Advanced Composites Market Share, Size, Trends, Industry Analysis Report, By Fiber Type (Aramid Fiber, S-Glass Fiber, Carbon Fiber); By Manufacturing Process; By End-Use; By Region; Segment Forecast, 2021 - 2028
- Published Date:Sep-2021
- Pages: 101
- Format: PDF
- Report ID: PM1169
- Base Year: 2020
- Historical Data: 2016 - 2019
Report Summary
The global advanced composites market was valued at USD 20.30 billion in 2020 and is expected to grow at a CAGR of 5.8% during the forecast period. The demand for advanced composites has increased due to high strength and stiffness, durability, and resistance to damage.
Advanced composites offer lower weight, high fatigue life, and corrosion resistance. They are used in diverse industries such as transportation, electronics, aerospace & defense, marine, and wind energy. They are utilized in applications requiring greater freedom of design, easier handling and assembly, reduced replacement costs, minimum maintenance requirements, and long service life.
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The COVID-19 outbreak has negatively impacted the market due to supply chain disruption, lack of raw materials, operational challenges, transportation delays, and travel restrictions. Manufacturing activities and industrial operations have also been halted due to various government regulations across the globe.
The pandemic has severely affected the automotive, aerospace & defense, and marine industries and has experienced reduced demand and workforce impairment. Restrictions on imports of goods to curb the spread of the virus have further contributed to restricting the market growth.
Industry Dynamics
Growth Drivers
Growing demand for advanced composites has increased from transportation, aerospace & defense, and wind energy due to rising industrialization and urbanization. Increasing demand for power generation from renewable sources and increasing adoption of wind energy due to growing environmental concerns and strict government regulations have increased the demand for advanced composites.
Growing investment in research and development, technological advancements, and application in diverse industries is driving the growth of the market. The economic growth in countries such as China, Japan, and India has further led to increased demand for advanced composites.
Advanced composites are used in aerospace & defense, and automotive industries due to their impact resistance, durability, and flexibility. The use of advanced composites in manufacturing results in reduced weight, improved fuel efficiency, decreased costs and enhanced structural stability. The growing need to improve automobile performance and the increasing electrification of vehicles has increased the applications of advanced composites in the automotive sector.
Increasing use in electric vehicles coupled with stringent regulations regarding emissions is expected to increase the application of advanced composites. Increasing utilization in manufacturing commercial jets, growing air passenger traffic, and use in components of defense vehicles have supported the growth of the market.
Advanced Composites Market Report Scope
The market is primarily segmented on the basis of fiber type, manufacturing process, end-use, and region.
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By Fiber Type |
By Manufacturing Process |
By End-Use |
By Region |
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Insight by Fiber Type
The fiber type segment has been divided into aramid fiber, S-glass fiber, carbon fiber, and others. Carbon fiber accounted for a significant market share in 2020. The increasing use of carbon fiber in automotive and aerospace components has boosted the growth of this segment. Carbon fiber advanced composites offer high strength, flexibility, greater performance under high temperatures, and high chemical resistance.
Insight by Manufacturing Process
The manufacturing process segment has been divided into injection molding process, resin transfer molding process, compression molding process, AFP/ATL, and others. The AFP/ATL segment accounted for a significant share in 2020. This process is used for the development of lightweight, durable, and superior products to be used in diverse industries such as aerospace, healthcare, and electronics. These products offer higher performance while also withstanding other physical and chemical influences.
Insight by End-Use
On the basis of end-use, the market is segmented into automotive and transportation, sporting goods, construction, aerospace and defense, industrial, electronics, and others. The aerospace & defense segment accounted for a significant share in 2020.
The product provides strong bonds, high heat, chemical resistance, reduced weight, and improved fuel efficiency in the defense and aerospace sector. Governments across the globe are investing significantly towards the development of aerospace equipment, boosting this segment's growth.
Geographic Overview
North America dominated the global advanced composites market in 2020. The industrial growth, rising automotive penetration, and increasing demand from defense and aerospace drive the growth of this region. Rising electronics and sporting goods applications have increased the demand for the product in the region. Growing research and development activities, the presence of international players in this region, and technological advancements are some of the additional factors attributed to the growth of this region.
Competitive Landscape
The leading players in the advanced composites market include Toray Industries Inc., Koninklijke Ten Cate B.V., Mitsubishi Chemical Holding Corporation, Hexcel Corporation, DowAksa Advanced Composites Holdings BV, Huntsman International, LLC., 3M Company, Honeywell International Inc., Teijin Limited, PPG Industries, Advanced Composites Inc., and Axalta Coating Systems, LLC.
Report Scope
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Report Attributes |
Details |
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Market size value in 2020 |
USD 20.30 billion |
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Revenue forecast in 2028 |
USD 27.17 billion |
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CAGR |
5.8% from 2021 - 2028 |
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Base year |
2020 |
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Historical data |
2016 - 2019 |
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Forecast period |
2021 - 2028 |
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Quantitative units |
Revenue in USD million/billion and CAGR from 2021 to 2028 |
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Segments covered |
By Fiber Type, By Manufacturing Process, By End-Use, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
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Key companies |
Toray Industries Inc., Koninklijke Ten Cate B.V., Mitsubishi Chemical Holding Corporation, Hexcel Corporation, DowAksa Advanced Composites Holdings BV, Huntsman International, LLC., 3M Company, Honeywell International Inc., Teijin Limited, PPG Industries, Advanced Composites Inc., and Axalta Coating Systems, LLC |
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