Top Emerging Trends Of Advanced Composites Market Progress Forecast 2024 |Grand View Research, Inc.


The global advanced composites market size is expected to reach USD 41.20 billion by 2024, according to a new report by Grand View Research, Inc. The industry is anticipated to grow, primarily on account of superior benefits such as reduced weight, fuel efficiency and higher strength offered by the materials.
Rising demand for specialty products that comply with U.S. Leadership in Energy and Environmental design (LEED) standards is expected to propel the demand in construction segment Technological innovations aimed at the development of cost-effective manufacturing processes are expected to drive demand.
The market for advanced composites is characterized by the presence of a large number of regulations. The production process of composite materials is heavily regulated on account of critical nature of their usage. In addition, the usage of such materials is also subject to various regulations related to the strength and performance characteristics, which is likely to affect the growth.
Increasing adoption of composites by the automotive industry coupled with reduced raw material prices, is projected to drive the industry growth over the forecast period. Manufacturing companies are shifting their focus towards the developing economies in regions such as Asia Pacific and Central & South America (CSA), on account superior economies of scale.
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Carbon fibers are expected to gain share owing to the decline in prices over the last two years and on account of properties exhibited by the materials including lower weight and high strength which is likely to boost the demand over the forecast period. In addition, high price volatility on account of varying raw material prices is expected to restrain the market growth.
The industry is heavily regulated, primarily on account of critical nature of the application. Producers are adopting various regulations and certifications such as U.S. Clean Air Act, Safety Glass Directives of EU, and The American Society of Testing Materials. Presence of intensive regulatory framework increases the setup cost which leads to a limited market growth.
Further key findings from the report suggest:
  • Carbon is expected to be the fastest-growing segment, in terms of volume, registering a CAGR of 11.9% from 2015 to 2024 owing to its extensive usage in the production of aircraft components such as wings, fuselage, cockpit, and tail surfaces.
  • The use of s-glass based composites in the construction industry is expected to reach a market revenue of USD 2.52 billion by 2024 on account of the superior stress resistance of the product coupled with longer operational lifetime
  • The use of aramid fibers for aerospace and defense application is expected to register a CAGR of 5.8% over the forecast period owing to heightened demand for low weight, high-strength materials for aircraft production.
  • Key manufacturers operating in the industry lay extensive focus on the production and development of high strength materials for specific applications in a bid to increase the market share.
The industry is affected by usage of energy intensive production processes. However, technological advancements in the manufacturing process including the usage of fluid handling mechanism is expected to result in a decline in the overall price which is further expected to drive the industry growth.
The development of new fighter jets and other related products is expected to augment growth of the global defense sector. The application of aramid composites is replacing asbestos on account of the high-performance efficiency which is expected to moderately impact the market in the initial phase of the forecast period.
Aramid fiber composites exhibit superior properties such as high strength, high heat and impact resistance on account of which they are being increasingly utilized in the automotive sector. Growing use of the product in manufacturing of tires, body armors and components of defense vehicles is expected to drive the market demand over the forecast period.
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Composites account for around 50% of the total material required for manufacturing an airplane, out which carbon fiber products account for over 90% of the total materials utilized. The demand for commercial jets is expected to rise on account of the growing air passenger traffic, prompting the commercial airline companies to increase their fleet size which is further expected to drive growth.
Grand View Research has segmented the advanced composites market on the basis of product, application and region.
Advanced Composites Product Outlook (Volume, Kilotons; Revenue, USD Million; 2013 - 2024)
  • Aramid
  • Carbon
  • Glass
Advanced Composites Application Outlook (Volume, Kilotons; Revenue, USD Million; 2013 - 2024)
  • Aramid
    • Aerospace & Defense
    • Automotive
    • Construction
    • Marine
  • Carbon
    • Aerospace & Defense
    • Automotive
    • Construction
    • Marine
    • Pipes & tanks
    • Sporting Goods
    • Wind Energy
  • Glass
    • Aerospace & Defense
    • Automotive
    • Construction
    • Marine
    • Pipes & Tanks
    • Sporting Goods
    • Wind Energy
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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