Advanced Composite Materials Market size is expected to reach $65.2 billion by 2030 after growing at a CAGR of 9.5% during the forecast period 2024-2030 according to the latest market research report published by IndustryARC. Growing demand from the automotive and aerospace industry are poised to propel the demand, finds IndustryARC in its recent report, titled “Advanced Composite Materials Market – By Fiber Type (Carbon Fiber Composite Materials, Aramid Fiber Composite Materials, S-Glass Composite Materials and Others), By Resin Type (Advanced Thermosetting Composite Materials and Advanced Thermoplastic Composite Materials), By Manufacturing Process (AFP/ATL, Compression Molding Process, Hand Layup/Spray Layup Process, Resin Transfer Molding Process, Filament Winding Process, Injection Molding Process and Pultrusion Process), By End Use Industry (Aerospace and Defense, Wind Energy, Transportation, Sporting Goods, Pipes and Tanks, Marine, Civil Engineering, Electrical and Electronics and Medical), By Geography – Global Opportunity Analysis & Industry Forecast, 2024-2030”
Growing Demand for Lightweight Materials from the Automotive Industry
- Every automotive OEM is focusing on reducing the weight of the vehicle. If a vehicle is light-weight it can accelerate more with optimal utilization of fuel. In electric vehicles, this is of more importance. Batteries in BEV are heavier than internal combustion engine (ICE) vehicle batteries, necessitating lightweighting. According to Composites World, empty metallic battery enclosures are said to add 110-160 kilograms to vehicle mass even before they’re loaded, making them the heaviest component on BEVs. As per the U.S. Department of Energy Vehicle Technologies Office, using lightweight materials in these electric vehicles can offset the weight of power systems such as batteries and electric motors, improving the efficiency and increasing their all-electric range. Thus, the demand for lightweighting from the automotive industry acts as a driver for advanced composites materials market
Request Sample Research Report:
https://www.industryarc.com/pdfdownload.php?id=503330
Advanced Composite Materials Market 2024-2030: Segmentation
By Fiber Type
- Glass Fiber
- Basalt Fiber
- Carbon Fiber
- Aramid Fiber
- Others
By Resin Type
- Thermoplastic Advanced Composite Materials’
- Thermoset Advanced Composite Materials’
By Manufacturing Process
- Vacuum Bag Oven Process
- Autoclave
- Match Moulding Process
- Pressure Bag Process
- Hot Melt Process
- Solvent Dip Process
- Resin Film Process
- Others
By Application
- Sport Equipment
- Carbon Composite
- Lamination
- Railway Interior
- Structural Parts
- Flat Panels
- Fishing Rods
- Aircraft Flooring
- Seatbacks
- Printed circuit Boards (PCB)
- Others
By End Use Industry
- Electrical and Electronics
- Aerospace
- Automotive and Transportation
- Marine
- Agriculture
- Medical
- Energy and Power
- Sports and Leisure
- Others
By Region
- North America
- South America
- Europe
- Asia-Pacific
- Rest of the World
Purchase this Premium Report:
https://www.industryarc.com/buynow?id=503330
Advanced Composite Materials Market Report – Key Takeaways:
- Aramid Fiber is the Largest Segment
- Aramid fiber is the largest segment, in terms of fiber type in the Advanced Composite Materials market in 2023. Aramid fiber has been in demand mainly due to the need for personnel protection and armor in law-enforcement and military markets. Armor is in high demand to reinforce both military and commercial vehicles and buildings. According to the US Army Research Laboratory, composites improve protection while reducing areal weight and represent an enabling technology in both soft and hard armor. Aramid fibers are renowned for performance in bulletproof vests and other armor and ballistic applications. In April 2023, DuPont launched the new Kevlar EXO which demonstrates the highest ballistics performance among all aramid fibres without compromising on weight, enabling the best-in-class, lightest weight ballistics soft armour solutions available on the market today. It is also inherently flame and temperature-resistant, melt and ignite-proof up to 500°C.
- Aerospace and Defense is the Largest Segment
- Aerospace is the largest segment, in terms of end use industry in the Advanced Composite Materials market in 2023. Advanced composite materials are used in aircraft components to provide durability, lightweight strength, stiffness, and thermal and fire protection. In aviation, a general rule-of-thumb is that each 1% reduction in weight leads to a reduction in fuel consumption of about 0.75%. ARRIS, a California-based advanced manufacturer enabling the use of high-performance composites in mass-market products revealed a research project with Airbus which focuses on the production of cabin brackets. The project aims to demonstrate significant reductions in aviation emissions by leveraging innovative manufacturing methods and materials, including composites. Replacing metal brackets with ARRIS’ continuous fiber composite parts can achieve more than 75% weight savings, which translates into significant fuel savings.
- Europe Leads the Market
- Europe held the major share in the Advanced Composite Materials market in 2023 owing to the increased defense spending and the growing demand for advanced composite materials from the end use industries. EU defense spending reached $295 billion in 2023. As per the Stockholm International Peace Research Institute, in 2023 most European NATO members increased their military expenditure. Their combined share of the NATO total was 28%, the highest in a decade. Poland’s military spending was $31.6 billion in 2023 after growing by 75% between 2022 and 2023, by far the largest annual increase by any European country. In March 2024 EU’s first-ever defense industrial strategy was announced. The strategy envisions that by 2030, at least 50% of member states’ procurement budget (60% by 2035) should go to EU-based suppliers and that at least 40% of defense equipment should be procured in a collaborative manner.
- Need for Advanced Composite Materials from Aerospace Industry
- Advanced Composite Materials offer several benefits in the aerospace industry where a high strength-to-weight and high stiffness-to-weight are required. According to Boeing, the 787 makes greater use of composite materials in its airframe, 50% advanced composites. The expanded use of composites, especially in the highly tension-loaded environment of the fuselage, greatly reduces maintenance due to fatigue when compared with an aluminum structure. In addition to lowering the overall airplane weight, moving to a composite primary structure reduces both the scheduled and nonroutine maintenance burden on the airlines. In September 2022, Boeing opened a new $150 million facility in Mesa, Arizona for producing advanced composite components for future combat aircraft programs. Therefore, the need for advanced composites from thing sector drives the market.
Key Opportunity Analysis:
Growing Interest in Space Travel
The rapid growth of interest in space tourism has resulted in many companies researching, designing and testing spacecraft to carry tourists to space. To design a material for space applications, an important aspect to consider is the overall mass of the structure. Reducing the weight of structures and systems launched into space is one of the biggest challenges, as each kilogram launched can cost thousands of dollars. Additionally, the spacecraft needs to be able to withstand radiation, extreme temperature, stable, resistance to microcracking and more. With the advancement of technology, advanced composite structures for space applications exhibit these properties.
Thus, the use of Advanced Composite Materials in spacecraft for space travel can prove to be a valuable opportunity.
Natural Fiber Advanced Composite Materials
Natural fibers like flax, hemp and sisal offer an eco-friendly alternative to synthetic fibers like carbon fiber. This aligns with the growing demand for sustainable materials from various sectors. Innovations in processing techniques are enhancing the mechanical properties of natural fibers, making them more competitive with synthetics in terms of strength and performance. Stringent regulations promoting the use of eco-friendly materials in end use industries are expected to boost the demand for natural fiber Advanced Composite Materials’
The Report also Covers the Following Areas:
- Advanced Composite Materials Market size and Forecast
- Advanced Composite Materials Market trends
- Advanced Composite Materials Market analysis by type
Advanced Composite Materials Market 2024-2030: Key Highlights
- CAGR of the market during the forecast period 2024-2030
- Value Chain analysis of key stake holders
- Detailed analysis of market drivers and opportunities during the forecast period
- Advanced Composite Materials market size estimation and forecast
- Analysis and predictions on end user behavior and upcoming trends
- Competitive landscape and Vendor market analysis including offerings, developments, and financials
- Comprehensive analysis of challenges and constraints in the Advanced Composite Materials Market
If you have any questions, please feel free to contact our experts at:
https://www.industryarc.com/reports/request-quote?id=503330
Covid and Ukrainian Crisis Impact:
- The pandemic impacted the Advanced Composite Materials industry. Lack of raw materials, halted production, supply chain issues and shipping constraints dented the market growth. In addition, the end use industries such as aerospace and automotive were hit hard by the pandemic which also led to a reduced demand for Advanced Composite Materials’.
- The Russia-Ukraine war created significant volatility in the global Advanced Composite Materials market. The high oil and gas prices have caused a surge in energy prices resulting in high raw material prices. This put a dampener on the growth of the Advanced Composite Materials industry. According to Glass Fiber Europe, this increase in energy prices poses a direct threat to the continuity of the glass fiber industry operations and its value-chain in Europe.
Advanced Composite Materials Market Players:
The companies profiled in the Advanced Composite Materials market include:
- Mitsubishi Chemical Carbon Fiber and Composites, Inc.
- Teijin Limited
- Hexcel Corporation
- Toray Industries
- Notus Composites
- Axiom Materials, Inc.
- Gurit Services AG
- Ventec International Group Co
- The Yokohama Rubber Company, Ltd.
- Heatcon Composite Systems
- ZOLTEK Group
- Royal TenCate N.V
- Solvay
- DuPont
- ACP Composites
Related Reports:
Aramid Advanced Composite Materials Market is trending towards increased demand in electrical insulation applications, driven by the growth of the electronics industry, along with advancements in lightweight and durable materials for aerospace and automotive sectors.
Carbon Fiber Reinforced Thermoplastic Market size is forecast to reach $13.6 billion by 2030, after growing at a CAGR of 10.2% during 2024-2030
About IndustryARC
:
IndustryARC primarily focuses on Market Research and Consulting Services specific to Cutting Edge Technologies and Newer Application segments of the market. The company’s Custom Research Services are designed to provide insights into the constant flux in the global demand-supply gap of markets.
IndustryARC’s goal is to provide the right information required by the stakeholder at the right point in time, in a format which assists an intelligent and informed decision-making process.
Contact Us:
Mr. Venkat Reddy
IndustryARC
Email: [email protected]
USA: (+1) 518-282-4727
Web: https://www.industryarc.com
Follow us on: LinkedIn | Facebook | Twitter
Contact Information:
Mr. Venkat Reddy
Email: [email protected]
USA: (+1) 518-282-4727
Tags:
BNN, Extended Distribution, iCN Internal Distribution, Wire, Research Newswire, English