The global advanced composites market size is expected to reach USD 27.17 billion by 2028 according to a new study by Polaris Market Research. The report “Advanced Composites Market Share, Size, Trends, Industry Analysis Report, By Fiber Type (Aramid Fiber, S-Glass Fiber, Carbon Fiber); By Manufacturing Process; By End-Use; By Region; Segment Forecast, 2021 - 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Advanced composites are increasingly being used in transportation, aerospace and defense, and wind energy. They offer lower weight, high fatigue life, and corrosion resistance in various applications. The product can be altered and modified to deliver a wide range of properties and offer customized solutions in the market.
They are being used in the automotive, construction, and aerospace industry due to the need for greater strength and higher performance. However, the COVID-19 outbreak has negatively impacted the market on account of disruption of the supply chain, lack of raw materials, operational challenges, transportation delays, travel restrictions.
The fiber type segment has been divided into aramid fiber, S-glass fiber, carbon fiber, and others. Carbon fiber accounted for a significant revenue share in 2020. Carbon fiber offers superior performance, high strength, and greater environmental and chemical resistance. They are widely being used in the automotive, aerospace, and electronics sectors.
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The increasing need for the development of aerospace components with increased efficiency, damage resistance, high strength, and durability boosts the growth of this segment. Increasing military expenditure and technological advancements are some factors expected to offer growth opportunities during the forecast period.
The Asia Pacific is expected to grow at a significant rate during the forecast period. Rising industrial growth, urbanization, and growth in the automotive sector support industry growth in this region. Increasing application in construction, defense and aerospace, and sporting goods further increases the Pacific's demand for the product.
Some of the major market participants include Toray Industries Inc., Koninklijke Ten Cate B.V., Mitsubishi Chemical Holding Corporation, Hexcel Corporation, DowAksa Advanced Composites Holdings BV, Huntsman International, LLC., 3M Company, Honeywell International Inc., Teijin Limited, PPG Industries, Advanced Composites Inc., and Axalta Coating Systems, LLC.
Polaris Market research has segmented the Advanced composites market report on the basis of fiber type, manufacturing process, end-use, and region:
Advanced Composites, Fiber Type Outlook (Revenue, USD Billion, 2016 - 2028)
Advanced Composites, Manufacturing Process Outlook (Revenue, USD Billion, 2016 - 2028)
Advanced Composites, End-Use Outlook (Revenue, USD Billion, 2016 - 2028)
Advanced Composites, Regional Outlook (Revenue, USD Billion, 2016 - 2028)