Positive. The Advanced Composites Market is set to reach USD 91.1 billion by 2032.
From GlobeNewswire: 2025-02-11 10:00:00
The Advanced Composites Market is set to reach USD 91.1 billion by 2032, driven by a CAGR of 10.07% from 2024-2032. Demand in aerospace, automotive, and construction sectors fuels growth, with composites like CFRPs and GFRPs offering superior strength. Innovations in 3D printing and fiber placement are reducing costs, while sustainability efforts gain traction. Key companies in the market include Hexcel Corporation, Toray Industries, and Solvay S.A.
Carbon fiber leads the market, holding 67.25% in 2023, driven by its lightweight and high-impact resistance. Automotive, sporting goods, and pipes & tanks sectors are key demand drivers. Advanced glass composites are also growing, offering stability and cost-effective manufacturing processes. The automotive sector dominates market growth, with a 15.75% revenue share in 2023, driven by demand for lightweight and durable materials.
North America holds a 39.74% share of the advanced composites market in 2023, driven by its robust automotive industry. The U.S. market is projected to grow at an 8.0% CAGR, with increased use in automotive, aerospace, and wind turbine industries. Europe is expected to see growth in the wind energy and aerospace sectors, driving demand for advanced composites in manufacturing. Recent developments include partnerships and new product introductions by key players like Hexcel, Toray, and BASF.
The advanced composites industry faced varied performance in different sectors in July 2023, with declines in the marine, recreational vehicle, construction, and transportation sectors. Infrastructure applications remained solid, with raw material prices trending slightly downward. Privately-owned housing starts saw an increase compared to the previous year. The market is experiencing fluctuations influenced by various factors.
Overall, the Advanced Composites Market is poised for significant growth, driven by demand in aerospace, automotive, and construction sectors. Innovations in manufacturing processes, cost reductions, and sustainability efforts are key drivers of market expansion. With key players like Hexcel, Toray, and BASF leading the way, the market is set to reach USD 91.1 billion by 2032, offering opportunities for growth and development in various industries. SNS Insider offers detailed market research and consulting services globally. They employ various research methodologies like top-down and bottom-up approaches, data validation through primary interviews, and market dynamics impact analysis. Statistical insights include adoption rates of emerging technologies, network infrastructure expansion, cybersecurity incidents, and cloud services usage by region. The company also provides competitive landscape analysis, market segmentation by product, resin, and application, regional analysis, company profiles, and use cases. Contact their expert analysts for deeper insights and customized research. For more information, email [email protected].
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