The advanced composites market is evaluated at US$26.713 billion for the year 2019 and is projected to grow at a CAGR of 12.14% to reach the market size of US$59.573 billion by the year 2026.
Advanced Composites are materials made up of more than two basic elements with chemical or physical characteristics that differ. The polymer matrix is another name for the advanced composite. These composites have unique features including high-strength fibers with high stiffness, elasticity, temperature and chemical resistance, dimension stability, and so on. It is frequently used to replace metal components and has found use in the aircraft sector.
These advanced composites are increasingly finding applications in the production of high-performance supercars and different aircraft parts like as engine nacelles, wings, and elaborators among other components due to the advantages like greater strength and light weight. Advanced composites are made up of multiple components with high specific strength and stiffness, and advanced composite materials are coupled with automated production techniques to create advanced composites. In comparison to the composite materials usually utilized in reinforced concrete, advanced composite materials (ACM) are more advanced. Advanced composite constructions are both strong and light.
Increasing adoption by the aerospace and defense industry to drive market growth.
The Aerospace & Defense industry's expanding use of sophisticated composites assures lightweight and great efficiency. The fuel economy is increasing by 6–8% with a tenth of its weight decrease, according to an American scientific journal. With this in mind, the aerospace and defense sector is increasingly emphasizing lightweight and energy-efficient design. Advanced composites are increasingly being used in the aerospace and defense industries, and this trend is anticipated to continue. Furthermore, growing demand is projected to enhance output in the Aerospace & Defense business. This indicates a significant increase in demand for sophisticated composites.
Advances and development in the construction sector to propel the market demand.
The building business has a restricted selection of construction materials. Concrete, steel, wood, and masonry are the four alternatives accessible in the business. While some of these conventional construction materials have composite qualities, they are weak, rigid, and long-lasting. The use of advanced composites in the construction industry has recently shown promise, and they are thought to have the ability to change the construction of new buildings, generating astonishing new shapes and forms, and resulting in more efficient and beautiful structures. Stiffness and strength are provided by the reinforcing fiber.
Increasing utilization of aramid fibers and their favorable structural properties to aid market penetration.
Aramid fiber composites have exceptional characteristics such as high strength, heat resistance, and impact resistance, which is why they are becoming more popular in the automobile industry. Over the projected period, the rising usage of the product in the manufacture of tires, body armors, and defense vehicle components is likely to boost market demand.
Growing application in various end-use industries to augment the market size.
The utilization of advanced composites in varied applications in different sectors is expected to contribute to the market demand. In the automobile industry, composites are also replacing alloys and metals. This, together with the growing demand for high-performance luxury automobiles, is propelling the industry forward globally. In addition, sophisticated polymer composites such as HexPly and HexMC are increasingly being used to make sporting equipment such as snowboards, golf shafts, tennis racquets, and surfboard fins. Inflationary disposable incomes and an increase in the number of sports enthusiasts are driving robust demand for high-quality sports equipment, propelling the industry forward.
Environmental-friendly structure to incentivize increased adoption.
Most composites can't be recycled or reused, especially those manufactured with thermoset resins. As a result, the majority of them wind up in landfills at the end of their useful lives, which is neither environmentally beneficial nor sustainable. This scenario is changing as a result of various regulations implemented by governments throughout the world, as well as increased worldwide awareness about sustainability and global warming. To construct 'Green' composites, significant research is being undertaken in the development and use of sustainable fibers and resins, most of which are sourced from plants. Green composites with high strength, also known as Advanced Green Composites, have been developed as a result of substantial advances in this sector during the last 20 years or more.
High manufacturing costs act as an obstacle to market growth.
One of the biggest obstacles impeding the global advanced composites market's growth is the high cost of advanced composites manufactured. Despite their numerous advantages, carbon fiber demand is more likely to decline as the cost of manufacture is several times more than that of traditional competitors. A regulated atmosphere and high temperatures are also required to obtain the desired results. Even though they had superior properties to many others, such expensive costs would make the firms think twice. This is expected to derail the market's upward trend in the following years.
The Advanced Composites Market was dominated by North America, with APAC and Europe following closely after. Market growth in North America is expected to be boosted by increased disposable income and a growing population in emerging nations. In addition, rising consumer demand for air travel and the expansion of the aviation industry are anticipated to drive market growth in these countries. In the next years, rising passenger traffic is expected to fuel market development in commercial aircraft. In the next years, increased passenger traffic is expected to drive industry growth, rising demand for commercial aircraft. The rising use of advanced composites in different applications such as aerospace and military, wind energy, and transportation is driving the growth of the North American Advanced Composites Market.
|Market size value in 2019||US$26.713 billion|
|Market size value in 2026||US$59.573 billion|
|Growth Rate||CAGR of 12.14% from 2019 to 2026|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Fiber Type, Resin Type, End-User, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Advanced Composites Inc., Toray Industries, Composites One, SGL Group, Plasan Carbon Composites, AGY, ST Advanced Composites Pvt Ltd., Hexcel, Kineco Limited, Rockman Advanced Composites Pvt Ltd.|
|Customization scope||Free report customization with purchase|
1.1. Market Definition
1.2. Market Segmentation
2. Research Methodology
2.1. Research Data
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. The Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. Global Advanced Composites Market Analysis, By Fiber Type
5.2. Carbon Fiber
5.3. Aramid Fiber
6. Global Advanced Composites Market Analysis, By Resin Type
6.2. Advanced Thermosetting Composites
6.3. Advanced Thermoplastic Composites
7. Global Advanced Composites Market Analysis, By End-User Industry
7.4. Aerospace & Defense
7.5. Energy & Power
8. Global Advanced Composites Market Analysis, By Geography
8.2. North America
8.2.1. United States
8.3. South America
8.5. Middle East and Africa
8.6. Asia Pacific
9. Competitive Environment and Analysis
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrativeness
9.3. Mergers, Acquisitions, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix
10. Company Profiles
10.1. Advanced Composites Inc.
10.2. Toray Industries
10.3. Composites One
10.4. SGL Group
10.5. Plasan Carbon Composites
10.7. ST Advanced Composites Pvt Ltd.
10.9. Kineco Limited
10.10. Rockman Advanced Composites Pvt Ltd.
Advanced Composites Inc.
Plasan Carbon Composites
ST Advanced Composites Pvt Ltd.
Rockman Advanced Composites Pvt Ltd.
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