Advanced Composites Market Analysis Report By Product, By Application And Segment Forecasts From 2020 To 2027

Industry Insights

The global advanced composites market size was valued at USD 26.51 billion in 2019. The market is estimated to register a CAGR of 8.3% from 2020 to 2027. Increasing use of aramid in the manufacturing of friction materials, safety clothing, optical fibers, and rubber reinforcement are is attributing to the growth of the market. Advanced composites materials are known to exhibit high stiffness and strength.

Among different advanced composites, carbon fibers are likely to register significant growth due to a drop in their prices. Moreover, the use of carbon fiber is gaining traction owing to its benefits such as high strength and lightweight. However, fluctuation in the raw materials required for the production of an advanced composite is projected to restrain the market growth.

The advanced composites market is highly regulated owing to the critical nature of its application. Manufacturers are focused on obtaining certifications from The American Society of Testing Materials, Safety Glass Directives of EU, and U.S. Clean Air Act to abide by the regulations. Stringent regulations have resulted in high setup costs, which, in turn, is limiting the market growth.

In addition, the market is affected by the use of energy-intensive manufacturing processes. However, technological advancements in the production processes such as the use of a fluid handling mechanism are estimated to reduce the overall price, thus, positively affecting the market growth. In addition, increasing demand for advanced composites in the development of fighter jets and related products for the defense sector is likely to spur the product demand.

Product Insights

Depending on the product, the advanced composites market is classified into aramid, glass, and carbon. Aramid fibers exhibit excellent properties that include high resistance to heat and impact along with high strength. Owing to these features, aramid fiber is increasingly used in the automotive industry. Increasing use of the product in the production of body armors, tires, and other defense components is estimated to supplement the segment growth over the forecast duration.

As opposed to earlier where aluminum was the main component of aircraft manufacturing, composite materials are gaining traction in aerospace manufacturing. Nowadays, nearly half of the material used is composite, of which, carbon fiber accounts for the highest share. Amid the influx in air traffic, the demand for passenger aircraft is likely to witness significant growth, which, in turn, is likely to provide a lucrative opportunity for market growth.

Glass is the other major advanced composites that are anticipated to witness considerable growth over the forecast duration. Advantages such as high strength, chemical resistance, thermal conductivity, moisture resistance, and dimensional stability are projected to drive the use of advanced glass composite from 2020 to 2027.

Application Insights

Extensive use of glass composites in the manufacturing of bumper, roof, fender, door module, and instrument panel in the automotive industry is anticipated to positively affect the market growth. In addition, S-glass demand in the production of wind turbines is likely to drive the adoption of wind energy globally.

In the past few years, the demand for carbon composite in the sports industry has surged significantly. Sports goods such as racquets, fishing rods, bicycles, golf shafts, skis, hockey sticks, and snowboards use carbon composites in abundant quantity. Carbon composite properties such as lightweight, high stiffness, and strength are anticipated to drive its application in various sporting goods over the forecast years.

Aramid composite is being increasingly used in the aerospace and defense industry. Diversified characteristics of this product are attributing to its wide application in the aerospace industry. In addition, aramid properties such as heat and impact resistance are likely to spur its demand in safety and protecting clothing.

Regional Insights

North America held the largest share in 2019 and is projected to maintain its dominance over the forecast duration. The presence of a large number of automotive and defense manufacturers such as Lockheed Martin, General Motors, and Boeing is estimated to spur regional growth. In addition, the region is witnessing increased demand for advanced composites from renewable energy sources like wind energy farms.

On the other hand, Europe is anticipated to register a significant growth of advanced composites due to increasing demand from the automotive industry. In addition, increasing demand from aerospace manufacturing firms such as Dassault Aviation SA., Leonardo S.p.A., Airbus SA, Rolls Royce Holdings plc., and BAE Systems plc is further projected to supplement the regional growth.

Impact of COVID-19

COVID-19 has resulted in a sharp decline in the demand for advanced composites. The production of advanced composites has reduced significantly owing to the closure of various industrial operations following the imposition of lockdowns in different parts of the world. Moreover, the production was further affected by the lack of raw materials owing to the disruption in the supply chain. In addition, major end-user industries of advanced composites such as aerospace & defense, automotive, marine, sporting goods, and others were hit severely owing to COVID-19, which, in turn, adversely affected the market growth. The sales of automotive are estimated to dip by almost 30% in 2020. However, COVID-19 impact on advanced composites is short-term to mid-term and the market is estimated to recover in the next couple of years.

Advanced Composites Market Share Insights

Major industry players are projected to retain their dominance owing to increasing proficiency in advanced composite production.  Key players involved in the industries are WS Atkins plc, Teijin Limited, SGL Group, Owens Corning, Huntsman Corporation, Formosa Plastics Corporation, and Strata Manufacturing among others. These players are offering industry-specific products, thereby, making the switching cost reasonably high for consumers. Major market participants are focused on increasing their product portfolio for aerospace and defense owing to a lucrative opportunity in this sector. In addition, companies are emphasizing increasing their footprint in the international market owing to the increasing popularity of advanced composites in different end-use applications.

Report Scope

Segments Covered in the Report 

This report forecasts revenue growth at global, regional, and country levels, and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For this study, Million Insights has segmented the global advanced composites market report based on product, application, and region: 

• Advanced Composites Product Outlook (Volume, Kilotons; Revenue, USD Million; 2016 - 2027)
    • Aramid
    • Carbon
    • Glass

• Advanced Composites Application Outlook (Volume, Kilotons; Revenue, USD Million; 2016 - 2027)
    • Aramid
        • Aerospace & Defense
        • Automotive
        • Construction
        • Marine
        • Others
    • Carbon
        • Aerospace & Defense
        • Automotive
        • Construction
        • Marine
        • Pipes & tanks
        • Sporting Goods
        • Wind Energy
        • Others
    • Glass
        • Aerospace & Defense
        • Automotive
        • Construction
        • Marine
        • Pipes & Tanks
        • Sporting Goods
        • Wind Energy
        • Others

• Regional Outlook (Volume, Kilotons; Revenue, USD Million; 2016 - 2027)
    • North America
        • U.S.
    • Europe
        • Germany
        • The UK
    • The Asia Pacific
        • China
        • India
        • Japan
    • Central & South America
        • Brazil
    • Middle East & Africa