According to the recent study the advance composites market is projected to reach an estimated $14.0 billion by 2028 from $10.1 billion in 2022, at a CAGR of 5.6% from 2022 to 2028. Growth in this market is primarily driven by increasing demand of lightweight materials in the aerospace & defense and automotive industry.

Browse 93 figures / charts and 79 tables in this 205 -page report to understand trends, opportunities and forecast in advance composites market by application (aerospace and defense, wind energy, automotive, marine, construction, consumer goods, pressure vessels, and others), fiber type (carbon composites, s-glass composites and aramid composites), resin type (epoxy composites, phenolic composites, vinyl ester composites, other thermoset, thermoplastic composites), by end product (aerospace and defense, wind energy, transportation, marine, construction, consumer goods, pressure vessels, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World).

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“Aerospace and defense market is expected to remain the largest segment during the forecast period.”

Based on application, the advance composites market is segmented into aerospace and defense, wind energy, automotive, marine, construction, consumer goods, pressure vessels, and others. Lucintel forecasts that the aerospace and defense market is expected to remain the largest segment due to the increase penetration of composites in next generation commercial aircraft, like Boeing’s B779 and Airbus 380, regional aircraft such as Bombardier’s C Series, and general aviation aircraft such as Cirrus and Diamond.

“Within the advance composites market, the carbon composites segment is expected to remain the largest fiber type”

Based on fiber type the carbon composites segment is expected to witness the highest growth over the forecast period due to its beneficial qualities of being lightweight while offering corrosion resistance and high tensile strength.

“North America will dominate the advance composites market in near future”

North America is expected to remain the largest region and witness the highest growth over the forecast period due to the growth in end-use industries and steady adoption of advanced composites in wind energy for wind blades.

Major players of advance composites market are adopting various growth strategies like new product launches, expansions, merger and acquisitions, partnerships, agreements, and collaborations to expand their presence in this market. Toray Industries Inc., Cytec Solvay Group, Owens Corning, AGY Holdings, E.I Du Pont de Nemours, and Teijin Aramid are among the major advance composites providers.

This unique research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or write us at helpdesk@lucintel.com