Home > Chemicals & Materials > Advanced Materials > Composite Materials > Advanced Composites Market

Advanced Composites Market Trends

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

Download Free Sample

Advanced Composites Market Trends

Due to their high strength-to-weight ratio and durability, advanced composites are in high demand in the aerospace and defence industries. These composites play a crucial role in aircraft fuselages, wings, and interior components, leading to reduced weight, lower fuel consumption, and decreased maintenance costs. With rising air travel demand, particularly in the commercial aviation sector, the appetite for these composites is set to expand.

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.