Market Revenue Advanced Composites Industry Production, CAGR (%)

Advanced Composites Industry Production, CAGR (%)
Comparison by Application Forecast 2024
“Advanced Composites Market is expected to value 41.20 billion by 2024. The
market is driven by factors such as increasing use of advanced composites for
aerospace & defence, transportation, sporting goods and energy industries. In
addition, the market is regulated on the account of their characteristics.”
The global Advanced Composites Market is expected to value 41.20 billion by 2024. The market is driven by
factors such as increasing use of advanced composites for aerospace & defence, transportation, sporting goods
and energy industries. In addition, the market is regulated on the account of their characteristics. The market
witnesses several opportunities in form of extensive use of aramid for production of optical fibers, rubber
reinforcements, and safety clothing. However, stringent laws and regulations are expected to create hindrance
in the market during the forecast period. Overall, the advanced composites market in the global scenario is
anticipated to witness a CAGR of 8.6%.Advanced composites industry is segmented based on fiber type, resin
type, manufacturing process, and region. Fiber type for this market size includes aramid fiber composites,
carbon fiber composite, and S-glass fiber composite.
Resin type fiber for the market share is further segmented into advanced thermosetting composites and
advanced thermoplastic composites. Manufacturing process for the market share includes hand layup/spray
layup, filament winding, injection molding, pultrusion, compression molding, and RTM/VARTM. End-use
segmentation for advanced composites market size includes aerospace & defense, transportation, electrical &
electronics, wind energy, sporting goods, pipes & tanks, civil engineering, marine and medical. Geographical
segmentation for the market spans North America, South America, Europe, Asia-Pacific, Middle East and Africa.
European market is likely to gain a staggering CAGR in the forthcoming period due to extensive presence of
automotive manufacturers and enormous production of automotive partsusing advanced composites.
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