Advanced Composites Market to be Worth $70.2 Billion by 2030: Grand View Research, Inc.

SAN FRANCISCO, June 9, 2022 /PRNewswire/ -- The global advanced composites market size is expected to reach USD 70.2 billion by 2030, as per a new report by Grand View Research Inc. The market is expected to expand at a CAGR of 9.2% from 2022 to 2030. Growing demand for the products in the wind energy sector and aerospace and defense industry is expected to drive the market growth over the forecasted period. The market is growing at a notable pace owing to the rising penetration of carbon and glass fiber composites in the aerospace and defense industry and industries such as renewable power generation, healthcare, and electronics. Moreover, industrialization in emerging markets such as China, India, and Japan further propel the growth of the market.

Key Industry Insights & Findings from the report:

• The aerospace and defense application segment accounted for a revenue share of over 40% in 2021. Growing air passenger traffic and the resultant surge in the manufacturing of airplanes in North America and Europe are expected to drive the market.
• The glass composites segment accounted for over 27.0% of the total market in 2021. The growing application scope of the product in the automotive, sporting goods, and wind industries is expected to drive the market.
• The wind energy application segment is expected to witness a CAGR of 8.6% from 2021 to 2030. The increasing utilization of glass and carbon advanced composites coupled with rapid wind turbine industry growth is expected to bolster market growth over the forecast period.
• The growing application of aramid composites in the defense sector is expected to aid market growth. The characteristics like lightweight and high strength and the rising geopolitical instability are expected to bolster the defense sector which in turn will aid market growth.
• North America accounted for approximately 38.0% of the total market in terms of revenue in 2021. The presence of the leading aerospace manufacturer, The Boeing Company is expected to be a key aspect of market growth over the forecast period.

Get more Insights from 198-pages market research report, "Advanced Composites Market Size, Share & Trends Analysis Report By Product (Aramid, Carbon, Glass), By Application (Aerospace & Defense, Automotive, Construction, Sporting Goods, Wind Energy), By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.

Advanced Composites Market Growth & Trends

Carbon fibers composites are likely to grow significantly 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. The demand in the aerospace industry and wind turbine manufacturing is expected to grow owing to the increasing air passenger traffic and installations of wind energy plants across the globe. The 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.

Advanced Composites Market Segmentation

Grand View Research has segmented the advanced composites market based on product, application, and region:

Advanced Composites Market - Product Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2030)

• Aramid Fiber Composites
• Carbon Fiber Composites
• Glass Fiber Composites

Advanced Composites Market - Application Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2030)

• Aerospace & defense
• Automotive
• Wind energy
• Sporting goods
• Others

Advanced Composites Market - Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2030)

• North America
• U.S.
• Europe
• Germany
• U.K.
• Asia Pacific
• China
• India
• Japan
• Central & South America
• Brazil
• Middle East & Africa

List of Key Players of Advanced Composites Market

• Toray Industries, Inc.
• Koninklijke Ten Cate NV
• Teijin Limited
• Hexcel Corporation
• SGL Group
• Cytec Solvay Group
• Owens Corning
• E. I. Dupont De Nemours and Company
• Huntsman Corporation
• Momentive Performance Materials Inc.
• WS Atkins plc
• AGY Holdings Corp.
• Formosa Plastics Corporation
• Plasan Carbon Composites
• Strata Manufacturing

Check out more market studies published by Grand View Research:

• Aerospace And Defense Materials Market - The global aerospace and defense materials market size is expected to reach USD 28.37 billion by 2027, registering a revenue-based CAGR of 4.0% during the forecast period, according to a new report published by Grand View Research, Inc. Increasing investment in modernization along with expansion of combat aircraft fleet in countries, such as India and China is expected to drive the growth.
• Wood Plastic Composite Market - The global wood plastic composite market size is expected to reach USD 12.5 billion by 2027, expanding at a revenue-based CAGR of 11.4%, according to a new report by Grand View Research, Inc. Increasing demand for wood plastic composite in manufacturing noise barriers for street construction and sheet pilings for landscaping and garden furniture is expected to drive market growth.
• Wind Energy Foundation Market - The global wind energy foundation market is expected to reach USD 241.14 billion by 2024, according to a new report by Grand View Research, Inc. Increasing concerns over depleting petroleum resources has resulted in influencing growing demand for renewable energy. Increasing global population and industrialization have become major factors for moving towards non-conventional resources.

Browse through Grand View Research's Advanced Interior Materials Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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