|
Forecast
Period
|
2024-2028
|
|
Market
Size (2022)
|
USD 32.41 billion
|
|
CAGR
(2023-2028)
|
4.33%
|
|
Fastest
Growing Segment
|
Carbon
Fiber Composite
|
|
Largest
Market
|
North
America
|
Market Overview
Global Advanced Composites Market has valued at USD 32.41 billion in 2022 and is anticipated to project robust growth in the forecast
period with a CAGR of 4.33% through 2028. Advanced Composites are materials
that are composed of more than two constituent elements possessing different
chemical or physical properties. The advanced composite, also known as the
polymer matrix, showcases extraordinary properties, including high-strength
fibers with remarkable stiffness, elasticity, temperature resistance, chemical
resistance, dimensional stability, and more. These composites have a wide range
of applications, particularly in replacing metal components, and are
extensively utilized in the aerospace industry.
These advanced composites play a crucial role in
the manufacturing of high-performance supercars and aircraft parts, such as
engine nacelles, wings, elaborators, floor beams, ailerons, rudders, landing
gear doors, and various other components. Their exceptional strength combined
with reduced weight significantly enhances operational efficiency. By employing
advanced manufacturing processes, multiple components are blended to create
advanced composite materials (ACM) that possess high specific strength and stiffness.
Compared to the traditional composite materials commonly used in reinforced
concrete, structures made from advanced composites are lightweight and exhibit
exceptional strength.
The Advanced Composites Market is expected to
experience substantial growth due to increasing demand in the automotive and
aerospace industries. These industries value advanced composites for their
outstanding technical properties, including high strength, stiffness, fatigue
resistance, and abrasion resistance. The adoption of advanced composites is
driven by the need for high-performance components in supercars and aircraft,
as they provide excellent strength while reducing overall weight.
Furthermore, the rapid pace of urbanization and
improved lifestyle will contribute to an increase in the number of airline
passengers, accompanied by reduced airfare prices. For instance, it is
projected that global air traffic will grow by over 5% by 2025. Moreover, the
total number of large commercial aircraft delivered is expected to exceed 1500
units by the end of the forecast period, compared to approximately 1200 units
delivered in 2013. Additionally, the automotive industry will play a significant
role in the growth of the Advanced Composites Market, especially in countries
like China, Japan, and the United States. Automobile manufacturers are
increasingly incorporating polymer composites into their vehicles as part of
their initiatives to enhance performance and efficiency.
In conclusion, the utilization of advanced
composites presents a promising future in various industries, driven by their
exceptional properties and the continuous efforts of manufacturers to innovate
and improve their products.
Key Market Drivers
Growing Demand of Advanced Composites in
Transportation Industry
Advanced composites, often referred to as
high-performance composites, are materials that combine high-strength fibers,
such as carbon or glass, with polymer resins to create a product with
exceptional mechanical properties. These composites are renowned for their
remarkable strength-to-weight ratio, corrosion resistance, and durability,
making them ideal for a vast array of applications.
In the transportation industry, the use of advanced
composites has gained significant traction as a means to address the growing
demand for lighter and more fuel-efficient vehicles. By incorporating these
materials into the design and manufacturing processes, vehicle weight can be
substantially reduced, resulting in improved fuel efficiency and reduced
emissions.
One of the notable advantages of advanced
composites over traditional materials, like steel and aluminum, is their
superior durability and resistance to corrosion. Vehicles constructed with
advanced composites require less maintenance and boast longer lifespans,
leading to increased cost-savings over time.
The versatility of advanced composites is evident
as they find applications in various components of transportation vehicles,
including frames, bodies, interiors, and propulsion systems. Their popularity
extends beyond the automotive industry, with aerospace, marine, and rail
sectors also embracing their benefits.
The rising demand for advanced composites in the
transportation industry has had a profound impact on the market. As more
manufacturers recognize the advantages of these materials, the demand continues
to grow, stimulating further innovation and development in the advanced
composites sector.
Manufacturers are investing in extensive research
and development efforts to create new, high-performance composites that meet
the specific needs of the transportation industry. This commitment to
innovation ensures that advanced composites will continue to evolve and cater
to the ever-changing demands of the market.
Furthermore, the shift towards more sustainable and
fuel-efficient transportation options provides an additional impetus for the
increased demand for advanced composites. As the industry strives to meet
environmental goals, these materials offer a promising solution for achieving
greater sustainability.
The ongoing advancements in advanced composites
exemplify their transformative potential in the transportation industry and
beyond. With their exceptional properties and continuous development, these
materials are poised to play a pivotal role in shaping the future of
transportation.
Growing Demand of Advanced Composites in Electronic
Industry
Advanced composites are innovative materials that
are created by combining high-strength fibers, such as carbon or glass, with
polymer resins. This unique combination results in composites that possess
exceptional mechanical properties, including a remarkable strength-to-weight
ratio, remarkable corrosion resistance, and exceptional durability. These
remarkable attributes make advanced composites highly suitable for a wide range
of applications across diverse industries.
In recent years, the electronics industry has
increasingly recognized the immense potential of advanced composites in
enhancing product performance and durability. Thanks to their lightweight
nature, exceptional strength, excellent electrical insulation properties, and
resistance to environmental factors, these composites have become the material
of choice for numerous electronic applications.
Advanced composites find extensive use in the
manufacturing of various electronic components, including circuit boards,
connectors, insulators, and enclosures. They are also widely employed in the
production of semiconductors, capacitors, resistors, and other electronic
devices.
Moreover, with the ongoing trend towards
miniaturization in electronics, there is a growing demand for materials that
can withstand high temperatures, offer excellent dimensional stability, and
provide effective electromagnetic shielding. Advanced composites, with their
unique combination of properties, fulfill these requirements, making them an
increasingly attractive choice for electronic manufacturers.
The increasing demand for advanced composites in
the electronics industry has had a significant impact on the global advanced
composites market. As more manufacturers in this sector recognize the numerous
benefits offered by these materials, the demand for advanced composites is
expected to witness further growth in the coming years.
This escalating demand is driving innovation and
development within the advanced composites sector. Manufacturers are investing
significantly in research and development efforts to create new,
high-performance composites that can meet the specific needs and requirements
of the electronics industry.
Furthermore, the continued growth of the
electronics industry, fueled by ongoing technological advancements and
increasing consumer demand, is projected to provide a significant boost to the
advanced composites market.
In summary, advanced composites are revolutionizing
the electronics industry, thanks to their exceptional mechanical properties and
unique combination of attributes. The growing demand for these materials is
driving innovation and development, ensuring that advanced composites remain at
the forefront of the materials industry for years to come.
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Key Market Challenges
Volatility in Price of Raw Materials
Advanced composites, also known as composite
materials, are a class of high-performance materials that are created by
combining strong fibers, such as carbon fibers, with polymer resins. These
materials possess exceptional mechanical properties, including a high
strength-to-weight ratio and resistance to corrosion. As a result, they are
increasingly being utilized across a wide range of industries and applications,
including aerospace, automotive, and construction.
The production process of advanced composites
relies on several key raw materials, such as carbon fibers, epoxy resins, and
thermoplastic polymers. These raw materials play a crucial role in determining
the quality and performance of the final composite product. However, the prices
of these raw materials can be subject to significant fluctuations due to
various factors, including changes in supply and demand dynamics, geopolitical
tensions, natural disasters, and regulatory policies.
The price volatility of these raw materials
presents a significant challenge for manufacturers operating in the advanced
composites market. To ensure smooth operations and maintain profitability,
manufacturers often need to carefully plan their production schedules and
budgets well in advance. However, sudden, and unpredictable changes in raw
material prices can disrupt these plans, leading to increased production costs
and reduced profit margins.
Furthermore, this inherent uncertainty regarding
raw material prices can complicate the pricing strategies of manufacturers.
While they strive to remain competitive in the market, they must also ensure
that their products are priced adequately to cover costs and maintain
profitability. Failure to strike this delicate balance can potentially impact
their market share and overall competitiveness.
Given these challenges, manufacturers in the
advanced composites industry must closely monitor the market dynamics,
establish strong supplier relationships, and implement effective risk
management strategies to mitigate the impact of price volatility. By doing so,
they can navigate these complexities and maintain their position in a highly
competitive market landscape.
Key Market Trends
Advancements in Manufacturing Technologies
As the demand for advanced composites continues to
grow, there is an increasing need for efficient, scalable, and cost-effective
manufacturing technologies that can meet these demands. In recent years,
significant advancements have been made in this area, with the development of
new techniques and processes aimed at improving the production of advanced
composites.
One notable advancement in this field is the use of
automated fiber placement (AFP) and automated tape laying (ATL) technologies.
These cutting-edge methods allow for the precise placement of composite
materials, resulting in improved product quality and reduced waste. By
precisely controlling the arrangement of fibers, manufacturers can enhance the
strength and durability of composite structures, making them ideal for a wide
range of applications.
Another emerging trend in the advanced composites
sector is additive manufacturing, commonly known as 3D printing. This
innovative technology enables the creation of complex, custom-designed
composite parts with minimal waste. By building up the material layer by layer,
manufacturers can achieve intricate geometries and optimize the use of
materials, leading to greater design flexibility and reduced production costs.
This opens up new possibilities for the use of advanced composites in
industries such as aerospace, automotive, and healthcare.
Moreover, advancements in curing technologies, such
as out-of-autoclave (OOA) curing and microwave curing, are revolutionizing the
efficiency and quality of composite production. OOA curing eliminates the need
for expensive autoclave equipment, reducing manufacturing costs and increasing
production capacity. Microwave curing, on the other hand, offers faster curing
times and improved material properties, enhancing the overall performance of
composite products.
These remarkable advancements in manufacturing
technologies are not only transforming the advanced composites market but also
driving innovation within the sector. As manufacturers continue to adopt and
refine these technologies, we can expect to witness the emergence of new
composite materials and applications. This will further expand the
possibilities for utilizing advanced composites in diverse industries,
unlocking new levels of performance, sustainability, and cost-effectiveness.
In summary, the continuous development and
integration of advanced manufacturing technologies are propelling the advanced
composites industry to new heights. These advancements are enabling
manufacturers to produce higher-quality products more efficiently and at a
lower cost, democratizing the use of advanced composites across various
sectors. As technology continues to evolve, we can anticipate even more
groundbreaking discoveries and applications in the field of advanced
composites.
Segmental Insights
Fiber Type Insights
Based on the category of fiber type, the carbon fiber
composite segment emerged as the dominant player in the global market for Advanced
Composites in 2022. One of the major driving factors for market growth in the
carbon industry is the expanding scope of its application in the manufacturing
of wind turbines and aerospace components. Carbon materials are anticipated to
witness the fastest growth in the next eight years, primarily due to their
increasing adoption in the aerospace industry. The rising demand for
lightweight and fuel-efficient airplanes is expected to be the key driver for
the increased usage of advanced carbon materials. This trend is driven by the
industry's focus on reducing emissions and enhancing overall efficiency in the
aerospace sector. As a result, the market for carbon materials is poised for
significant growth, offering lucrative opportunities for players in the
industry.
End User Insights
The aerospace segment is projected to experience
rapid growth during the forecast period. The aerospace industry is experiencing
positive year-on-year growth, fueled by increasing investments. This growth is
expected to drive the demand for composites in the industry over the projected
period. Additionally, the automotive industry segment is also anticipated to
witness notable growth, with a projected CAGR of 8.9%. This growth can be
attributed to the rising penetration of composites in vehicles. With the
automotive industry's increasing demand for durable, lightweight, and
conductive raw materials, the advanced composites market is poised to thrive
over the forecast period. The integration of these advanced composites will
contribute to the development of innovative and high-performance vehicles,
meeting the industry's evolving demands.
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Regional Insights
North America emerged as the dominant player in the
Global Advanced Composites Market in 2022, holding the largest market share in
terms of value. The growing demand in the automotive and aerospace and defense
industry can be attributed to several factors. In the automotive sector, North
America stands out as one of the largest markets in the world, with the United
States being a major producer of automobiles. This market size is driven by the
significant disposable income of consumers, which allows for increased spending
on vehicles. Additionally, the ability of mass production and high product
variation has further fueled the growth of the automotive industry in the
country. As for the aerospace and defense industry, advancements in technology
and the need for innovative solutions have contributed to its expansion. The
increasing complexity of aerospace systems and the growing importance of
defense capabilities have created a demand for cutting-edge technologies and
expertise. Together, these factors have propelled the growth of both
industries, making them vital contributors to the overall economic landscape.
Recent Developments
- In 2022, Insight Polymers and Compounding, a
leading provider of advanced compounding solutions, expanded its
state-of-the-art facilities in Tennessee with the installation of a
cutting-edge twin-screw extrusion line. This latest addition opens up a world
of possibilities, as it enables high-temperature processing and reactive
extrusion techniques. With the new extrusion line, Insight Polymers can now
achieve exceptional results in nanoparticle dispersion, graft polymerization,
and exfoliation, further enhancing their ability to deliver innovative polymer
solutions to their customers.
- In 2022, the Bioproduct Chemistry team made a
significant breakthrough in the development of eco-friendly materials. They
successfully engineered a process to produce robust and flexible cellulosic
films that retain their strength even when exposed to moisture. What sets this
material apart is the ingenious combination of biodegradable polymers and
wood-based components, without the need for any chemical modification. By
maximizing the inherent benefits of each component, the team has created a
sustainable solution that offers superior performance and environmental
advantages. This innovation opens up new possibilities for a wide range of
applications, from packaging to biomedical materials, driving the transition
towards a greener and more sustainable future.
Key Market Players
- Toray Industries, Inc.
- Koninklijke
Ten Cate NV
- Teijin
Limited
- Hexcel
Corporation
- SGL
Carbon Corp
- Cytec Industries
Inc
- Owens
Corning
- E. I.
Dupont De Nemours and Company
- Huntsman
Corporation
- Momentive
Performance Materials Inc.
|
By Fiber
Type
|
By Manufacturing Process
|
By End User
|
By Region
|
- S-Glass Composite
- Aramid Fiber Composite
- Carbon Fiber Composite
- Others
|
- Hand Lay Process
- Injection Molding
- Compression Molding
- Pultrusion
- Others
|
- Transportation
- Aerospace
- Electricals & Electronics
- Others
|
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
|
Report Scope:
In this report, the Global Advanced Composites
Market has been segmented into the following categories, in addition to the
industry trends which have also been detailed below:
- Advanced Composites Market, By Fiber Type:
o S-Glass Composite
o Aramid Fiber Composite
o Carbon Fiber Composite
o Others
- Advanced Composites Market, By Manufacturing Process:
o Hand Lay Process
o Injection Molding
o Compression Molding
o Pultrusion
o Others
- Advanced Composites Market, By End User:
o Transportation
o Aerospace
o Electricals & Electronics
o Others
- Advanced Composites Market, By Region:
o North America
§ United States
§ Canada
§ Mexico
o Europe
§ France
§ United Kingdom
§ Italy
§ Germany
§ Spain
o Asia-Pacific
§ China
§ India
§ Japan
§ Australia
§ South Korea
o South America
§ Brazil
§ Argentina
§ Colombia
o Middle East & Africa
§ South Africa
§ Saudi Arabia
§ UAE
§ Kuwait
§ Turkey
§ Egypt
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the Global
Advanced Composites Market.
Available Customizations:
Global Advanced Composites Market report with the
given market data, Tech Sci Research offers customizations according to a
company's specific needs. The following customization options are available for
the report:
Company Information
- Detailed analysis and profiling of additional
market players (up to five).
Global Advanced
Composites Market is an upcoming report to be released soon. If you wish an
early delivery of this report or want to confirm the date of release, please
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