Advanced Composites Market worth 38.41 Billion USD by 2022 – Report by MarketsandMarkets™

“Advanced Composites Market”
Advanced Composites Market by Fiber Type (Carbon, S-Glass, Aramid), Resin Type (Thermosetting, Thermoplastic), Manufacturing Process (Filament Winding, Injection Molding, Pultrusion), End-use Industry, Region

The major players operating in the advanced composites market have adopted investments & expansions strategies to increase their market shares

Advanced composites are reinforced with high strength fibers used to fortify the polymer matrix, in terms of strength and stiffness. These high strength fibers offer advanced composites with high performance properties such as light weight, high stiffness, dimensional stability, temperature and chemical resistance, flex performance, and easy processing. The aforementioned properties of advanced composites are very crucial in various high-end use industries such as wind energy, aerospace & defense, sporting goods, transportation, civil engineering, sporting goods, and others. In terms of value, the advanced composites market is projected to reach USD 38.41 billion by 2022, at a CAGR of 10.89% from 2017 to 2022.

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Key players operating in the advanced composites market are Solvay, Hexcel Corporation, Huntsman Corporation, Owens Corning, Toray Industries, Inc., Teijin Limited, SGL Group, and Koninklijke Ten Cate bv, among others. These players have adopted various strategies to expand their global presence and increase their market shares. New product launches, investments & expansions, agreements & partnerships, and mergers & acquisitions are the major strategies adopted by these leading players to achieve growth in the advanced composites market.

Investments & expansions have been the principal strategies adopted by the key players to strengthen their positions in the composites market. Key players such as Hexcel Corporation, Toray Industries, Inc., and Teijin Limited, among others have undertaken a number of capacity expansions. These companies are also entering into supply agreements with leading aircraft manufacturers. The companies have a strong foothold in the Asian region and are now focusing on the North America market to cater the demand for advanced composites from the aerospace & defense industry. In addition, they have invested heavily in manufacturing and processing technologies to decrease the cost of advanced composites such as carbon fiber composites to meet the rising demand from next-generation aircraft such as Boeing Dreamliner 787 and Airbus A350XWB.

Toray is currently the largest producer of carbon fiber in the world, and of synthetic fiber in Japan. It operates in six business segments, namely, fibers & textiles, plastics & chemicals, IT-related products, carbon fiber composite materials, environment & engineering, and life sciences. The company maintains its leading market position through expansions and supply agreements with leading aircraft manufacturers. In February 2017 Toray Industries, Inc. established a new production facility for slit tape made of TORAYCA carbon fiber prepreg at its Ishikawa Plant to add significant prepreg capacity to its existing facility so as to meet the increased demand for advanced composites from Boeing 787 aircraft.

Solvay is engaged in the manufacture of advanced composites for aerospace and automotive applications. It is one of the major players that have established a strong foothold in the advanced composites market by adopting the acquisitions strategy and signing distribution agreements with various aircraft and automotive manufacturers to broaden its market presence and explore new opportunities in emerging economies. The company acquired Cytec in 2015, which allowed Solvay to set its footprint in the advanced composites market. For instance, Solvay extended its contract with Boeing to supply lightweight advanced composite materials for large passenger aircraft. These advanced composite materials are expected to be used in advanced aircraft programs such as 737, 747, and 777 as well as current and future platforms, including B787, 737MAX, and 777X.

Increasing demand for advanced composites from the aerospace & defense, transportation, and wind energy industries is driving the advanced composites market, globally

North America is the largest consumer of advanced composites in the world. The Europe composites market is projected to grow at the highest CAGR in terms of both, value and volume between 2017 and 2022. The growth of the Europe advanced composites market can be attributed to the increasing use of advanced composites in various industries such as aerospace & defense, sporting goods, wind energy, civil engineering, and transportation. In terms of volume, the US has become the single-largest consumer of advanced composites in the aerospace & defense, transportation, and wind energy industries globally. The advanced composites market in the US is expected to grow further during the forecast period. The growth of the advanced composites market in the US, Canada, and Mexico is due to the demand for carbon fiber composite based aircraft and luxury cars. Various tie-ups have been undertaken between leading companies in North America and companies in Europe and the Asia Pacific in the aerospace & defense, transportation, and wind energy industries.

Among fiber types, the carbon fiber composites segment of the advanced composites market is projected to grow at the highest CAGR in terms of both, value and volume between 2017 and 2022. This growth of the carbon fiber composites segment of the market can be attributed to the increasing use of carbon fiber composites in the aerospace & defense and the transportation industries of the North American and European regions, respectively. As such, several renowned companies have increased their production of carbon fiber composites to meet the growing demand for carbon fiber composites across the globe. For instance, in 2016, Solvay (Belgium) doubled its US production by expanding its carbon fiber manufacturing capacity for aircraft structural applications. This expansion is expected to help the company cater to the increased need for advanced composite materials to reduce weight, fuel consumption, and assembly costs due to integrated part design. In the same year, Hexcel (US) expanded its global carbon composites-based engineered core capacity in Casablanca, Morocco to create a diversified and robust global supply chain to cater to the aerospace industry.

Among resin types, the advanced thermoplastic composites segment of the advanced composites market is projected to grow at the highest CAGR in terms of value and volume between 2017 and 2022. The growth of this segment of the market can be attributed to the recyclability of advanced thermoplastic composites. Moreover, the increased use of advanced thermoplastic composites in the transportation and aerospace & defense industries is also contributing to the growth of the advanced thermoplastic composites segment of the advanced composites market. In addition, several major automotive companies are undertaking distribution agreements with advanced thermoplastic composites manufacturers that provide advanced composites for the automotive industry, to adhere to the stringent recycling eco-friendly regulations. For instance, in 2017 Teinjin’s Tenax (new product) was developed using a new recycling solution that uses a compound based on recycled thermoplastic carbon fiber material and Polyetheretherketone (PEEK) thermoplastic.

Among end-use industries, the transportation segment of the advanced composites market is projected to grow at the highest CAGR both, in terms of volume and value between 2017 and 2022. The growth of the transportation segment of the advanced composites market can be attributed to the increased use of Carbon Fiber Reinforced Plastics (CFRP) in the automotive, heavy carriers, and rail sectors to manufacture body panels, floor panels, and other components, as these not only reduce the weight of the above-mentioned structural components but also increase their strength and efficiency. Moreover, stringent implementation of various environmental regulations regarding carbon dioxide emission standards, specifically in the North American and European regions, are the major driving factors contributing to the increased use of advanced composites in the transportation end-use industry.

Among manufacturing processes, the AFP/ALT process segment of the advanced composites market is projected to grow at the highest CAGR both, in terms of volume and value between 2017 and 2022. The AFP/ATL process is widely used to manufacture advanced composites parts which are majorly use in the aerospace & defense and transportation industries. Though expensive, this process is preferred in comparison to other advanced composites manufacturing processes, as it is used to manufacture complex interior and exterior parts in major end-use industries.

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