Type, and End-Use Industry: Global Opportunity Analysis and Industry Forecast, 2021-2031," the market was valued at $34.0 billion in 2021 and is projected to reach $88.7 billion by 2031, registering a CAGR of 10.2% from 2022 to 2031.

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Key Growth Drivers:

- Growing demand for lightweight, high-strength carbon fiber composites in aerospace & defense
- Increasing application of advanced composites across automotive, wind energy, and electronics sectors
- Rapid industrial expansion in developing countries

Market Restraints:

- High production and raw material costs
- Availability of alternative materials

Emerging Opportunities:

- Technological advancements in wind energy
- Rising global automotive production and demand for lightweight materials

Segment Insights:-

Carbon Fiber Segment to Lead the Market:

- By product type, the carbon fiber segment dominated in 2021, accounting for nearly three-fifths of total market revenue, and is expected to maintain its leadership throughout the forecast period. The segment is projected to grow at a CAGR of 10.3%.

Carbon fiber composites are widely preferred due to their:

- Superior corrosion resistance
- High heat tolerance
- Excellent strength-to-weight ratio
- Extensive use in aerospace components

Thermoplastic Segment to Maintain Dominance:

- By resin type, the thermoplastic segment held nearly three-fifths of the market share in 2021 and is expected to retain its dominant position. It is also projected to register the fastest CAGR of 10.3% during the forecast period.

Thermoplastics are increasingly used due to:

- High thermal resistance
- Dimensional stability
- Electrical insulation properties
- Recyclability advantages

Aerospace & Defense to Remain the Largest End-Use Industry:

By end-use industry, the aerospace and defense segment generated nearly three-fifths of global revenue in 2021 and is projected to grow at the highest CAGR of 10.5% through 2031.
Growth is driven by:

- Extensive use of advanced composites in next-generation military aircraft
- Rising investments in defense modernization programs
- Increasing demand for lightweight structural components

Regional Outlook:

Asia-Pacific - Market Leader

- The Asia-Pacific region accounted for nearly two-fifths of global revenue in 2021 and is expected to maintain its dominance throughout the forecast period. Growth is primarily attributed to expanding aerospace and automotive industries in China, India, and Japan.

North America - Fastest Growing Region

- North America is projected to register the fastest CAGR of 10.3% from 2022 to 2031, driven by:
- High demand in aerospace, automotive, and wind energy sectors
- Strong growth in the automotive industry
- Technological advancements and R&D investments

Leading Market Players:-

Key players operating in the global advanced composites market include:

- Hexcel Corporation
- Owens Corning
- Huntsman International LLC
- Solvay
- Momentive
- DuPont
- SGL Carbon
- Toray Industries, Inc.
- Teijin Limited

These companies are adopting strategies such as product launches, partnerships, geographical expansion, and strategic collaborations to strengthen their market presence and maintain competitive advantage.

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