Advanced Composites Market Size & Share 2024 to 2032
Market Size by Product Type, by Resin Type, by Manufacturing Process, by Application, by End Use & Forecast.
Report ID: GMI12331
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Published Date: November 2024
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Report Format: PDF
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Authors:
Avinash Singh, Sunita Singh
Advanced Composites Market Size
The global advanced composites market was valued at USD 31.5 billion in 2023 and is estimated to grow at a CAGR of over 5.2% from 2024 to 2032.
Advanced Composites Market Key Takeaways
Market Size & Growth
Key Market Drivers
Challenges
The advanced composites industry is being significantly propelled by the electric vehicle (EV) sector. EVs, in their quest for enhanced range and fuel efficiency, are turning to lightweight materials. Consequently, carbon fiber and glass fiber composites are finding prominent applications in battery enclosures, chassis, and body panels. With automakers striving for lighter and more efficient EVs, the demand for advanced composites is set to surge.
Advanced Composites Market Trends
Due to their high strength-to-weight ratio and durability, advanced composites are in high demand in the aerospace and defence industries. These composites play a crucial role in aircraft fuselages, wings, and interior components, leading to reduced weight, lower fuel consumption, and decreased maintenance costs. With rising air travel demand, particularly in the commercial aviation sector, the appetite for these composites is set to expand.
Advanced Composites Market Analysis
Advanced manufacturing processes like automated fiber placement (AFP), resin transfer molding (RTM), and 3D printing have enhanced the scalability and cost-efficiency of advanced composite production. As a result, these composites are becoming increasingly accessible to industries beyond the traditional aerospace and automotive sectors, paving the way for their adoption in emerging markets.
High raw material costs and specialized production processes, such as autoclave curing and prepreg molding, make the manufacturing of advanced composites, especially carbon fiber, expensive. As a result, their adoption is limited, especially in cost-sensitive industries and developing regions.
Based on product type, the market can be segmented into carbon fiber composites, glass fiber composites, aramid fiber composites, ceramic matrix composites, among others. The carbon fiber composites segment accounted for revenue of around USD 14.2 Billion in the year 2023 and is estimated to grow at a CAGR of around 5.4% from 2024 to 2032. Renowned for their outstanding strength-to-weight ratio, carbon fiber composites are indispensable in sectors like aerospace, automotive, and sports equipment.
In these industries, the ability to lighten weight without sacrificing strength is paramount. In the automotive realm, especially in the production of electric vehicles (EVs), carbon fiber composites are becoming increasingly significant. With a focus on enhancing battery efficiency and extending range, EV manufacturers are integrating carbon fiber into key components, including chassis, battery enclosures, and body panels, to achieve weight reduction.
Based on the end-use, the global advanced composites market is categorized as aerospace & defense, automotive, wind energy, marine, construction, electronics & electrical, among others. The aerospace & defense segment held around 33% of the total market share in 2023 and is anticipated to grow at a CAGR of 5.6% during the forecast period. Military equipment, ranging from aircraft to armored vehicles, frequently strikes a balance between high performance and maneuverability. Advanced composites find applications in stealth coatings for fighter jets, ballistic protection for armored vehicles, and lightweight components in unmanned aerial vehicles (UAVs). These materials enhance fuel efficiency, extend range, and boost agility, providing a strategic advantage in defense operations.
The U.S. advanced composites market accounted for revenue of around USD 9.5 Billion in the year 2023 in North America and is estimated to grow at a CAGR of around 5.6% from 2024 to 2032. Major aerospace and defense companies, such as Boeing, Lockheed Martin, and Northrop Grumman, are based in the U.S. and are among the largest globally. These firms are significant consumers of advanced composites, relying on lightweight and durable materials to boost the performance of their aircraft, drones, and military equipment. This reliance propels a robust demand for carbon fiber composites, glass fiber composites, and ceramic matrix composites.
North America: In North America, the automotive industry is increasingly adopting advanced composites to create lighter, more fuel-efficient, and sustainable vehicles, including electric vehicles (EVs). Major automakers, including General Motors, Ford, and Tesla, are channeling investments into carbon fiber, glass fiber, and thermoplastic composites. These investments aim to enhance vehicle performance and battery efficiency, ultimately leading to reduced emissions and adherence to regulatory standards. Furthermore, North America stands at the forefront of research and development (R&D) in composite technologies, emphasizing innovative manufacturing processes like automated fiber placement (AFP), additive manufacturing (3D printing), and resin transfer molding (RTM).
Europe: Germany stands as a pivotal hub for the aerospace industry, hosting major players like Airbus, MTU Aero Engines, and Diehl Aviation. The aerospace sector's requirements for high-strength, lightweight materials, especially carbon fiber and ceramic matrix composites, are crucial for aircraft structures, interiors, and components. Furthermore, Germany's dedication to renewable energy, notably in wind power, fuels a robust demand for glass fiber composites, particularly in turbine blades.
Asia Pacific: China is making substantial strides in its aerospace industry, spearheaded by ambitious initiatives from state-owned enterprises such as COMAC (Commercial Aircraft Corporation of China). Driven by a commitment to cultivate a domestic aircraft industry, China is witnessing a surge in demand for high-performance materials. Notably, carbon fiber composites and ceramic matrix composites are in high demand due to their lightweight, strength, and heat-resistant properties. Furthermore, bolstered by heightened investments in the defense sector, there's an escalating demand for advanced composites. In this context, the emphasis on weight reduction and material durability is paramount for optimal performance, thereby influencing material selection trends throughout the region.
Middle East: Saudi Arabia is actively developing its domestic automotive sector, with a focus on electric vehicles (EVs) that benefit from lightweight advanced composites. Notably, companies such as Lucid Motors have set up manufacturing plants in the kingdom, driving up the demand for advanced composites in both EVs and broader automotive components. Furthermore, the oil and gas industry is turning to advanced composites for applications like pipelines, storage tanks, and offshore drilling rigs. Their resistance to corrosion and durability in harsh environments are key attributes, further fueling market demand.
Advanced Composites Market Share
The global advanced composites industry showcases a competitive landscape teeming with a mix of players, from multinational giants to regional manufacturers and specialized niche companies. Predominantly fragmented, the market sees major players like Toray Industries, Inc., Teijin Limited, Hexcel Corporation, Mitsubishi Chemical Holdings Corporation, and Huntsman Corporation. These companies command significant market shares, bolstered by their vast product portfolios and robust brand recognition. The surge of e-commerce has broadened online sales channels, allowing brands to tap into wider audiences and boost customer engagement via digital marketing.
Advanced Composites Market Companies
Major players operating in the advanced composites industry are:
Advanced Composites Industry News
This Advanced Composites Market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Million) & volume (Thousand Tons) from 2021 to 2032, for the following segments:
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Market, By Product Type
Market, Resin Type
Market, Manufacturing Process
Market, Application
Market, End Use
The above information is provided for the following regions and countries:
Research methodology, data sources & validation process
This report draws on a structured research process built around direct industry conversations, proprietary modelling, and rigorous cross-validation and not just desk research.
Our 6-step research process
1. Research design & analyst oversight
At GMI, our research methodology is built on a foundation of human expertise, rigorous validation, and complete transparency. Every insight, trend analysis, and forecast in our reports is developed by experienced analysts who understand the nuances of your market.
Our approach integrates extensive primary research through direct engagement with industry participants and experts, complemented by comprehensive secondary research from verified global sources. We apply quantified impact analysis to deliver dependable forecasts, while maintaining complete traceability from original data sources to final insights.
2. Primary research
Primary research forms the backbone of our methodology, contributing nearly 80% to overall insights. It involves direct engagement with industry participants to ensure accuracy and depth in analysis. Our structured interview program covers regional and global markets, with inputs from C-suite executives, directors, and subject matter experts. These interactions provide strategic, operational, and technical perspectives, enabling well-rounded insights and reliable market forecasts.
3. Data mining & market analysis
Data mining is a key part of our research process, contributing nearly 20% to the overall methodology. It involves analysing market structure, identifying industry trends, and assessing macroeconomic factors through revenue share analysis of major players. Relevant data is collected from both paid and unpaid sources to build a reliable database. This information is then integrated to support primary research and market sizing, with validation from key stakeholders such as distributors, manufacturers, and associations.
4. Market sizing
Our market sizing is built on a bottom-up approach, starting with company revenue data gathered directly through primary interviews, alongside production volume figures from manufacturers and installation or deployment statistics. These inputs are then pieced together across regional markets to arrive at a global estimate that stays grounded in actual industry activity.
5. Forecast model & key assumptions
Every forecast includes explicit documentation of:
✓ Key growth drivers and their assumed impact
✓ Restraining factors and mitigation scenarios
✓ Regulatory assumptions and policy change risk
✓ Technology adoption curve parameter
✓ Macroeconomic assumptions (GDP growth, inflation, currency)
✓ Competitive dynamics and market entry/exit expectations
6. Validation & quality assurance
The final stages involve human validation, where domain experts manually review filtered data to identify nuances and contextual errors that automated systems might miss. This expert review adds a critical layer of quality assurance, ensuring data aligns with research objectives and domain-specific standards.
Our triple-layer validation process ensures maximum data reliability:
✓ Statistical Validation
✓ Expert Validation
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Trust & credibility
Verified data sources
Trade publications
Security & defense sector journals and trade press
Industry databases
Proprietary and third-party market databases
Regulatory filings
Government procurement records and policy documents
Academic research
University studies and specialist institution reports
Company reports
Annual reports, investor presentations, and filings
Expert interviews
C-suite, procurement leads, and technical specialists
GMI archive
13,000+ published studies across 30+ industry verticals
Trade data
Import/export volumes, HS codes, and customs records
Parameters studied & evaluated
Every data point in this report is validated through primary interviews, true bottom-up modelling, and rigorous cross-checks. Read about our research process →