Advanced Composites Market to Surpass 76.51 Billion by 2030 Drives Due to Rapid Growth and Diverse Applications
SkyQuest projects that the advanced composites market will attain a value of USD 76.51 billion by 2030, with a CAGR of 9.2% over the forecast period (2023-2030). The utilization of advanced composites, specifically polymer matrix composites, is witnessing a significant rise across various industries. These lightweight materials possess exceptional strength and elasticity owing to the incorporation of fibrous components within different resin matrices in the advanced composites market. As a result, industries such as aerospace and defense, marine, sporting goods, transportation, electrical and electronics, civil engineering, medical and wind energy are increasingly adopting advanced composites.
Westford USA, Aug. 03, 2023 (GLOBE NEWSWIRE) — According to SkyQuest, the advanced composites market is projected to experience substantial growth, driven by increasing demand from industries such as aerospace and defense and sporting goods. Advanced composites are lightweight materials known for their exceptional strength and modulus of elasticity. These composites are manufactured by incorporating fibrous materials into various resin matrices.
Browse in-depth TOC on “Advanced Composites Market”
- Pages – 242
- Tables – 91
- Figures – 57
The aerospace industry is experiencing a significant surge in the demand for composite materials in the advanced composites market. Composite materials play a crucial role in commercial transport aircraft, contributing to reduced airframe weight, leading to improved fuel economy and lower operating costs. Beyond weight reduction, advanced composite materials possess a range of desirable properties such as high strength, stiffness, heat and chemical resistance, electrical conductivity and other thermal and chemical characteristics.
Prominent Players in Advanced Composites Market
- Toray Industries, Inc.
- Teijin Limited
- Hexcel Corporation
- Owens Corning
- SGL Group
- Solvay S.A.
- Mitsubishi Chemical Corporation
- Huntsman Corporation
- Cytec Industries Inc.
- Koninklijke Ten Cate bv
- Gurit Holding AG
- TPI Composites, Inc.
- Mitsubishi Rayon Co. Ltd.
- Zoltek Companies, Inc.
- Kineco Kaman Composites – India Pvt Ltd.
- BASF SE
- E. I. du Pont de Nemours and Company
- Evonik Industries AG
- Renegade Materials Corporation
- Axiom Materials, Inc.
Get a sample copy of this report:
Aerospace and Defense Segment is Expected to Dominate in the Market Due to the Increase in the Demand for Lightweight Materials
The aerospace and defense segment has emerged as a dominant force in the advanced composites market and is projected to experience further growth in the coming years. This growth can be attributed to the expansion of the aerospace industry, which has witnessed a surge in demand for lightweight and high-performance materials.
The markets in North America are poised for advanced composites market dominance in automotive, aerospace and defense industries as demand surges. North America is set to claim a substantial market share in the advanced composites industry with its thriving automotive sector and significant presence in the aerospace and defense industries.
Aramid Fiber Composites Segment is Expected to Grow in the Market Due to Increasing Emphasis on Cost Reduction
The aramid fiber composites segment is poised for significant growth in the advanced composites market, primarily driven by its expanding application in the defense sector. Aramid fibers are known for their exceptional strength, stiffness, and resistance to heat and impact, making them highly desirable in various industries. For example, in the automotive sector, aramid fiber composites are increasingly being utilized due to their high performance and lightweight properties.
Regional markets in Europe poised for substantial growth in the advanced composites market, fueled by renewable energy and wind turbine installations. As a result, the advanced composites market is poised to experience significant growth in the forecast period, capturing a substantial revenue share.
A comprehensive analysis of the major players in the advanced composites market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
Browse summary of the report and Complete Table of Contents (ToC):
Key Developments in Advanced Composites Market
- Mitsubishi Chemical Corporation recently announced its acquisition of c-m-p GmbH, based in Germany, through its subsidiary Mitsubishi chemical advanced material. This acquisition aimed to enhance Mitsubishi Chemical’s position in the carbon fiber composite material business. This strategic move allowed Mitsubishi chemical to strengthen its presence and capabilities in the growing market.
- Toray Advanced Composites recently revealed a long-term supply agreement with Joby Aviation. Under this agreement, Joby Aviation, a California-based aircraft firm, utilized Toray’s composite materials, specifically carbon fiber composites. The purpose of this collaboration was to enable Joby Aviation to offer efficient, affordable, and environmentally friendly aerial ridesharing services to communities worldwide.
Speak to Analyst for your custom requirements:
Key Questions Answered in Advanced Composites Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market’s future growth?
Related Reports in SkyQuest’s Library:
Global Soluble Dietary Fiber Market
Global Geosynthetics Market
Global Polysulfones Market
Global Sodium Alginate Market
Global Blue Ammonia Market
SkyQuest Technology is leading growth consulting firm providing market intelligence, commercialization and technology services. It has 450+ happy clients globally.
1 Apache Way, Westford, Massachusetts 01886
USA (+1) 617-230-0741
Email: [email protected]
LinkedIn Facebook Twitter
Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. AfternoonHeadlines.com takes no editorial responsibility for the same.