PUBLISHER: Grand View Research | PRODUCT CODE: 1475005
PUBLISHER: Grand View Research | PRODUCT CODE: 1475005
The global advanced composites market is anticipated to reach USD 70.18 billion by 2030 and is projected to grow at a CAGR of 9.3% from 2024 to 2030, according to a new report by Grand View Research, Inc. Growing demand for the product in the aerospace and defense industry and sporting goods is expected to drive the market growth. Advanced composites materials also known as advanced polymer matrix composites are lightweight materials with high strength and modulus to elasticity. These products are manufactured using fibrous material embedded in different resin matrices. These advanced materials are widely utilized in aerospace and defense, automotive, marine, and wind energy sectors.
The growing need for renewable and eco-friendly sources of energy is one of the key aspects for increasing installations of wind energy plants across the globe. The growing offshore and onshore wind energy plants in the countries including China, Germany, Spain, the U.S., and India are likely to drive and dominate the wind energy market over the coming years. The need for lightweight components, particularly turbines to increase the conversion efficiency of wind farms is expected to have a positive impact on the demand for composites. Composites based turbines offer low resistance to wind and rotate easily to produce high amounts of electricity, which is likely to aid the market growth.
The need for fuel-efficient vehicles is expected to aid the market growth for advanced composites over the forecast period. However, innovation of other lightweight and high strength materials and metals may restrict market growth in automotive industry. Moreover, breakthrough in the development of new inexpensive material with high strength may augment market growth.
Key market players are involved in research and development efforts in a bid to build their product portfolio and increase the revenues. These players also focus on delivering customized solutions to the clients which leads to a high switching cost for the consumer companies. In addition, the companies in the market are involved in notable collaborations with technology-based firms and research institutions to build advanced high strength solutions.