Advanced Composites Market Size & Share to Surpass $58.48 Billion by 2030

WASHINGTON, June 09, 2023 (GLOBE NEWSWIRE) -- The Global Advanced Composites Market is valued at USD 32.2 Billion in 2022 and is projected to reach a value of USD 58.48 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 8.9% over the forecast period 2023-2030.

Market Overview

The market for Advanced Composites will be influenced by rising demand for the product in athletic apparel, aviation, and military industries. The market for Advanced Composites is anticipated to benefit from the rising demand for these materials in the production of turbines. Globally expanding wind turbine deployments are likely to fuel market expansion. Demand is anticipated to increase over the period due to the industry terms use of advanced carbon and glass composites.

We forecast that the carbon fiber composites category in Advanced Composites market sales will account for more than 48% of total sales by 2030. The expanding application of the goods in producing wind turbines and aeronautical components fuels market expansion. Due to the rising use of the commodity in the aerospace industry, carbon is predicted to have the fastest growth rate over the next eight years. The demand for lightweight, fuel-efficient aircraft is anticipated to increase, which will spur the development of improved carbon materials.

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Market Dynamics

Increase in Demand for Aramid Glass Fiber Support Market Expansion This is a result of their expanding use in the defense industry. The product's wide range of properties, including superior properties, lightweight, high heat, and impact resistance, is anticipated to be the main driver of growth. Due to their great strength, stiffness, and resilience to heat and stress, advanced aramid fibers are being used more frequently in the global automobile industry. Throughout the forecast period, the market for nanocomposites is anticipated to be driven by the use of the commodity in producing tires, body armor, and parts for defense vehicles.

Advanced Composites for Industrial Applications the Market Growth The advantages of advanced composite materials are becoming increasingly apparent to industries — Industries that historically used steel or aluminum constructions are gaining an edge over their competitors because of materials. It is now used for more than just wind energy, high-performance sailing, and aerospace. Advanced Composites are employed in various applications, including vehicle cabins, medical instruments, and similar surfaces.

Top Players in the Global Advanced Composites Market

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Top Trends in the Global Advanced Composites Market

Top Report Findings

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Recent Developments in the Global Advanced Composites Market

Automotive Category of the Application Segment of the Global Advanced Composites Market Forecast to Generate a Substantial Revenue During the Projected Period For better understanding, based on the application, the Advanced Composites market is divided into Aerospace & Defense, Automotive, Wind energy, Sporting Goods and Other Applications.

The Automotive category of the Application segment shared the largest space in the recent year. It is forecast that this category will continue to hold the top spot during the projected period because of increased attention in the automobile, industrial, and defense sectors. Due to the nation's enormous market, high average disposable income, ability to mass produce a variety of goods, and large market size, the sector has expanded.

On the other hand, the Aerospace & Defence category is anticipated to grow significantly. Demand for composite materials is rising quickly, particularly in the aerospace sector. Composite materials are widely used in commercial transport airplanes because they provide higher fuel economy and, thus, cheaper operating costs. High strength, stiffness, high temperature & cannabinoid resistivity, electrical conductivity, and various other heat and chemical properties are additional important characteristics of advanced composite materials, which expands the range of applications for these materials in the aerospace and defense industries. They are frequently utilized in bulletproof vests, protective equipment including gloves, motorcycle protective clothing, and hunting gaiters, among other ballistic protective applications. Many nations are concentrating on developing their defense industries while producing their hardware. The demand for advanced composite materials is anticipated to increase as a result of these factors during the forecast period.

Asia Pacific Region is Forecast to Generate Enormous Chunk of Revenue in the Global Advanced Composites Market in the Forecast Time The Asia Pacific region is anticipated to do so in the coming years. Growing consumer tastes for air travel and expansion in the aviation industry are the main drivers of market expansion in these nations. In the upcoming years, increasing passenger traffic is predicted to drive market expansion for commercial aircraft. In the upcoming years, steadily increasing passenger traffic is anticipated to accelerate market expansion and increase demand for commercial aircraft.

The North American regional market is expected to see the fastest growth in the Advanced Composites market due to increasing demand for food and beverages with high nutritional value, growing demand for dietary supplements, and increasing health consciousness among consumers in the region. Additionally, the presence of large populations and rapidly growing economies in countries such as China and India are also expected to contribute to the growth of the Advanced Composites market in the Asia Pacific region.

Browse market data Tables and Figures spread through 148 Pages and in-depth TOC on Advanced Composites Market Forecast Report (2023-2030).

Global Advanced Composites Market Segmentation

By Product

By Application

By Region

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