High Performance Composites Market to Reach $59.4 Billion, Globally, by 2032 at 6.2% CAGR: Allied Market Research

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Nov 22, 2023, 00:00 ET

The global high performance composites market is experiencing growth due to several factors such as increasing demand for high performance composites from the building and construction, and automotive industries.

PORTLAND, Ore. , Nov. 22, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "High Performance Composites Market by Resin Type (Thermoset and Thermoplastic), Fiber Type (Fiber Composites, S-Glass Composites, Aramid Fiber Composites, and Others), and End-Use Industry (Aerospace and Defense, Automotive, Construction, Energy, Medical, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2032". According to the report, the global high performance composites market was valued at $33.0 billion in 2022 and is projected to reach $59.4 billion by 2032, growing at a CAGR of 6.2% from 2023 to 2032.

Prime determinants of growth
The global high performance composites market is experiencing growth due to several factors such as increasing demand for lightweight and strong materials from the aerospace and defense industry and expanding wind energy sector. However, the recycling and sustainability concerns related to high performance composites hinder the market growth to some extent. Moreover, rise in awareness about the advantages of high performance composites as compared to their substitutes offers remunerative opportunities for the expansion of the high performance composites market.

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Report Coverage & Details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2022	$33.0 billion
Market Size in 2032	$59.4 billion
CAGR	6.2 %
No. of Pages in Report	280
Segments Covered	Resin Type, Fiber Type, End-Use Industry, and Region.
Drivers	Bolstering growth of the wind energy sector Growth in demand for lightweight and strong materials
Opportunity	Rise in awareness about the advantages of the high performance composites as compared to their substitutes
Restraint	Recycling and sustainability concerns

Impact of the Russia-Ukraine War on the High Performance Composites Market

The Russia-Ukraine war poses multifaceted challenges to the high-performance composites industry. Potential disruptions in the supply chain of crucial raw materials, notably titanium from Ukraine, essential for aerospace and defense, may cause manufacturing delays and increased costs. Geopolitical instability may lead to price fluctuations in raw materials and energy sources, affecting overall manufacturing costs and end-product pricing.
Trade restrictions and sanctions could hinder international cooperation, limiting the flow of technology and knowledge exchange. Increased demand for high-performance composites in military applications may strain supply for other sectors. Infrastructure damage in the conflict region can further disrupt production and distribution, prompting industries to explore alternative materials and sources amidst a shifting competitive landscape.

The thermoplastic segment is expected to witness rapid growth throughout the forecast period
Based on the resin type, the thermoset segment held the highest market share in 2022, accounting for nearly half of the global high performance composites market revenue and is projected to retain its dominance throughout the forecast period. This can be attributed to the fact that thermoset high performance composites are a class of advanced materials characterized by their ability to withstand extreme temperatures, chemical exposure, and mechanical stress without deforming. These composites consist of a polymer matrix, such as epoxy or phenolic resin, reinforced with strong, lightweight fibers like carbon or glass. They are widely used in industries like aerospace, automotive, and sports equipment for their exceptional strength-to-weight ratio, resistance to corrosion, and ability to maintain structural integrity in demanding environments, making them an ideal choice for aircraft components, automotive parts, and sporting goods.

However, the thermoplastic segment is projected to manifest the highest CAGR of 6.2% from 2023 to 2032. This can be attributed to the fact that thermoplastics are high-performance composite materials composed of polymer matrices that can be repeatedly softened and solidified upon heating and cooling, making them highly versatile. These materials find extensive use in various industries due to their exceptional properties, including high strength, low weight, chemical resistance, and ease of processing. In aerospace, thermoplastic composites are employed for lightweight structural components, reducing fuel consumption. Automotive applications benefit from their durability and impact resistance, enhancing safety. In addition, the medical field utilizes thermoplastics for biocompatible implants and prosthetics. Their recyclability also contributes to sustainability in various applications, making them a key player in the high-performance composite industry.

The carbon fiber composites segment is expected to lead the trial by 2032
Based on the fiber type, the carbon fiber composites segment held the highest market share in 2022, accounting for more than two-fifths of the global high performance composites market revenue and is expected to retain its dominance throughout the forecast period. This can be attributed to the fact that carbon fiber composites are advanced materials composed of carbon fibers embedded in a polymer matrix, renowned for their exceptional strength-to-weight ratio and durability. They find extensive use in high-performance applications, such as aerospace, automotive, and sporting equipment. Their remarkable properties, including high tensile strength, low weight, and resistance to corrosion, make them ideal for structural components, reducing overall weight and enhancing fuel efficiency in aircraft and race cars. In addition, their stiffness and low thermal expansion properties make them valuable in precision instruments, sporting goods like tennis rackets, and even in construction for seismic-resistant buildings.

However, the aramid fiber composites segment is projected to manifest the highest CAGR of 6.6% from 2023 to 2032. This can be attributed to the fact that aramid fiber composites are advanced materials composed of aramid fibers embedded in a matrix, typically epoxy or thermoplastic resin. These composites are renowned for their exceptional strength-to-weight ratio, making them ideal for high-performance applications. Aramid fiber composites find extensive use in aerospace, automotive, sporting goods, and ballistic protection due to their remarkable resistance to impact and tensile forces.

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The automotive segment is expected to grow faster throughout the forecast period
Based on the end-use industry, the aerospace and defense segment held the highest market share in 2022, accounting for more than one-third of the global high performance composites market revenue and is projected to retain its dominance throughout the forecast period. This can be attributed to the fact that high performance composites play a pivotal role in the aerospace and defense industry due to their exceptional strength-to-weight ratio and durability. These advanced materials are utilized in the construction of aircraft, spacecraft, and missile components to reduce weight and enhance fuel efficiency. In addition, composites offer superior resistance to extreme temperatures, making them ideal for reentry vehicles and stealth technology applications. In the defense sector, they are employed in armor plating and structural components for military vehicles, ensuring protection and mobility.

However, the automotive segment is projected to witness the highest CAGR of 6.7% from 2023 to 2032. This can be attributed to the fact that high performance composites have found extensive applications in the automotive industry, primarily due to their lightweight and robust nature. These materials, often comprised of carbon fiber or fiberglass reinforced polymers, are used in various components to enhance fuel efficiency, reduce emissions, and improve overall performance. High performance composites can be found in body panels, reducing vehicle weight, and improving aerodynamics. They also play a crucial role in interior components, offering a balance between weight reduction and aesthetic appeal. Furthermore, these materials are utilized in suspension systems and drivetrain components, contributing to enhanced agility and strength.

Asia-Pacific to maintain its dominance by 2032
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global high performance composites market revenue and is expected to dominate in terms of revenue throughout the forecast timeframe. The high performance composites market in the Asia-Pacific region has been experiencing significant growth in recent years. This growth is primarily driven by the increasing demand for lightweight and durable materials in industries such as aerospace, automotive, and construction. The region's thriving manufacturing sector, coupled with a growing emphasis on sustainability and energy efficiency, has propelled the adoption of high performance composites. In addition, investments in R&D, advancements in manufacturing technologies, and a skilled labor force have further contributed to the market's expansion. With a diverse range of applications, including aircraft components, automotive parts, and infrastructure, the Asia-Pacific high performance composites market is projected to witness continued growth and innovation.

Leading Market Players: -

SGL CARBON
TORAY INDUSTRIES, INC.
TPI COMPOSITES, INC.
SOLVAY
HEXCEL CORPORATION
OWENS CORNING
TEIJIN LIMITED
ARKEMA
BASF SE
CRAWFORD COMPOSITES, LLC

The report provides a detailed analysis of the key players in the global high performance composites market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

Want to Access the Statistical Data and Graphs, Key Players' Strategies: https://www.alliedmarketresearch.com/high-performance-composites-market/purchase-options

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