Advanced Composites Market by Fiber, Resin, Manufacturing Process, End-use Industry

List of Tables

[199 Pages Report] The Advanced Composites Market size was estimated at USD 18.35 billion in 2023 and expected to reach USD 20.16 billion in 2024, at a CAGR 10.06% to reach USD 35.90 billion by 2030.

Advanced composites are high-performance materials with superior mechanical properties such as high strength-to-weight ratio, stiffness, and chemical and temperature variance resistance. Advanced composite materials comprise a matrix and a reinforcement, which can be in the form of fibers or particles. Ongoing innovations in material science leading to the development of more durable and resilient advanced composites are driving the market growth. Increasing aircraft production rates and greater adoption of composites in commercial and military aerospace applications also enhance the adoption of advanced composites. Continuous efforts in cost reduction and process optimization facilitating wider adoption across industries positively contribute to market growth. However, high manufacturing and raw material costs are a significant limitation for the market growth. Moreover, the complexity of recycling composite materials poses environmental and economic challenges in the market space. Innovations in recycling processes for advanced composites present substantial opportunities, as does the exploration of bio-based resins that can offer improved sustainability. Additionally, the growing need for lightweight materials in the transportation sector provides ongoing opportunities for market expansion.

KEY MARKET STATISTICS
Base Year [2023]	USD 18.35 billion
Estimated Year [2024]	USD 20.16 billion
Forecast Year [2030]	USD 35.90 billion
CAGR (%)	10.06%

Fiber: Rising adoption of carbon fiber composites in automotive industry

Aramid fiber composites are renowned for their exceptional strength-to-weight ratios and resilience, making them ideal for applications requiring durability and lightweight properties. Aramid fiber composites are predominantly used in aerospace, military, and automotive sectors, for ballistic protection gear, and in the manufacturing of high-performance sporting equipment. The need for aramid fiber composites is driven by their exceptional tensile strength, resistance to high temperatures, and ability to absorb impact without compromising structural integrity. Carbon fiber composites are distinguished by their supreme stiffness, high tensile strength, low weight, and chemical resistance. Carbon fiber composites are leveraged in industries such as sports, automotive, aerospace, and wind energy sectors. The demand for carbon fiber composites is primarily driven by the automotive industry's shift towards electric vehicles (EVs) and the aerospace sector's enduring quest for fuel efficiency through weight reduction. S-Glass fiber composites, known for their elevated strength compared to traditional glass fibers (E-Glass), are primarily used where higher tensile strength, minimal weight, and resistance to environmental damage are critical such as aerospace, defense, and sporting goods industry.

Manufacturing Process: Ongoing advancements in variety of manufacturing processes

Automated Tape Laying (ATL) & Automated Fiber Placement (AFP) methods are utilized for laying down composite materials, such as fibers, onto a mold and are preferred for their precision and efficiency in manufacturing complex structures. The compression molding process involves placing a fiber-reinforced material into a mold cavity and then applying heat and pressure to shape the part. The compression molding process is preferred for its ability to produce high-strength parts with complex geometries at a lower cost. Continuous fiber strands are wound under tension over a rotating mandrel in filament winding. The filament winding method is optimized for creating components with high strength-to-weight ratios, such as tubes and tanks. Hand layup and spray layup are manual processes where the fiber-reinforced material is placed by hand onto a mold and resin is applied. Injection molding involves injecting molten thermoplastic composites into a mold cavity. It is highly efficient for producing complex-shaped parts with excellent surface finish. Pultrusion pulls fibers through a resin bath and a heated die to cure. The pultrusion process continuously has profiles with constant cross-sections and is renowned for high mechanical properties. The vacuum-assisted resin transfer molding method is distinguished by its ability to create large and complex parts with high-quality surface finishes without incurring high costs.

Regional Insights

In the Americas region, the U.S. leads in the innovation and application of advanced composites, propelled by significant investments in research and development. The aerospace and defense industries are major consumers of advanced composites, with the automotive sector rapidly adopting composite materials for lightweight and fuel-efficient vehicles in the Americas region. However, the European Union is at the forefront of regulatory standards and sustainability in the composites sector, fostering innovation in recycling technologies and the development of green composites. The Middle East is witnessing a surge in the use of advanced composites, especially in construction and infrastructure projects, due to their durability and resistance to harsh environmental conditions. Africa's advanced composites market is in its nascent stages, with potential growth in automotive, aerospace, and renewable energy sectors. In the APAC region, China's rapid industrial growth has made it a hotspot for the consumption and production of advanced composites, with significant advancements in the wind energy and transportation sectors. Additionally, India and Japan are emerging as a substantial market for advanced composites, driven by their growing aerospace, defense, and automotive industries.

FPNV Positioning Matrix

The FPNV Positioning Matrix is pivotal in evaluating the Advanced Composites Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Advanced Composites Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Key Company Profiles

The report delves into recent significant developments in the Advanced Composites Market, highlighting leading vendors and their innovative profiles. These include ACPT Inc., Advanced Composites Solutions Srl, AGY Holding Corp., Akzo Nobel N.V., ARRIS Composites, Inc., Avient Corporation, BASF SE, DuPont de Nemours, Inc., Evonik Industries AG, FormosaM Co., Ltd., Gurit Services AG, Hexcel Corporation, Honeywell International Inc., LyondellBasell Industries Holdings B.V., Mitsubishi Chemical Carbon Fiber and Composites, Inc., MITSUI CHEMICALS INDIA, PVT. LTD, Momentive Performance Materials Inc., Owens Corning, Inc., Plasan Carbon Composites, Rockman Advance Composites Private Limited, SGL Carbon SE, Solvay S.A., ST Advanced Composites, Teijin Limited, and Toray Industries, Inc..

Market Segmentation & Coverage

This research report categorizes the Advanced Composites Market to forecast the revenues and analyze trends in each of the following sub-markets:

Fiber
- Aramid Fiber Composites
- Carbon Fiber Composites
- S-Glass Fiber Composites

Resin
- Advanced Thermoplastic Composites
- Advanced Thermosetting Composites

Manufacturing Process
- Automated Tape Laying (ATL) & Automated Fiber Placement (AFP)
- Compression Molding
- Filament Winding
- Hand Layup/ Spray Layup
- Injection Molding
- Pultrusion
- Vacuum Assisted Resin Transfer Molding

End-use Industry
- Aerospace & Defense
- Civil Engineering
- Electrical & Electronics
- Marine
- Medical
- Pipes & Tanks
- Sporting Goods
- Transportation
- Wind Energy

Region
- Americas
  - Argentina
  - Brazil
  - Canada
  - Mexico
  - United States
    - California
    - Florida
    - Illinois
    - New York
    - Ohio
    - Pennsylvania
    - Texas
- Asia-Pacific
  - Australia
  - China
  - India
  - Indonesia
  - Japan
  - Malaysia
  - Philippines
  - Singapore
  - South Korea
  - Taiwan
  - Thailand
  - Vietnam

Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom

The report offers valuable insights on the following aspects:

1. Market Penetration: It presents comprehensive information on the market provided by key players.

2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.

3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.

4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.

5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.

The report addresses key questions such as:

1. What is the market size and forecast of the Advanced Composites Market?

2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Advanced Composites Market?

3. What are the technology trends and regulatory frameworks in the Advanced Composites Market?

4. What is the market share of the leading vendors in the Advanced Composites Market?

5. Which modes and strategic moves are suitable for entering the Advanced Composites Market?

Product Code: MRR-0D217D5AD5F0

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Demand for advanced composites from the renewable energy sector
  - 5.1.1.2. Surge in production of light-weight aircraft components
  - 5.1.1.3. Rising utilization of advanced composites in sporting goods
- 5.1.2. Restraints
  - 5.1.2.1. High cost of advanced composites
- 5.1.3. Opportunities
  - 5.1.3.1. Advancements in thermal and high-performance advanced composite manufacturing technology
  - 5.1.3.2. Extensive use of 3D printing technology and nanocomposites for advanced composites
- 5.1.4. Challenges
  - 5.1.4.1. Adverse health issues associated with exposure to toxic materials
5.2. Market Segmentation Analysis
- 5.2.1. Fiber: Rising adoption of carbon fiber composites in automotive industry
- 5.2.2. Manufacturing Process: Ongoing advancements in variety of manufacturing processes
5.3. Market Disruption Analysis
5.4. Porter's Five Forces Analysis
- 5.4.1. Threat of New Entrants
- 5.4.2. Threat of Substitutes
- 5.4.3. Bargaining Power of Customers
- 5.4.4. Bargaining Power of Suppliers
- 5.4.5. Industry Rivalry
5.5. Value Chain & Critical Path Analysis
5.6. Pricing Analysis
5.7. Technology Analysis
5.8. Patent Analysis
5.9. Trade Analysis
5.10. Regulatory Framework Analysis

6. Advanced Composites Market, by Fiber

6.1. Introduction
6.2. Aramid Fiber Composites
6.3. Carbon Fiber Composites
6.4. S-Glass Fiber Composites

7. Advanced Composites Market, by Resin

7.1. Introduction
7.2. Advanced Thermoplastic Composites
7.3. Advanced Thermosetting Composites

8. Advanced Composites Market, by Manufacturing Process

8.1. Introduction
8.2. Automated Tape Laying (ATL) & Automated Fiber Placement (AFP)
8.3. Compression Molding
8.4. Filament Winding
8.5. Hand Layup/ Spray Layup
8.6. Injection Molding
8.7. Pultrusion
8.8. Vacuum Assisted Resin Transfer Molding

9. Advanced Composites Market, by End-use Industry

9.1. Introduction
9.2. Aerospace & Defense
9.3. Civil Engineering
9.4. Electrical & Electronics
9.5. Marine
9.6. Medical
9.7. Pipes & Tanks
9.8. Sporting Goods
9.9. Transportation
9.10. Wind Energy

10. Americas Advanced Composites Market

10.1. Introduction
10.2. Argentina
10.3. Brazil
10.4. Canada
10.5. Mexico
10.6. United States

11. Asia-Pacific Advanced Composites Market

11.1. Introduction
11.2. Australia
11.3. China
11.4. India
11.5. Indonesia
11.6. Japan
11.7. Malaysia
11.8. Philippines
11.9. Singapore
11.10. South Korea
11.11. Taiwan
11.12. Thailand
11.13. Vietnam

12. Europe, Middle East & Africa Advanced Composites Market

12.1. Introduction
12.2. Denmark
12.3. Egypt
12.4. Finland
12.5. France
12.6. Germany
12.7. Israel
12.8. Italy
12.9. Netherlands
12.10. Nigeria
12.11. Norway
12.12. Poland
12.13. Qatar
12.14. Russia
12.15. Saudi Arabia
12.16. South Africa
12.17. Spain
12.18. Sweden
12.19. Switzerland
12.20. Turkey
12.21. United Arab Emirates
12.22. United Kingdom

13. Competitive Landscape

13.1. Market Share Analysis, 2023
13.2. FPNV Positioning Matrix, 2023
13.3. Competitive Scenario Analysis
- 13.3.1. Toray Advanced Composites Announces Expansion of Morgan Hill Campus, Increasing Production Capacity by Fifty Percent
- 13.3.2. GracoRoberts Acquires Pacific Coast Composites to Provide Customers with an Extensive Offering of Composites Products and Shorter Lead Times to the Aerospace Industry
- 13.3.3. DOE renews partnership with Vanderbilt collaborator Institute for Advanced Composites Manufacturing Innovation
13.4. Strategy Analysis & Recommendation

14. Competitive Portfolio

14.1. Key Company Profiles
14.2. Key Product Portfolio