Advanced Composite Materials Market Size, Share, Growth 2024 To 2033

Advanced Composite Materials Market Size and Growth 2024 To 2033

The global advanced composite materials market size was accounted at USD 38.15 billion in 2023 and is expected to reach around USD 85.47 by 2033, growing at a compound annual growth rate (CAGR) of 8.40% from 2024 to 2033.

The advanced composite Materials market focuses on materials that combine two or more constituent elements to achieve superior properties, such as high strength-to-weight ratios, durability, and corrosion resistance. These materials include polymer matrix composites (PMCs), metal matrix composites (MMCs), and ceramic matrix composites (CMCs). They are widely used in industries like aerospace, automotive, construction, wind energy, and sports due to their ability to improve performance and efficiency. The market is driven by increasing demand for lightweight and fuel-efficient vehicles, advancements in manufacturing technologies, and the growing need for durable materials in infrastructure and renewable energy applications.

• “Toray Advanced Composites will expand its Morgan Hill, California plant by adding 74,000 square feet (6,800 square meters), increasing production capacity by 50%. This expansion aims to enhance the company’s ability to develop and produce advanced thermoplastic and thermos composite materials.”
• “Jindal Advanced Materials (JAM) has partnered with Italy’s MAE S.p.A. to invest Rs 2,700 crore in establishing a carbon fiber plant with an annual capacity of 3,500 metric tonnes. This collaboration positions JAM as a significant carbon fiber supplier in the industry.”
• ”Advanced Composite Materials, LLC will invest $3 million to expand its Greenville County facility, adding 6-10 new jobs. The expansion will introduce SI-TUFF™ performance silicon carbide fibers, enhancing offerings for the energy, aerospace, and coated metals sectors.”
• “Toray Advanced Composites has appointed David Bernard as European Managing Director, effective July 3, succeeding Erik Delnoij. Bernard, who joined in 2016 as General Manager of the Langley Mill site, brings over thirty years of industry experience in operations, sales, and leadership across Europe and North America.”

Report Highlights

• By Region, North America has reported highest revenue share of 38.44% in the year of 2023. 
• By Region, Asia Pacific is experiencing significant growth by generating market revenue share of 24.38% in 2023.
• By Product, the carbon fiber segment has measured highest revenue share of 66% in 2023. 

Advanced Composite Materials Market Growth Factors

• Increasing Demand in Aerospace and Defense: The aerospace and defense industries are major consumers of advanced composites due to their lightweight and high-strength properties, which improve fuel efficiency and performance in aircraft and military applications.
• Automotive Industry Growth: The push for lightweight vehicles to enhance fuel efficiency and reduce emissions is driving the adoption of advanced composites in the automotive sector, particularly for electric and hybrid vehicles.
• Expansion of Wind Energy Sector: The growing wind energy sector demands robust and lightweight materials for turbine blades, driving the use of advanced composites to improve efficiency and longevity.
• Advancements in Manufacturing Technologies: Innovations in manufacturing processes, such as automated fiber placement and 3D printing, are reducing production costs and expanding the applications of advanced composites in various industries.
• Increased Infrastructure Development: The need for durable and corrosion-resistant materials in infrastructure projects is boosting the demand for advanced composites, which offer enhanced longevity and performance in construction applications.

Advanced Composite Materials Market Trends

• Growing Demand for Lightweight Materials: Industries such as aerospace, automotive, and transportation are increasingly focused on reducing weight to improve fuel efficiency and performance, driving the demand for advanced composites known for their high strength-to-weight ratio.
• Sustainability and Environmental Regulations: Increasing regulations aimed at reducing carbon emissions are encouraging manufacturers to adopt advanced composite materials that offer improved energy efficiency and reduced environmental impact throughout the product lifecycle.
• Expansion in the Electronics Industry: Advanced composites are being increasingly used in the electronics industry for applications requiring thermal management, electromagnetic interference shielding, and miniaturization, driven by the growth in consumer electronics and wearable devices.
• Emergence of New Applications in Healthcare: Advanced composites are finding new applications in the healthcare sector, particularly in medical devices and prosthetics, where their strength, lightweight nature, and biocompatibility offer significant advantages.
• Development of Smart Composites: The development of smart composites with embedded sensors and actuators opens up opportunities in areas like structural health monitoring and adaptive structures, allowing for real-time data collection and improved performance in various applications.

Report Scope

Advanced Composite Materials Market Dynamics

Drivers

Increased Adoption in Sports and Leisure:

• Advanced composite materials are increasingly used in the sports and leisure industry to manufacture high-performance equipment such as bicycles, golf clubs, and tennis rackets. These materials offer enhanced strength, flexibility, and reduced weight, providing competitive advantages to athletes and sports enthusiasts.

Technological Advancements in Composite Materials:

• Continuous research and development in material science have led to the creation of new composite materials with superior properties, such as improved heat resistance and impact strength. These advancements are expanding the range of applications and increasing the adoption of advanced composites across various industries.

Restraints

High Production Costs:

• The manufacturing processes for advanced composite materials, such as carbon fiber and ceramic matrix composites, are often complex and expensive. This leads to higher production costs compared to traditional materials, limiting their adoption, especially in cost-sensitive industries.

Recycling and Disposal Challenges:

• Advanced composite materials can be difficult to recycle due to their complex structures and chemical compositions. This poses environmental challenges and increases disposal costs, which can hinder their widespread use in industries focused on sustainability and environmental compliance.

Opportunities

Expansion in the Marine Industry:

• Advanced composite materials offer significant advantages in the marine industry, including corrosion resistance, lightweight properties, and durability. The growing demand for yachts, boats, and offshore structures provides opportunities for composites to replace traditional materials, enhancing performance and longevity.

Growth in Urban Air Mobility (UAM):

• The emerging urban air mobility sector, which includes air taxis and drones, requires lightweight and strong materials to achieve efficient flight and increased range. Advanced composites can play a crucial role in this sector by providing the necessary structural performance, creating significant growth opportunities.

Challenges

Complex Manufacturing Processes:

• The production of advanced composite materials often involves intricate and time-consuming processes, such as precision layering and curing. These complexities can lead to production bottlenecks and require specialized equipment and expertise, making it challenging to scale up manufacturing.

Limited Standardization:

• The lack of standardized testing methods and material specifications for advanced composites can complicate quality control and certification processes. This can lead to inconsistencies in performance and hinder broader adoption, particularly in industries with strict regulatory requirements like aerospace and automotive.

Advanced Composite Materials Market Segmental Analysis

Product Analysis

Aramid Fiber: Aramid fiber is a class of heat-resistant and strong synthetic fibers used in aerospace and military applications, as well as in the manufacture of ballistic-rated body armor, marine cordage, and sports equipment. This segment has captured market share of 11% in 2023. The demand for aramid fibers is increasing due to their excellent strength-to-weight ratio and resistance to impact, chemicals, and heat. They are becoming more popular in automotive and aerospace industries for applications requiring high-performance materials, driven by safety and performance improvements.

Carbon Fiber: Carbon fiber is a strong, lightweight material made of thin, strong crystalline filaments of carbon. It is commonly used in high-performance applications like aerospace, automotive, sports equipment, and renewable energy. Carbon fiber demand is growing rapidly in sectors focused on weight reduction and fuel efficiency, such as aerospace and automotive. Advances in production technologies are making carbon fibers more affordable, expanding their use in consumer electronics and renewable energy, particularly wind turbines. In 2023, The carbon fiber segment has has calculated dominating market share of 66%. 

Glass Fiber: Glass fiber, made from fine strands of glass, is a lightweight and cost-effective reinforcement material used in composites for various applications, including construction, automotive, and marine industries. Glass fibers are seeing increased demand due to their versatility and cost-effectiveness, particularly in construction and infrastructure projects. The rise in renewable energy projects, like wind turbine blades, is further driving their use, as glass fibers provide a good balance between performance and cost. The glass fiber segment has confired market share of 17% in 2023.

Others: This category includes other advanced fibers and materials such as basalt fibers, ceramic fibers, and natural fibers, which are used in specialized applications requiring specific performance characteristics. Growing environmental concerns are driving interest in natural and sustainable fibers as alternatives to synthetic materials. Basalt and ceramic fibers are gaining attention for their high-temperature and corrosion resistance, with potential applications in industries such as aerospace, automotive, and construction for enhanced performance and sustainability. The others segment has registered small market share of 6% in 2023.

Type Analysis

Polymer Matrix Composites (PMCs): Polymer Matrix Composites (PMCs) consist of a polymer resin reinforced with fibers such as carbon, glass, or aramid. They are known for their lightweight, high strength, and versatility. PMCs are increasingly used in automotive and aerospace industries for weight reduction and fuel efficiency. Innovations in thermoplastics and recycling processes are enhancing their environmental sustainability, making PMCs more attractive for a broader range of applications.

Metal Matrix Composites (MMCs): Metal Matrix Composites (MMCs) are composed of metal matrices, such as aluminum or titanium, reinforced with ceramic or metallic fibers. They offer high strength, thermal stability, and wear resistance. MMCs are gaining popularity in the automotive and aerospace sectors for their ability to withstand high temperatures and harsh conditions. Advances in manufacturing techniques, like powder metallurgy and 3D printing, are reducing costs and expanding their applications in electronics and military equipment.

Ceramic Matrix Composites (CMCs): Ceramic Matrix Composites (CMCs) are made from ceramic fibers embedded in a ceramic matrix. They are renowned for their high-temperature resistance, low density, and excellent thermal stability. CMCs are increasingly used in aerospace and power generation industries for applications that require high-temperature performance. Ongoing research focuses on improving their toughness and reducing production costs, facilitating their adoption in new sectors like automotive and energy.

Hybrid Composites: Hybrid Composites combine two or more different types of fibers within the same matrix, offering a balance of properties from each constituent. This results in enhanced mechanical performance and flexibility. Hybrid composites are being adopted in sectors like automotive, sports, and construction for their tailored properties. Advances in material design and processing techniques are enabling the development of more efficient hybrid systems, promoting their use in applications requiring specific mechanical and thermal characteristics.

Application Analysis

Aerospace & Defense: Advanced composites are used in aerospace and defense to enhance performance, reduce weight, and improve fuel efficiency. These materials are crucial for aircraft, spacecraft, and military vehicles due to their high strength-to-weight ratio and durability. Increasing demand for lightweight, high-performance materials is driving the use of composites in next-generation aircraft and defense systems. Advancements in composite technology are enabling more efficient and cost-effective solutions.

Automotive: In the automotive industry, advanced composites are used to reduce vehicle weight, improve fuel efficiency, and enhance safety. These materials are applied in structural components, body panels, and interior parts. Growing adoption of electric and hybrid vehicles is boosting the demand for lightweight composites. Innovations in manufacturing processes and material properties are making composites more accessible and cost-effective for mainstream automotive applications.

Construction & Infrastructure: Advanced composites are utilized in construction and infrastructure for their strength, durability, and resistance to environmental factors. They are used in reinforcing structures, building facades, and infrastructure repairs. Increasing focus on sustainable construction and the need for long-lasting materials are driving the use of composites. Their ability to improve the lifespan and reduce maintenance costs of infrastructure is a key factor in their growing adoption.

Wind Energy: In wind energy, advanced composites are essential for manufacturing turbine blades due to their lightweight and high-strength properties. These materials help increase the efficiency and lifespan of wind turbines. The rise in renewable energy initiatives is accelerating the use of composites in wind turbine blades. Technological advancements are improving material performance and reducing costs, supporting the expansion of wind energy capacity.

Marine: Advanced composites are used in the marine industry to enhance the performance and durability of boats, ships, and offshore structures. Their resistance to corrosion and lightweight properties are critical for marine applications. The demand for high-performance and fuel-efficient marine vessels is driving the adoption of composites. Innovations in materials and manufacturing techniques are enhancing the performance and cost-effectiveness of marine composites.

Sports & Leisure: In sports and leisure, advanced composites are employed in equipment such as bicycles, golf clubs, and tennis rackets for their lightweight and high-strength characteristics. They improve performance and durability in athletic gear. Increasing consumer demand for high-performance sports equipment is fueling the use of composites. Advancements in material technology are leading to the development of more innovative and customized sports products.

Others: Other applications of advanced composites include medical devices, consumer goods, and electronics. These materials are used for their strength, lightweight, and specialized properties tailored to various industry needs. Expanding uses in diverse fields are driving innovation in composite materials. Applications in emerging technologies and specialized products are broadening the market for advanced composites, offering new growth opportunities.

Advanced Composite Materials Market Regional Analysis

Why North America is leading in the advanced composite materials market?

North America, particularly the United States, is a leader in advanced composite materials due to its strong aerospace and defense sectors. North America market size is expected to reach around USD 32.91 billion by 2033 increasing from USD 15.89 billion in 2024 with a CAGR of 8.42%. The region is experiencing growth driven by increasing demand for lightweight materials in aviation, automotive, and construction industries. Technological advancements and significant R&D investments are also propelling market expansion. U.S market size is estimated to reach around USD 24.68 billion by 2033 increasing from USD 11.92 billion in 2024.

Why Asia Pacific is experiencing significant growth in the advanced composite materials market?

The Asia-Pacific region is witnessing rapid growth in advanced composites due to booming automotive, construction, and aerospace industries. Asia Pacific market size is calculated at USD 10.08 billion in 2024 and is projected to grow around USD 20.87 billion by 2033 with a CAGR of 8.63%. The increasing industrialization and infrastructure development in countries like China and India are driving demand. Additionally, there is significant investment in research and development to enhance material performance and reduce costs.

Europe Advanced Composite Materials Market Trends

Europe is focusing on sustainability and innovation in advanced composites, with a strong emphasis on green building practices and renewable energy. Europe market size is measured at USD 11.54 billion in 2024 and is expected to grow around USD 23.89 billion by 2033 with a CAGR of 8.44% . The region is seeing growth in wind energy applications and automotive sectors due to regulatory pressures and incentives promoting energy-efficient and environmentally friendly technologies.

LAMEA Advanced Composite Materials Market Trends

The LAMEA(Latin America, Middle East, and Africa) region is experiencing gradual growth in advanced composites, primarily driven by infrastructure development and energy projects. LAMEA market size is forecasted to reach around USD 7.90 billion by 2033 from USD 3.83 billion in 2024 with a CAGR of 8.37%. The focus is on utilizing composites in construction and renewable energy sectors. However, market growth is slower compared to other regions due to lower industrial activity and limited investment in advanced technologies.

Global Advanced Composite Materials Market Top Companies

• Hexcel Corporation
• Toray Industries, Inc.
• SABIC Innovative Plastics
• Mitsubishi Chemical Corporation
• Solvay S.A.
• 3M Company
• Owens Corning
• Teijin Limited
• Jushi Group Co., Ltd.
• Hyosung Corporation
• Parker Hannifin Corporation
• General Electric Company
• Lockheed Martin Corporation
• ArcelorMittal
• Northrop Grumman Corporation

Advanced Navigation is a notable new entrant, leveraging AI and robotics innovations to develop advanced composite materials for autonomous systems. Solomon is also emerging, collaborating with NVIDIA to enhance its 3D vision and augmented intelligence solutions for advanced robotics. Hexcel Corporation and Toray Industries lead the market through extensive R&D, driving advancements in aerospace and automotive applications. Solvay S.A. and Mitsubishi Chemical dominate by providing high-performance composites for diverse industries, backed by robust manufacturing capabilities and global presence.

Recent Developments

• In 2023, Toray Industries Inc. plans to boost regular tow carbon fiber production at its Spartanburg, South Carolina, and Gumi, Korea plants. Investments will raise its annual production capacity by over 20% to 35,000 metric tons, starting in 2025.
• In 2023, Hexcel Corporation is expanding its engineered core manufacturing operation in Morocco to meet the increasing demand for lightweight advanced composites from aerospace clients. This expansion aims to enhance production capabilities and support growing industry needs.
• In 2022, Teijin Automotive Technologies has launched a new 39,000-square-meter composite production facility in Changzhou, China, and announced plans for a third facility with 13,000 square meters, expected to be completed by summer 2023, enhancing its production capacity in the region.
• In 2022, Hexcel Corporation has secured a long-term contract with Sikorsky, a Lockheed Martin Company, to supply advanced composite structures for the CH-53K King Stallion heavy lift helicopter program, reinforcing its role in high-performance aerospace applications.

Market Segmentation

By Product

• Aramid Fiber
• Carbon Fiber
• Glass Fiber
• Others

By Type

• Polymer Matrix Composites (PMCs)
  • Thermosetting Composites
  • Thermoplastic Composites

• Metal Matrix Composites (MMCs)

• • Aluminum Matrix Composites
  • Titanium Matrix Composites
  • Others

• Ceramic Matrix Composites (CMCs)

• • Oxide CMCs
  • Carbon CMCs
  • Silicon Carbide CMCs

• Hybrid Composites

By Application

• Aerospace & Defense

• • Commercial Aircraft
  • Military Aircraft
  • Spacecraft
  • Missiles

• Automotive

• • Body Structures
  • Interior Components
  • Powertrain

• Construction & Infrastructure

• • Bridges
  • Buildings

• Wind Energy

• • Blades
  • Nacelles

• Marine

• • Hulls
  • Decks

• Sports & Leisure

• • Sporting Goods
  • Recreational Equipment
  • Others

By Regions

• North America
• APAC
• Europe
• LAMEA