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Advanced Composite Materials Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

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  • 125 Pages
  • April 2021
  • Region: Global
  • Mordor Intelligence
  • ID: 4542953
The advanced composite materials market is expected to register the growth at a CAGR over 6% during the forecast period. Factors such as increasing demand for fuel efficient and lightweight vehicles are driving the advanced composite materials market globally.
  • Increasing demand for lightweight materials in the aerospace and defense industry is expected to drive the demand for the market during the forecast period.
  • Increasing raw material cost is likely to hinder the market’s growth.
  • New technology inventions in wind energy sector is projected to act as an opportunity for the market in future.

Key Market Trends

Aerospace and Defense to Lead the Growth of the Advanced Composite Materials Market
  • Composite material is witnessing rapidly increasing demand from the aerospace industry. The use of composite materials in commercial transport aircraft is massive because reduced airframe weight enables better fuel economy, and therefore lowers operating costs.
  • Other important properties of advanced composite materials includes high strength, stiffness, heat & chemical resistivity, electrical conductivity, and various other thermal and chemical properties, etc., which widens the scope of usage of advanced composite materials in aerospace and defense industry.
  • They are widely used in ballistic protective applications, such as, bullet proof vests, protective apparel, such as gloves, motorcycle protective clothing, and hunting gaiters.
  • Many countries are focusing in growing a domestic defense industry while manufacturing hardware locally. These factors are expected to drive the demand for advanced composite materials, during the forecast period.
  • The rising air traffic in the Middle-East and Asia-Pacific regions is also likely to spur the demand for commercial and passenger aircrafts, with increasing focus on tourism and travel.
  • Due to aforementioned factors, aerospace and defense is expected to drive the demand for advanced composite materials over the forecast period.

European Region to Dominate the Market
  • Europe held the largest demand for advanced composite materials, accounting to a little over 30% of the global market, in 2018.
  • The German aerospace industry is growing at a higher rate than before.
  • Additionally, France has a huge aerospace and defense industry, with major players, like Airbus and Dassault Aviation, in the domestic market.
  • Majority of this is driven by Airbus, with several billions of orders booked and around eight years of production in line. Furthermore, the country’s automotive production is also growing over 1% annually, thus fueling the demand for advanced composite materials in the recent times.
  • These factors are likely to boost the advanced composite materials in the European region.

Competitive Landscape

The advanced composite materials market is fragmented, with the presence of many local and global players. Key players in the advanced composite materials market include Mitsubishi Chemical Carbon Fiber and Composites Inc., Toray Industries Inc., Kolon Industries Inc., SGL Group, and Teijin Limited, among others.

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Table of Contents

1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
4.1 Market Drivers
4.1.1 Increasing Demand for Lightweight Materials in the Aerospace and Defense Industry
4.1.2 Increasing Demand for Fuel Efficient and Lightweight Vehicles
4.2 Market Restraints
4.2.1 Increasing Raw Material Cost
4.2.2 Other Restraints
4.3 Value Chain/Supply Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5.1 Composite Type
5.1.1 Ceramic Matrix Composites (CMCs)
5.1.2 Metal Matrix Composites (MMCs)
5.1.3 Polymer Matrix Composites (PMCs)
5.1.4 Core Materials
5.1.5 Other Composites
5.2 Fiber Type
5.2.1 Aramid Fiber
5.2.2 Glass Fiber
5.2.3 Carbon Fiber
5.2.4 Other Fibers
5.3 End-user Industry
5.3.1 Aerospace & Defense
5.3.2 Wind Energy
5.3.3 Transportation
5.3.4 Marine
5.3.5 Consumer Goods
5.3.6 Other End-user Industries
5.4 Geography
5.4.1 Asia-Pacific China India Japan South Korea ASEAN Countries Rest of Asia-Pacific
5.4.2 North America United States Canada Mexico
5.4.3 Europe Germany United Kingdom France Italy Spain Rest of Europe
5.4.4 South America Brazil Argentina Rest of South America
5.4.5 Middle East & Africa Saudi Arabia South Africa Rest of Middle East & Africa
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share Analysis**
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 3B-the Fibreglass Company
6.4.2 Cytec Solvay Group
6.4.3 Dow
6.4.4 Hexcel Corporation
6.4.5 Hyosung Corporation
6.4.6 Kermel
6.4.7 Kolon Industries Inc.
6.4.8 Koninklijke Ten Cate BV
6.4.9 Mitsubishi Chemical Carbon Fiber and Composites Inc.
6.4.10 Owens Corning
6.4.11 SGL Group
6.4.12 Teijin Limited
6.4.13 Toray Industries Inc.
6.4.14 Yantai Tayho Advanced Materials Co. Ltd
7.1 New Technological Inventions in the Wind Energy Sector
7.2 Other Opportunities

Companies Mentioned (Partial List)

A selection of companies mentioned in this report includes, but is not limited to:

  • 3B-the Fibreglass Company
  • Cytec Solvay Group
  • Dow
  • Hexcel Corporation
  • Hyosung Corporation
  • Kermel
  • Kolon Industries Inc.
  • Koninklijke Ten Cate BV
  • Mitsubishi Chemical Carbon Fiber and Composites Inc.
  • Owens Corning
  • SGL Group
  • Teijin Limited
  • Toray Industries Inc.
  • Yantai Tayho Advanced Materials Co. Ltd