Market Size of Advanced Composite Materials Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 2.32 Billion |
| Market Size (2029) | USD 3.28 Billion |
| CAGR (2024 - 2029) | 6.00 % |
| Fastest Growing Market | Europe |
| Largest Market | Europe |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Advanced Composite Materials Market Analysis
The Advanced Composite Materials Market size is estimated at USD 2.32 billion in 2024, and is expected to reach USD 3.28 billion by 2029, growing at a CAGR of greater than 6% during the forecast period (2024-2029).
The COVID-19 pandemic had negatively impacted the market for advanced composite materials. The nationwide lockdowns and strict social distancing measures resulted in the closure of airplane and automotive manufacturing facilities, thereby affecting the market for advanced composite materials. However, post-COVID pandemic, the market recovered well after the restrictions were lifted. The market recovered significantly, owing to the rise in consumption of advanced composite materials in aerospace and defense, wind energy, and automotive end-user industries.
The increasing demand for lightweight materials in the aerospace and defense industries and the rising demand for fuel-efficient and lightweight vehicles are expected to drive the market.
The increasing prices of raw materials are expected to hinder the market's growth.
The recycling of advanced composites and the increasing demand for nanocomposites are expected to create opportunities for the market during the forecast period.
The North American region is expected to dominate the market. It is also expected to register the highest CAGR during the forecast period due to rising demand for advanced composite materials in aerospace and defense, wind energy, automotive, and marine end-user industries.
Advanced Composite Materials Industry Segmentation
Advanced composites are the combinations of two or more materials with different and unique properties. The final material has unique properties that are different from those of its raw materials. The advanced composites are flexible, strong, durable, and versatile and can be used in various end-user industries.
The Advanced Composite Materials Market is Segmented by Composite Type (Ceramic Matrix Composites, Metal Matrix Composites, Polymer Matrix Composites, and Core Materials), Fiber Type (Aramid Fiber, Glass Fiber, and Carbon Fiber), End-user Industry (Aerospace and Defense, Wind Energy, Transportation, Marine, Consumer Goods, and Other End-user Industries), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The Report Offers the Market Size and Forecasts in Value (USD) for all the Above Segments.
| Composite Type | |
| Ceramic Matrix Composites (CMCs) | |
| Metal Matrix Composites (MMCs) | |
| Polymer Matrix Composites (PMCs) | |
| Core Materials |
| Fiber Type | |
| Aramid Fiber | |
| Glass Fiber | |
| Carbon Fiber |
| End-user Industry | |
| Aerospace and Defense | |
| Wind Energy | |
| Transportation | |
| Marine | |
| Consumer Goods | |
| Other End-user Industries (Medical, Electronics, etc.) |
| Geography | |||||||||||
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Advanced Composite Materials Market Size Summary
The advanced composite materials market is poised for significant growth, driven by increasing demand across various industries such as aerospace, defense, automotive, and wind energy. The market experienced a downturn due to the COVID-19 pandemic, which led to temporary shutdowns in manufacturing sectors. However, it has shown a robust recovery as restrictions eased, with a notable rise in the consumption of lightweight and fuel-efficient materials. The aerospace and defense sectors are particularly influential, as the need for improved fuel economy and reduced operating costs in commercial aircraft drives the demand for advanced composites. Despite challenges like rising raw material costs, opportunities in recycling and nanocomposites are expected to bolster market expansion.
North America is anticipated to lead the advanced composite materials market, with the United States at the forefront due to its strong aerospace and defense industries. The region's market growth is supported by increasing aircraft production and a burgeoning electronics sector, driven by rapid technological advancements. The automotive industry in the United States also contributes to market growth, with rising vehicle production necessitating the use of advanced composites. The market is characterized by fragmentation, with key players like TORAY INDUSTRIES INC., Kolon Industries Inc., and SGL Carbon actively expanding their production capacities to meet growing demand. These factors collectively suggest a positive outlook for the advanced composite materials market over the forecast period.
Advanced Composite Materials Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Drivers
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1.1.1 Increasing Demand for Lightweight Materials in the Aerospace and Defense Industry
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1.1.2 Rising Demand for Fuel Efficient and Lightweight Vehicles
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1.1.3 Other Drivers
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1.2 Restraints
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1.2.1 Increasing Prices of Raw Materials
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1.2.2 Other Restraints
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1.3 Industry Value Chain Analysis
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Buyers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products and Services
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1.4.5 Degree of Competition
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2. MARKET SEGMENTATION (Market Size in Value)
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2.1 Composite Type
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2.1.1 Ceramic Matrix Composites (CMCs)
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2.1.2 Metal Matrix Composites (MMCs)
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2.1.3 Polymer Matrix Composites (PMCs)
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2.1.4 Core Materials
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2.2 Fiber Type
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2.2.1 Aramid Fiber
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2.2.2 Glass Fiber
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2.2.3 Carbon Fiber
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2.3 End-user Industry
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2.3.1 Aerospace and Defense
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2.3.2 Wind Energy
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2.3.3 Transportation
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2.3.4 Marine
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2.3.5 Consumer Goods
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2.3.6 Other End-user Industries (Medical, Electronics, etc.)
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2.4 Geography
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2.4.1 Asia-Pacific
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2.4.1.1 China
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2.4.1.2 India
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2.4.1.3 Japan
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2.4.1.4 South Korea
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2.4.1.5 Malaysia
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2.4.1.6 Thailand
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2.4.1.7 Indonesia
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2.4.1.8 Vietnam
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2.4.1.9 Rest of Asia-Pacific
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2.4.2 North America
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2.4.2.1 United States
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2.4.2.2 Canada
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2.4.2.3 Mexico
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2.4.3 Europe
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2.4.3.1 Germany
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2.4.3.2 United Kingdom
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2.4.3.3 Italy
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2.4.3.4 France
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2.4.3.5 Spain
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2.4.3.6 NORDIC
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2.4.3.7 Turkey
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2.4.3.8 Russia
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2.4.3.9 Rest of Europe
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2.4.4 South America
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2.4.4.1 Brazil
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2.4.4.2 Argentina
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2.4.4.3 Colombia
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2.4.4.4 Rest of South America
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2.4.5 Middle-East and Africa
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2.4.5.1 Saudi Arabia
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2.4.5.2 South Africa
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2.4.5.3 Nigeria
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2.4.5.4 Qatar
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2.4.5.5 Egypt
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2.4.5.6 UAE
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2.4.5.7 Rest of Middle-East and Africa
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Advanced Composite Materials Market Size FAQs
How big is the Advanced Composite Materials Market?
The Advanced Composite Materials Market size is expected to reach USD 2.32 billion in 2024 and grow at a CAGR of greater than 6% to reach USD 3.28 billion by 2029.
What is the current Advanced Composite Materials Market size?
In 2024, the Advanced Composite Materials Market size is expected to reach USD 2.32 billion.
