Advanced Composites Market Size New Innovations Trends, Research, Global Share and Growth Factor

The advanced composites market is projected to reach USD 38.41 billion by 2031 from an estimated USD 22.91 by 2023, at a CAGR of 10.89%. Increasing use of advanced composites in the aerospace & defense, transportation, sporting goods, wind energy, and civil engineering end-use industries is driving the growth of the advanced composites market across the globe. However, the high processing and manufacturing costs of advanced composites and lack of standardization in advanced composite manufacturing technologies are factors expected to restrain the growth of the advanced composites market during the forecast period.

In terms of both, volume and value, the aerospace & defense industry segment is projected to lead the advanced composites market during the forecast period
The aerospace & defense industry is projected to lead the advanced composites market during the forecast period. The growth of this industry segment of the advanced composites market can be attributed to increased use of advanced composites in aircraft structures. Advanced composites are used in various aircraft structures such as wings, fuselage, and aircraft interiors, among others as these can survive extreme operating conditions such as high stress, shocks, and impact loads. Thus, there is an increase in the demand for advanced composites for the manufacture of new generation aircraft such as Airbus A350 XWB and A320neo, and the Boeing 787 and 737 MAX.

The Europe advanced composites market is projected to grow at the highest CAGR in terms of both, value and volume
North America is the largest consumer of advanced composites in the world, followed by Europe. Both, Europe and North America are expected to be the most promising markets for advanced composites during the next five years. Mass production in the transportation and aerospace & defense industries with the use of advanced composites is a major factor that is expected to lead to the growth of the Europe and North America advanced composites markets. The US is the largest market in North America due to a high demand for advanced composites from the transportation and aerospace & defense industries.

In the process of determining and verifying the market sizes gathered through secondary research for the composites market, its segments and subsegments, extensive primary interviews have been conducted. The breakdown of these primary interviews has been given as follows:-

• By Company Type: Tier 1—10%, Tier 2—25%, and Tier 3—65%.
• By Designation: C-level—10%, Director Level—30%, and Others—60%
• By Region: North America—20%, Europe—15%, Asia Pacific—45%, South America—11%, and the Middle East & Africa—9%

Advanced composites are also being used in various other applications such as medical, oil & gas, and energy & power, among others. These are being used to manufacture reactors, and healthcare equipment, among others.

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