Advanced Composite Materials Market Overview
Advanced composite materials market size is forecast to reach US$52.8 billion by 2027 after growing at a CAGR of 6.6% during 2022-2027. Advanced composites are materials known for their high strength and stiffness. It undergoes several processes, one such being pultrusion, which is a continuous process used for manufacturing fiber-reinforced polymer composite with a constant cross-section. In the advanced composite materials market, there are several variants of products available based on the processes used. For instance, compression-molded products are made in simple blocks. Whereas, injection-molded products are more complex rubber parts like cones. Advanced composites exhibit excellent physical and chemical properties such as being lightweight along with high elasticity. Advanced composite materials find their major application in the aerospace sector, where advanced composites are mainly used for aerospace structural parts. For example, aramid fibers are widely used for constructing leading and trailing edge wing components and very stiff, very light bulkheads, fuel tanks, and floors. And, Glass fibers are most frequently used for filament winding. Also, these kinds of composites are used for manufacturing blades for wind turbines, so an increase in the number of wind power stations around the world has also propelled the sales of advanced composites. Furthermore, the flourishing Aerospace and Defence industry is also expected to drive the Advanced Composite Materials industry substantially during the forecast period.
Currently, due to the COVID-19 pandemic, the core end-use industries such as aerospace, automotive, construction, and energy industry were highly impacted. Due to social distancing policy, most of the manufacturing plants of aircraft and automobiles were shut down, which declined the regular production of commercial aircraft and vehicles. For instance, according to the Welsh Government services and information, global (overall manufacturers) demand for production of short-haul sized aircraft is likely to drop by 15% (around 1,500 fewer aircraft out of 10,000) and by 30 – 65% for long haul sized craft, by the end of 2025, (around 600 – 1,300 fewer aircraft out of 2,000). Also, due to supply chain disruptions like delay in reaching of raw materials or non-arrival, disrupted financial flows, and rising absenteeism among production line staff and employees, OEMs have been forced to function at zero or partial capacity, resulting in lower demand and consumption for Advanced Composite Materials in 2020.
Advanced Composite Materials Market Segment Analysis – By Fibre Type
The Carbon Fibre segment held the largest share in the Advanced Composite Materials market in 2021 and is estimated to grow at a CAGR of 9.8% during 2022-2027. The carbon fiber based-composites segment is projected to lead the advanced composites market in terms of value and volume during the forecast period, owing to the key properties of carbon fiber composites, which are lightweight, strong, and durable, and are therefore being used in a broad range of applications in various end-use industries. The carbon fiber’s raw materials are classified into polyacrylonitrile, petroleum pitch, and rayon. Carbon fiber has a composition of carbon atoms that are bonded together in the form of a long chain. These carbon fibers are made in such a way that they are extremely stiff, strong, and light and are used in many applications and processes to create excellent building materials that are highly durable. The major features in carbon fiber, its accelerating usage in the aerospace and defense industry, and the increasing application in the wind energy sector are driving the growth of the Advance composite materials market. On the other side, high prices of carbon fiber involved have been acting as a restraint to the growth of the market. But thanks to the increasing popularity of recycled carbon fiber, which is likely to act as an opportunity for the advanced composite materials market over the forecast period.
Advanced Composite Materials Market Segment Analysis – By Resin
The Advanced thermosetting composites segment held the largest share in the Advanced composite materials market in 2021 and is growing at a CAGR of 8.7% during 2022-2027. The growth of this segment of the market can be attributed to the increased use of advanced thermosetting composites in the aerospace & defense, transportation, sporting goods, and many other end-use industries. Advanced thermosetting composites are utilized in various end-use industries, as they do not expand under environmental conditions like high-heat and moist conditions, which is making them suitable for highly corrosive and high-temperature applications. For instance, the automotive industry is aiming at producing vehicles that consume less fuel, emit less emission, and offer high durability and strength. By using these advanced thermosetting resins for manufacturing lightweight and durable materials for automobiles, significantly reduces the weight of the automobile components, which in turn, reduces the fuel consumption and its emission.
Advanced Composite Materials Market Segment Analysis – By Composite Type
The Ceramic matrix composites (CMCs) segment held the largest share of 42% in the advanced composite materials market in 2021. The ceramic matrix composites (CMC) are utilized in heat and severe stress applications like automobile components, and aircraft’s gas turbine engines. It has advantages like high strength, durability, and modulus, and also reduces relative weight of the parts used which successively decreases fuel consumption. Ceramic Matrix Composites are produced by processes like chemical vapor or liquid phase infiltration, polymer infiltration and pyrolysis (PIP), and hot press sintering techniques. Ceramic matrix composites were only majorly used in gas turbines and are major alternatives for metallic alloys. In recent years, ceramic matrix composites’ application in the energy & power industry has been increasing owing to its exceptional oxidation and radiation resistance properties. For instance, throughout the country of South Africa, which is a developing country, there are 33 wind farms and projects that are present at the stages of development. Moreover, the country accounts for more than 1,365 wind turbines and generators equalling 3,672 MW installed capacity of which 2,020 MW is fully operational. But, due to the covid-19 crises and lockdown in the country, the project was halted for a while and picked up pace in May 2020. Owing to such favorable developments, and growing investments in the energy and power sector, the demand for Ceramic matrix composites is projected to dominate the Advanced Composite Materials Market during the forecast period despite the temporary halt caused by COVID-19.
Advanced Composite Materials Market Segment Analysis – By Application
The Propellers and Aircraft Components segment occupied the largest share of 30% in the Advanced composite materials market in 2021. Common advanced composite materials used in aviation include glass fiber and carbon fiber. The structural part of the composite propeller blades is made by employing a combination of aerospace-grade carbon fiber materials for optimal strength and performance. An advanced composite material typically consists of relatively strong, stiff fibers in a tough resin matrix. With this aircraft components’ demand increasing, a good drive is expected for advanced composite materials. According to the American Society of Mechanical Engineers, in 2020, the aviation gas turbine sales accounted for $44.6 billion for the sales of 9,993 units, which was fallen due to covid-19 and is eventually picking up the original pace. They are also widely used in ballistic protective applications, such as bulletproof vests, protective apparel, such as gloves, motorcycle protective clothing, and hunting gaiters. These above-mentioned factors are expected to drive the demand and growth for the advanced composite materials market, during the forecast period.
Advanced Composite Materials Market Segment Analysis – By End-Use Industry
The Aerospace and Defense segment occupied the largest share in the Advanced composite materials market in 2021 up to 34%. The use of advanced composite materials in commercial transport aircraft and in defense crafts is growing massively due to its comparatively reduced airframe weight that enables better fuel economy and therefore lowers operating and overhead costs. Apart from that advanced composite materials are used for their high strength, stiffness, heat & chemical resistivity, electrical conductivity, and several other thermal and chemical properties, which is widening the scope of usage of advanced composite materials within the aerospace and defense industry. Moreover, the rising air traffic in the Middle-East and Asia-Pacific regions is also likely to spur the demand for commercial and passenger aircraft, with an increasing focus on tourism and travel. Moreover many countries are investing hugely in their respective defense sectors, with the motive of maintaining the peace and security of their country. In the developed and developing countries like the United States, China, and India, the respective governments have been increasing their national defense budget regularly, which is expected to boost the advanced composite materials market. The increase in China’s military spending and budget has accounted for nearly 25x percentage increase over the past two decades, bouncing from around USD 10 billion in 1999 to over USD 250 billion in 2020. Due to the aforementioned factors, the aerospace and defense industry is predicted to drive the market growth for advanced composite materials over the forecast period.
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Advanced Composite Materials Market Segment Analysis – By Geography
The North American region held the largest share in the Natural Fatty Acid market in 2021 up to 45%, owing to the growing consumer preferences for air travel, and growth in the aviation market is likely to fuel market growth. The growth of the North America Advanced Composites Market is driven by the increasing consumption of advanced composites in various end-use industries like aerospace & defense, wind energy, and transportation. The growth of the US Advanced Composites Market is attributed to the establishment of a variety of latest carbon fiber production plants within the country and increased investments by various Europe-based companies dealing in the aerospace & defense, transportation, and wind energy industries, and it is the largest consumer of composite materials as well. The United States also accounts for the most important manufacturers of the aerospace industry in the world. According to the Federal Aviation Administration (FAA), “the whole group of commercial aircraft assemblage is predicted to reach 8,270 by 2037”, thanks to the expansion in air cargo. Also, the US mainliner carrier fleet is predicted to grow at a rate of 54 aircraft per annum, thanks to the prevailing fleet getting older. North America is additionally witnessing increasing gas production, where advanced composite materials are used for compressed gas storage. As per records, In 2019, the United States produced around 99.17 billion cubic feet per day of natural gas, which is predicted to expand further. According to an International trade association, “Canada ranks first in civil flight simulation, third in civil engine production, and fourth in civil aircraft production”. It is the sole nationally ranked within the top five of all the key categories. The aerospace industry led the Canadian manufacturing sector in innovation-related investment such as R&D activities with an expenditure of over USD 1.4 billion annually (nearly a quarter of all manufacturing R&D). Hence, all the stated developing factors are expected to bring a significant impact on the demand for the advanced composite materials market within the region over the forecast period.
Advanced Composite Materials Market Drivers
Higher demand for lightweight, fuel-efficient vehicles
In recent times, it has become an absolute necessity to reduce the carbon footprint globally and combat global pollution worldwide. With the governments of various developed and developing countries trying to cut down the pollution, and are encouraging the usage of fuel-efficient vehicles, which causes lesser pollution comparatively. Hence, it is very important for automotive and aircraft manufacturers to stand along with the government and reduce the weight of automobiles to achieve higher efficiency. Advanced composite materials help in manufacturing fuel-efficient vehicles and aircraft that helps in reducing pollution and smog by around 50%. This, in turn, will help reduce the effect of rapidly growing fuel prices and reduce carbon emission. This has given a rise to the growth of advanced composites and many research and development activities on the market and its technology. Thus, this growing need for improving efficiency in vehicles and aircraft, cutting down the fuel costs, decreasing pollution, and manufacturing lightweight automobiles will be driving the demand during the Advanced composite materials market.
Growing demand for ceramic matrix composites in developing countries
There has been a significant rise in the demand for ceramic matrix composites in developing countries of Asia-pacific like China, India, Singapore, and Thailand, and that is expected to drive the market growth. These developing countries are trying to adopt fuel-efficient aircraft engines and vehicle modules that are ceramic matrix composite based to help combat the rising demand and price for fuel. Apart from this, the ceramic matrix advanced composites are employed in other engine parts like combustor liners, blades nozzles, and shrouds. The increased fuel efficiency leads to a reduction in the operational and overhead costs of the aircraft. The high economic process in these countries, alongside high urbanization, industrialization, and increased standards of living, also plays a really crucial role within the adoption of fuel-efficient cost-cutting machinery.
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Advanced Composite Materials Market Challenges
Limited usage due to its reparability and recyclability
Advanced composite materials have their own special features and properties compared to the ordinarily used materials, which makes them unique and much efficient for various applications. With that being the case, it is quite hard to find any internal cracks or breakdowns in the components where it is used. The main drawback with these advanced composite materials is their brittleness, and it may lead to unpredictable catastrophic failure of the component if not well maintained or regularly checked. There is an absence and demand for highly skilled manpower, who particularly knows how to use efficient techniques for repair. Thus, increasing the issue of reparability. These advanced composite materials have a longer life span; but however, the components cannot be recycled for use in the same application. Increasing the awareness regarding the advanced composite materials and their repairing techniques and a growing number of trained and skilled persons can increase the life span of such components.
Advanced Composite Materials Industry Outlook
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in this market. Advanced composite materials top 10 companies include:
Cytec Industries Inc.
Koninklijke Ten Cate N.V.
TPI Composites Inc.
Toray Industries Inc.
Mitsubishi Rayon Co. Ltd
SGL Carbon SE
In May 2021, Impossible Objects has entered a joint development agreement with a building and industrial materials provider Owens Corning with the aim of establishing new materials for its composite-based additive manufacturing (CBAM) technology.
In December 2020, Toray Advanced Composites announces that “it has completed a long-term supply agreement with Joby Aviation for the composite material used for its aircraft. The California-based aircraft company will use Toray’s carbon fiber composite materials to bring fast, affordable, and zero-emissions aerial ridesharing to global communities.”
In February 2020, Mitsubishi Chemical Corporation completed its acquisition of a European (German) Carbon Fibre Prepreg Manufacturer, c-m-p GmbH through its subsidiary, “Mitsubishi Chemical Advanced Material in a move to strengthen its presence in the carbon fiber composite material business.”
In March 2019, Toray acquired TenCate Advanced Composites to be known as Toray Advanced Composites, to accelerate growth in advanced composites by offerings high-performance composites for end-use industries like aerospace, space and communications, and high-performance industrial markets.
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North America is the largest consumer of advanced composites globally in terms of value and volume, owing to the increasing consumption of advanced composites in various applications such as aerospace & defense, wind energy, and transportation.
It is expected that the increasing adoption of advanced composite materials in lightweight automobile components would open up new market growth opportunities during the forecast period.
Due to the increased demand for low weight and high-strength materials in aircraft production, the use of advanced composite materials and fibers in the aerospace and defense industry is expected to grow during the forecast period.
The ceramic matrix composites (CMCs) are used in high temperature and severe stress applications like automobile, and aircraft gas turbine engines. It has advantages like high strength and modulus and also reduces weight which in turn decreases fuel consumption. The increasing demand will fuel market growth.
Advanced Materials Market – Forecast(2021 – 2026)
Composite Materials Market – Forecast(2021 – 2026)
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