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Advanced Composites Market Size

Report ID: GMI12331
Published Date: Nov 2024
Report Format: PDF

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Advanced Composites Market Size

The global advanced composites market was valued at USD 31.5 billion in 2023 and is estimated to grow at a CAGR of over 5.2% from 2024 to 2032.

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The advanced composites industry is being significantly propelled by the electric vehicle (EV) sector. EVs, in their quest for enhanced range and fuel efficiency, are turning to lightweight materials. Consequently, carbon fiber and glass fiber composites are finding prominent applications in battery enclosures, chassis, and body panels. With automakers striving for lighter and more efficient EVs, the demand for advanced composites is set to surge.

Advanced Composites Market Report Attributes
Report Attribute	Details
Base Year:	2023
Advanced Composites Market Size in 2023:	USD 31.5 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	5.2%
2032 Value Projection:	USD 49.5 Billion
Historical Data for:	2021 - 2023
No. of Pages:	220
Tables, Charts & Figures:	180
Segments covered:	Product Type, Resin Type, Manufacturing Process, Application, End Use, and Region
Growth Drivers:	Increasing demand for lightweight materials Advancements in composite manufacturing technologies
Pitfalls & Challenges:	High production costs

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Authors: Avinash Singh, Sunita Singh

Frequently Asked Questions (FAQ) :

The global market size for advanced composites was valued at USD 31.5 billion in 2023 and is expected to reach USD 49.5 billion by 2032, driven by a CAGR of over 5.2% from 2024 to 2032.

The aerospace & defense segment held around 33% of the total market share in 2023 and is anticipated to grow at a CAGR of 5.6% during the forecast period, driven by the need for high-performance and maneuverable military equipment.

The U.S. market generated approximately USD 9.5 billion in 2023 and is estimated to grow at a CAGR of around 5.6% from 2024 to 2032, driven by the presence of major aerospace and defense companies.

Major players in the industry include Cytec Industries Inc., DuPont, Gurit Holding AG, Hexcel Corporation, Huntsman Corporation, Hyosung Corporation, Mitsubishi Chemical Holdings Corporation, Nippon Graphite Fiber Corporation, Owens Corning, Royal DSM N.V., and SGL Carbon SE.