Advanced Composites Market By Fiber Type (Carbon, Glass, Aramid), By Resin Type (Thermoset Resins, Thermoplastic Resins), By Application (Aerospace & Defense, Automotive, Construction, Electrical & Electronics, Energy), and By Region; Global Insights & Forecast (2024 – 2030)

As per Intent Market Research, the Advanced Composites Market was valued at USD 32.7 billion in 2023 and will surpass USD 50.3 billion by 2030; growing at a CAGR of 6.3% during 2024 - 2030.

The Advanced Composites Market is witnessing significant growth, driven by the increasing demand for lightweight, high-strength materials across industries such as aerospace, automotive, construction, and renewable energy. Advanced composites, typically consisting of a matrix material (such as polymers, ceramics, or metals) reinforced with fibers (like carbon fiber or glass fiber), offer superior properties such as high stiffness, durability, and corrosion resistance. As industries focus on improving the efficiency, safety, and performance of their products while reducing weight, the demand for these advanced materials has surged.

The adoption of advanced composites is particularly prominent in sectors such as aerospace, where material weight reduction can result in significant fuel savings, and in automotive manufacturing, where they contribute to enhanced fuel efficiency and lower emissions. This report provides a detailed analysis of the advanced composites market, covering key segments, regional trends, and competitive dynamics shaping the industry’s future.

Carbon Fiber Composites Segment is Largest Owing to Dominance in Aerospace and Automotive Sectors

The Carbon Fiber Composites segment is the largest within the advanced composites market, driven primarily by the aerospace and automotive industries, where the demand for high-strength, lightweight materials is critical. Carbon fiber composites offer superior mechanical properties, including high tensile strength, low weight, and resistance to fatigue and corrosion, making them ideal for applications where performance is paramount. The aerospace industry, in particular, relies heavily on carbon fiber composites for manufacturing components such as wings, fuselages, and interior parts, as they help reduce weight and improve fuel efficiency.

In addition to aerospace, the automotive sector is increasingly adopting carbon fiber composites in the production of high-performance vehicles, especially electric vehicles (EVs), where weight reduction is crucial to maximizing battery life and efficiency. As automotive manufacturers strive to meet stringent fuel economy and emission standards, the demand for carbon fiber composites is expected to continue its upward trajectory. This segment’s dominance is reinforced by the growing trend of lightweighting in various industries, which positions carbon fiber composites as the material of choice for many high-performance applications.

Glass Fiber Composites Segment is Fastest Growing Owing to Cost-Effectiveness and Versatility

The Glass Fiber Composites segment is the fastest-growing subsegment in the advanced composites market, largely due to their cost-effectiveness and versatility in various applications. Glass fiber composites are widely used across industries such as construction, marine, transportation, and wind energy. They offer a balance of strength, flexibility, and low cost compared to carbon fiber, making them an attractive alternative for less demanding applications where cost is a critical factor.

In the wind energy sector, for example, glass fiber composites are used extensively in the production of turbine blades due to their ability to provide high stiffness and durability while remaining lightweight. Similarly, in construction, glass fiber composites are used for reinforcing materials, such as concrete and plastics, to improve strength without adding significant weight. The growing demand for renewable energy, infrastructure projects, and cost-sensitive applications positions the glass fiber composites segment as the fastest growing in the market.

Aerospace & Defense Segment is Largest Owing to Demand for Lightweight, High-Performance Materials

The Aerospace & Defense segment is the largest end-use industry for advanced composites, driven by the sector’s need for high-performance, lightweight materials that can withstand extreme environmental conditions. In aerospace, the reduction of weight is crucial for improving fuel efficiency, reducing emissions, and enhancing payload capacity. Advanced composites, particularly carbon fiber composites, are used in critical components such as aircraft structures, wings, fuselage, and interior parts, as well as in defense applications, including military vehicles and protective armor.

The aerospace industry’s continuous push for fuel efficiency, environmental sustainability, and performance optimization ensures that the demand for advanced composites remains strong. With a projected increase in air travel and a focus on the development of next-generation aircraft (such as electric and hybrid aircraft), the aerospace and defense segment will continue to dominate the market for advanced composites over the forecast period, especially as materials science and manufacturing techniques advance.

Asia Pacific Region is Fastest Growing Owing to Expanding Industrial Base and Infrastructure Development

The Asia Pacific (APAC) region is the fastest-growing market for advanced composites, driven by rapid industrialization, urbanization, and infrastructure development in countries like China, India, Japan, and South Korea. The region is witnessing an increase in demand for advanced composites in aerospace, automotive, construction, and renewable energy sectors, as local industries seek to adopt high-performance, lightweight materials to meet growing production needs and environmental regulations. APAC’s expanding manufacturing base and the shift toward advanced manufacturing techniques further bolster the growth of advanced composites in the region.

In particular, the automotive and wind energy sectors in APAC are experiencing a surge in demand for advanced composites. China’s leadership in the electric vehicle market, coupled with its investments in renewable energy, makes it a major consumer of advanced composites, particularly glass fiber composites. Similarly, India’s growing infrastructure projects and the expansion of its aerospace industry are contributing to the region’s rapid growth in the market for advanced composites. With increasing demand for high-performance materials across these sectors, Asia Pacific is poised to continue its strong growth trajectory through 2030.

North America Region is Largest Owing to Established Aerospace Industry and Technological Innovation

North America is the largest region in the advanced composites market, driven by the established aerospace and automotive industries in the United States and Canada. The region has a long history of innovation and adoption of advanced materials, particularly in the aerospace sector, where companies such as Boeing and Lockheed Martin utilize advanced composites to improve aircraft performance. The U.S. also has a strong automotive industry, with major manufacturers increasingly incorporating advanced composites, especially carbon fiber, to meet fuel efficiency standards and improve vehicle performance.

North America’s dominance in the market is further supported by its robust research and development ecosystem, which continues to drive advancements in composite materials and manufacturing techniques. The demand for advanced composites is also supported by government initiatives and regulations aimed at reducing the carbon footprint in industries such as aerospace and automotive. As a result, North America is expected to maintain its leadership position in the advanced composites market over the forecast period.

Leading Companies and Competitive Landscape

The Advanced Composites Market is competitive, with several key players focused on innovation, strategic partnerships, and geographic expansion to capture market share. Leading companies in this space include Hexcel Corporation, Teijin Limited, Toray Industries Inc., SGL Carbon, and Mitsubishi Chemical Corporation. These companies are investing heavily in research and development to improve the performance, cost-efficiency, and sustainability of advanced composites, aiming to cater to the growing demand from aerospace, automotive, construction, and energy industries.

The competitive landscape is characterized by mergers and acquisitions, joint ventures, and collaborations aimed at enhancing technological capabilities and expanding product offerings. Additionally, companies are focusing on the development of eco-friendly composites and recyclable materials to meet the growing emphasis on sustainability across industries. As the market continues to evolve, leading players are likely to strengthen their positions by innovating new composite materials, improving manufacturing processes, and expanding into emerging markets like Asia Pacific and Latin America.

Report Objectives:

The report will help you answer some of the most critical questions in the Advanced Composites Market. A few of them are as follows:

1. What are the key drivers, restraints, opportunities, and challenges influencing the market growth?
2. What are the prevailing technology trends in the Advanced Composites Market?
3. What is the size of the Advanced Composites Market based on segments, sub-segments, and regions?
4. What is the size of different market segments across key regions: North America, Europe, Asia-Pacific, Latin America, Middle East & Africa?
5. What are the market opportunities for stakeholders after analyzing key market trends?
6. Who are the leading market players and what are their market share and core competencies?
7. What is the degree of competition in the market and what are the key growth strategies adopted by leading players?
8. What is the competitive landscape of the market, including market share analysis, revenue analysis, and a ranking of key players?

Report Scope: