Advanced Composites Market Size, Industry Statistics and Business Overview 2023

May 07, 2023

According to the latest report by IMARC Group, titled "Advanced Composites Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028", offers a comprehensive analysis of the industry, which comprises insights on advanced composites market. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global advanced composites market size reached US$ 34.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 61 Billion by 2028, exhibiting a growth rate (CAGR) of 10.2% during 2023-2028.

What are advanced composites?

Advanced composites refer to engineered materials that possess high-structural strength and are created by one or more stiff reinforcing fibers with a composite resin system. They comprise fiberglass, carbon fiber, or aramid fiber, which are joined with a polymer. They are manufactured by pultrusion, resin injection, resin transfer molding (RTM), and filament winding by evaluating the properties, shapes, and volume needed for the specific application. They offer enhanced resistance to fire and chemicals and efficient electrical conductivity. They enable material engineers and designers to create new material combinations to uniquely serve various applications. Furthermore, as advanced composites can replace metal, wood, and other conventional construction materials, their demand is increasing around the world.

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What are the growth prospects and trends in the advanced composites industry?

At present, the rising demand for advanced composites in the manufacturing of aerospace and defense equipment represents one of the crucial factors supporting the growth of the market. Besides this, the growing utilization of advanced composites in the manufacturing process of turbines, as they are durable, lightweight, and resistant to moisture, is offering a favorable market outlook. In addition, the increasing employment of advanced composites in the marine industry to produce structural hull panels, decking, stringers, sail battens, cabinetry, door panel, and anchor pins is propelling the growth of the market. Apart from this, the rising demand for glass fiber-reinforced composites in electrical transmission and distribution applications is strengthening the growth of the market. Additionally, the increasing adoption of polymer composites for manufacturing several vehicle parts is bolstering the growth of the market.

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Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

Advanced Composites Market Segmentation:

Our report has categorized the market based on region, resin type, type of fiber, manufacturing process and application.

Breakup by Resin Type:

Breakup by Type of Fiber:

Breakup by Manufacturing Process:

Breakup by Application:

Regional Insights:

Key highlights of the report:

About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.

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