PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1565701
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1565701
The Unmanned Composites Market was estimated at USD 1,314.2 million in 2023, growing at a CAGR of 16.20% between 2024 and 2032.
An unmanned system is a self-piloted machine equipped with all necessary data processing centers, sensors, automatic control, and communication systems. Composite materials are made up of two or more materials with differing chemical and physical properties, one of which is a reinforcing fiber, and the other is a binding substance matrix. The unmanned composite system can conduct a variety of duties, including search and rescue, military operations, citizen surveillance, and law enforcement. Unmanned composites are developed because of their superior mechanical qualities, cost-effectiveness, and durability in both manufacturing and maintenance. Unmanned composite materials have these qualities without adding any extra weight.
Unmanned Composites Market- Market Dynamics
Increasing Military Spending is Expected to Fuel the Unmanned Composites Market
Increased military investment is expected to fuel future growth in the unmanned composites market. Military spending refers to the funds set aside by a government for defense-related tasks, such as maintaining and expanding military capabilities. Military funding helps to create advanced, autonomous technology for surveillance, reconnaissance, and combat applications, which improves operational efficiency and reduces human risk. For instance, in April 2023, the Stockholm International Peace Research Institute, a Sweden-based independent international institute dedicated to conflict, armaments, and arms research, reported that North American military spending was $904 billion in 2022, up 0.7% from 2021. As a result, increased military spending is pushing the unmanned composites market.
Unmanned Composites Market- Key Insights
Our research analyst estimates that the global market will develop at a CAGR of approximately 16.20% from 2024-2032.
According to Product segmentation, in 2023, carbon fiber-reinforced polymer (CFRP) dominated the market.
According to application segmentation, the interior application sector had the most revenue share in 2023
On the basis of region, North America was the leading revenue generator in 2023
The Global Unmanned Composites Market is divided into three segments: Product, application, and region.
The market is divided into four divisions based on Products: Carbon Fiber Reinforced Polymer, Aramid Fiber Reinforced Polymer, Glass Fiber Reinforced Polymer, and Other Products. Carbon fiber-reinforced polymer (CFRP) dominated the market in 2023. This is due to its properties, which include a high strength-to-weight ratio, great temperature and chemical resistance, stiffness, and minimal thermal expansion. Sandwich constructions built of carbon fiber-reinforced polymer composite materials are widely employed for both interior and exterior purposes. CFRP composites are lightweight with a high tensile strength. They are more fuel efficient, need less maintenance, and assist OEMs in complying with Europe and North America's stringent environmental requirements.
The market is segmented into two segments according to application: Exterior and Interior. The interior application sector had the largest revenue share in 2023 and is predicted to expand at the quickest CAGR throughout the forecast period. Composites are used to create structural components, insulation, panels, seating, interior compartments, conduits, and control surfaces for unmanned systems. This material's properties, such as its low weight, durability, and potential to improve the performance and safety of interior parts, are driving segment expansion.
Unmanned Composites Market- Geographical Insights
Geographically, this market is distributed over Asia Pacific, North America, Europe, Latin America, the Middle East, and Africa. These regions are further segmented according to the countries bringing commerce.
The North American unmanned composites market dominated the global industry in 2023. This is due to a number of factors, including significant investments in defense and security, a strong technological and industrial base, and the growing use of unmanned systems in commercial applications such as logistics, environmental monitoring, and agriculture, which is expected to fuel regional market growth.
The unmanned composites market in Asia Pacific is expected to grow at the quickest rate during the projected period. This is owing to the existence of emerging economies such as China, India, and Japan. These countries engage in the development of new technologies, including the deployment of unmanned systems for a variety of applications, which is likely to increase demand for high-performance composite materials.
Leading companies in the unmanned composites market include SGL Group, Teijin Ltd., Toray Industries, Inc., Cytec Industries (Solvay, S.A.), and others. Leading market players are making considerable investments in R&D to improve their product lines, which will help the unmanned composites market grow even more. Market participants are also pursuing a variety of strategic measures to expand their global footprint, including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other companies. To thrive and survive in a more competitive and expanding market, the unmanned composites sector must offer affordable goods.
In August 2023, Carborundum Universal Limited (CUMI), an India-based manufacturer of abrasives, electron minerals, industrial ceramics, and super refractories, has announced a collaboration with drone manufacturer ideaForge Technology Ltd. to develop nanomaterial-reinforced composite parts. The above-mentioned composites provide a wide range of options, including better specific strength or modulus, which is expected to define the future of structural-related drone components.