The global advanced composites market grew at a CAGR of 10% during 2015-2020. Advanced composites are high-performance materials that possess superior mechanical resistance along with strength and stiffness. These composites are light in weight and have excellent dimensional stability, and thermal and electrical conductivity. Advanced composites are widely employed across verticals like aerospace, automobile, construction, sports and military. As these composites are used for manufacturing blades for wind turbines, an increase in the number of wind power stations around the world has also propelled the sales of advanced composites. Looking forward, IMARC Group expects the global advanced composites market to continue its strong growth during the next five years.

Global Advanced Composites Market Drivers:

In the aerospace industry, reducing the weight of an aircraft is essential for enhancing its performance and fuel efficiency. As advanced composites are highly durable, have low density and are resistant to chemical corrosion, they are rapidly substituting traditionally used metals for manufacturing aeronautical and aircraft components such as rudders, wings, elaborators, floor beams, landing gear and engine nacelles. These composites are also replacing alloys and metals in the automotive sector. This, coupled with the rising demand for high-performance luxury vehicles, is boosting the growth of the market across the globe. Further, advanced polymer composites, such as HexPly and HexMC, are now being utilized in the production of sports equipment like snowboards, golf shafts, tennis racquets and surfboard fins. Inflating disposable incomes and a rising number of sports enthusiasts are creating strong demand for good quality sports equipment, thereby providing a thrust to the market growth.

Report Coverage:

Historical, Current and Future Market Trends

Breakup by Resin Type:

Advanced Thermosetting Composites
Advanced Thermoplastic Composites

Breakup by Type of Fiber:

Glass
Carbon
Aramid

Glass currently represents the biggest segment

Breakup by Manufacturing Process:

Hand Layup/Spray Layup
AFP and ATL
Filament Winding
Injection Molding
Pultrusion
Compression Molding
RTM/VARTM
Others

Breakup by Application:

Aerospace and Aviation
Automotive
Energy
Electronics
Marine
Others

The aerospace and aviation sector currently represents the largest application area.

Regional Insights:

North America
Europe
Asia Pacific
Middle East and Africa
Latin America

North America currently represents the largest market

Competitive Landscape:

The report has also analysed the competitive landscape of the market with some of the key players being Arkema S.A., BASF SE, Hexcel Corporation, Cytec Industries Inc., Koninklijke Ten Cate N.V., TPI Composites Inc., Toray Industries Inc.., Mitsubishi Rayon Co. Ltd, Teijin Limited., Hexion, SGL Carbon SE, 3B-Fibreglass sprl, Owens Corning Corporation, Huntsman International, LLC, Solvay S.A., Kemrock Industries and Exports Limited, E. I. Du Pont Nemours & Co., Cristex Ltd, etc.

Key questions answered in this report:

How has the global advanced composites market performed so far and how will it perform in the coming years?
What are the key regional markets in the global advanced composites industry?
What has been the impact of COVID-19 on the global advanced composites industry?
What is the breakup of the global advanced composites market based on the resin type?
What is the breakup of the global advanced composites market based on the type of fiber?
What is the breakup of the global advanced composites market based on the manufacturing process?
What is the breakup of the global advanced composites market based on the application?
What are the various stages in the value chain of the global advanced composites market?
What are the key driving factors and challenges in the global advanced composites market?
What is the structure of the global advanced composites market and who are the key players?
What is the degree of competition in the global advanced composites market?