Global High Performance Composites Market is set to expand at a 10.3% CAGR by 2034, reaching US$ 36.8 billion | Future Market Insights, Inc.
The United States leads globally in aerospace and automotive industries, utilizing high-performance composites to reduce weight in aircraft, spacecraft, and vehicles. This adoption enhances fuel efficiency, lowers emissions, and improves overall performance, spurring demand for composites. Forecasted Compound Annual Growth Rates (CAGRs) from 2024 to 2034 stand at 10.6%, reflecting sustained growth and innovation in the sector.
NEWARK, Del, March 08, 2024 (GLOBE NEWSWIRE) — The high performance composites market is anticipated to be valued at US$ 13.9 billion by 2024. The market valuation is estimated to be US$ 36.8 billion by 2034, projected at a CAGR of 10.3%. A key driver of the market is the need for lightweight materials to improve fuel efficiency, performance, and sustainability.
Technological advancements in composite manufacturing processes, such as automated layup, resin infusion, and additive manufacturing, are driving market growth by enabling the production of complex shapes and structures with high precision and efficiency.
The advancements contribute to developing innovative composite materials with enhanced properties, such as improved impact resistance, thermal stability, and fire retardancy.
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Increasing investments in research and development activities to enhance composite performance, reduce production costs, and explore new applications to fuel market expansion. Companies collaborate with research institutions and universities to develop next-generation composite materials and manufacturing techniques that meet evolving industry requirements and regulatory standards.
Despite the promising growth prospects, the high-performance composites market faces challenges such as high initial costs, limited recycling options, and concerns about environmental impact.
Ongoing efforts to address these challenges and the growing emphasis on sustainability and eco-friendly materials are expected to drive continued growth in the high-performance composites market in the coming years.
Key Takeaways from the Market Study
- Under resin type, the thermoset resins segment registered to expand at 10.2% CAGR by 2034.
- The United Kingdom is estimated to register at a CAGR of 10.9% by 2034.
- China experiences significant growth, projected at a CAGR of 11.1% by 2034.
- Based on fiber type, the carbon fiber composites segment is anticipated to expand at 10.1% CAGR by 2034.
“The increasing demand for lightweight materials in industries such as aerospace, automotive, and wind energy is one significant driver for the high-performance composites market,” comments a Future Market Insights analyst.
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Competitive Landscape
The presence of key players such as Hexcel Corporation, Toray Industries, Inc., and Solvay S.A. characterizes the competitive landscape of the high-performance composites market.
These companies dominate the market with their wide range of composite materials and solutions tailored to various industries. Smaller players and niche providers are focusing on specialized applications, contributing to the diverse and dynamic nature of the market. Some of the key developments are:
- In September 2020, Applied Composites Holdings, LLC completed the acquisition of Alliance Spacesystems, LLC, and a renowned leader in high-performance composite structures.
- In February 2023, Isoco Bikes from Saalfeld, Germany, and V Frames from Schmiedefeld, entered into an exclusivity agreement with Lehvoss Group based in Hamburg. This collaboration aims to introduce high-performance fiber-reinforced compounds, including long carbon fiber and biopolymer carbon fiber composite materials, into the production of bike frames and components.
Key Players in the High performance Composites Market
- Toray Industries Inc.
- Solvay S.A.
- Hexcel Corporation
- SGL Group-The Carbon Company
- TPI Composites
- Koninklijke TenCate NV
- Owens Corning Corporation
- BASF SE
- Teijin Limited
- Albany International Corporation
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More Valuable Insights Available
Future Market Insights offers an unbiased global high-performance composites market analysis, providing historical data from 2019 to 2023 and forecast statistics from 2024 to 2034
To understand market opportunities, the high-performance composites market is segmented based on resin type (thermoset resins, thermoplastic resins), fiber type (carbon fiber composites, s-glass composites, aramid fiber composites, others), application (aerospace & defense, automotive, wind turbine, pressure vessel, medical, construction, others), and region (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, and the Middle East and Africa).
About the Chemicals and Materials Division at Future Market Insights
The chemicals and materials team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations to provide authentic insights and accurate results to help clients worldwide. With over 100+ reports and one million+ data points, the team has analyzed the industry lucidly in 50+ countries for over a decade. The team briefly analyzes key trends, including competitive landscape, profit margin, and research development efforts.
Authored By
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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