The advanced composites market is projected to grow at a healthy CAGR of 9.2% from 2022 to 2032. According to FMI, the market is projected to grow from $37.73 billion in 2021 to $108.48 billion in 2032. The advanced composites market is expected to grow due to increasing demand from the sporting goods, aerospace and military industries.

Important growth factors for the global advanced composites market These include the need for carbon fiber and S-glass fiber composites in the aerospace and defense sectors, as well as increasing demand for carbon fiber composites in new end-use industries such as construction, medical, and pipelines and tanks.

What is driving the growth of the Advanced Composites market?

Demand for advanced composites is likely to be high as they are increasingly used in aerospace and defense equipment, which benefits from their increased performance by reducing the weight of the equipment.

The advanced composites market is expected to benefit from the increasing demand for these materials in the manufacture of turbines. Globally expanding wind turbines are likely to help drive market expansion.

The demand for advanced composites is increasing rapidly due to the use of advanced carbon and glass composites in industry. A cost benefit derived from the integration of manufacturing and distribution channels leads to a growth in market size.

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What is the competitive outlook of the Advanced Composites market?

Due to the presence of numerous well-known manufacturers and suppliers, the Advanced Composites Market is very competitive. Major advanced composites market players are focused on offering customized solutions to customers, resulting in high switching costs for the consumer businesses.

key figures

• Toray Industries, Inc.
• Royal Ten Cate NV
• Teijin Limited
• Hexcel Corporation
• SGL Group
• Cytec Solvay…