Advanced Composites Market Size, Share, Growth Analysis, By Product(Aramid fiber composites, carbon fiber composites, and glass fiber composites), By Resin-type (Advanced thermosetting composites, and advanced thermoplastic composites), By Application(Automotive, aerospace & defense, wind energy, sporting goods), By Region - Industry Forecast 2024-2031

Advanced Composites Market size was valued at USD 31.73 billion in 2019 and is poised to grow from USD 34.65 billion in 2023 to USD 76.51 billion by 2031, growing at a CAGR of 9.2% in the forecast period (2024-2031).

Advanced composites (polymer matrix) are lightweight materials with a high modulus of elasticity and strength. These items are made from fibrous material embedded in various resin matrices. As a result, the use of these in the aerospace & defence, marine, sporting goods, transportation, electrical & electronics, civil engineering, medical, and wind energy industries is rapidly increasing. It is widely used to replace metal components and has applications in the aerospace industry. Because of their excellent strength and low weight, these advanced composites are commonly used in the manufacture of high-performance supercar and aircraft parts such as engine nacelles, wings, elaborators, floor beams, ailerons, rudders, landing gear doors, and other components. In comparison to the composite materials popularly used in reinforced concrete, advanced composite materials (ACM) Structures made of advanced composites have high strength while remaining lightweight. Demand for advanced composite materials will be driven by the growing need to improve vehicle and aircraft economy, lower fuel costs, reduce pollution, and produce lightweight automobiles. However, the biggest limitation of these advanced composite materials is their brittleness, which can result in unexpected catastrophic failure of the component if not properly maintained or tested on a regular basis.

US Advanced Composites Market is poised to grow at a sustainable CAGR for the next forecast year.