The Latest Advanced Composites Industry Statistics Explained
The global advanced composites market size was valued at USD 23.8 billion in 2019.
The statistic that the global advanced composites market size was valued at USD 23.8 billion in 2019 indicates the total worth of the market for advanced composites, which are high-performance materials used in various industries such as aerospace, automotive, and construction. This figure represents the revenue generated by the sales of advanced composites globally during the year 2019. The market size value of USD 23.8 billion suggests a significant demand for advanced composites, highlighting their importance in modern manufacturing and technological applications. This statistic serves as a key indicator of the growth and potential of the advanced composites industry on a global scale.
North America was the largest market for advanced composites, accounting for 34.3% of the total revenue share in 2019.
This statistic indicates that North America held the position of being the primary market for advanced composites in 2019, generating 34.3% of the total revenue within this industry. This percentage denotes the portion of the market share that North America contributed to the overall revenue generated by advanced composites, showcasing its significant presence and influence in this sector. The dominance of North America in the advanced composites market suggests a strong demand for these materials in various industries within the region, potentially driven by factors such as technological advancements, manufacturing capabilities, and market preferences.
The carbon segment held the largest share of over 50% in 2019 in the advanced composites market.
This statistic indicates that in 2019, the carbon segment dominated the advanced composites market by holding a share of over 50%, making it the largest segment in terms of market presence. This suggests that carbon-based advanced composites such as carbon fiber reinforced polymers (CFRP) were highly preferred or in-demand compared to other types of advanced composites like glass or aramid fibers. The significant market share of the carbon segment highlights the widespread use and popularity of carbon composites across various industries such as aerospace, automotive, sporting goods, and construction due to their exceptional strength-to-weight ratio, stiffness, and durability properties.
The automotive & transportation segment led the advanced composites market with a share of 26.1% in 2019.
In 2019, the automotive & transportation segment dominated the advanced composites market, holding a significant share of 26.1%. This statistic indicates that a substantial portion of advanced composites, which are high-performance materials known for their superior strength and light weight, were being utilized within the automotive and transportation industry. The high market share suggests that advanced composites were being increasingly adopted in the manufacturing of vehicles, aircraft, and other transportation systems, likely due to their ability to enhance fuel efficiency, reduce overall weight, and improve performance characteristics. This trend highlights the growing importance and application of advanced composites in the automotive and transportation sector, positioning it as a key driver of market growth in the advanced composites industry in 2019.
The advanced composite market is anticipated to reach about USD 41 billion by 2027.
This statistic indicates a projected value for the advanced composite market, forecasting that it will grow to approximately USD 41 billion by the year 2027. This suggests a strong potential for growth in the utilization and demand for advanced composite materials in various industries such as aerospace, automotive, construction, and renewable energy. The forecasted figure represents an estimated market size based on anticipated trends, technological advancements, and increased adoption of advanced composites for their lightweight, durable, and high-performance properties. Companies operating in this market can anticipate opportunities for expanding their product offerings and capturing a larger share of the market as the demand for advanced composite materials continues to rise.
Asia Pacific is projected to witness the fastest growth rate of around 9% in the advanced composites market between 2020 and 2027.
The statistic that “Asia Pacific is projected to witness the fastest growth rate of around 9% in the advanced composites market between 2020 and 2027” highlights the expected growth trajectory of the advanced composites industry in the Asia Pacific region. This forecast suggests that the demand for advanced composites materials in industries such as aerospace, automotive, construction, and others is set to substantially increase over the specified time period, with an average annual growth rate of approximately 9%. Factors contributing to this anticipated growth may include rising investments in infrastructure development, increasing adoption of lightweight and high-performance materials, and expanding manufacturing activities in the region. This statistic underscores the significant market potential and opportunities for advanced composites manufacturers and suppliers in the Asia Pacific region in the foreseeable future.
Defense application segment held the second largest share in the advanced composites market in 2019.
In 2019, within the advanced composites market, the defense application segment held the second largest share, indicating that defense-related industries were significant consumers of advanced composites materials during that time. This statistic suggests that defense applications such as military equipment, aerospace components, and protective gear drove a considerable portion of the demand for advanced composites. The high performance and lightweight properties of advanced composites make them ideal for enhancing the durability, efficiency, and performance of defense-related products, leading to their prominent usage within this sector.
Electronics segment is expected to achieve the highest CAGR, of 8.5%, in the advanced composites market from 2020 to 2027.
This statistic indicates that the electronics segment within the advanced composites market is projected to experience the highest Compound Annual Growth Rate (CAGR) of 8.5% from the year 2020 to 2027. This suggests that the demand for advanced composites within the electronics industry is expected to grow at a faster rate compared to other segments such as aerospace, automotive, or energy, among others. The high CAGR indicates a potentially lucrative and expanding market for advanced composites in electronics applications, driven by factors such as technological advancements, increasing use of lightweight and high-performance materials, and growing consumer demand for advanced electronic products.
Composite materials are expected to see an annual growth of 5% over the next five years.
The statement “Composite materials are expected to see an annual growth of 5% over the next five years” indicates a projected trend in the composite materials industry. This statistic suggests that the industry is anticipated to experience a consistent increase in its market size at a rate of 5% per year for the next five years. This growth rate provides insight into the expected expansion and demand for composite materials in various sectors such as aerospace, automotive, construction, and more. It implies that businesses operating within this industry may expect opportunities for growth and potential market expansion in the coming years, making it an attractive space for investment and development.
The renewable energy sector, particularly wind turbines, is expected to drive some segments of the advanced composites market.
This statistic suggests that the renewable energy sector, with a specific focus on wind turbines, is anticipated to be a key driving force behind growth in certain segments of the advanced composites market. Wind turbines often utilize advanced composite materials due to their lightweight, durable, and corrosion-resistant properties, which are essential for enhancing energy efficiency and longevity in the renewable energy industry. As the demand for renewable energy sources continues to increase globally, the need for advanced composites in the production of wind turbines is expected to rise, thereby contributing to the growth and expansion of the advanced composites market across relevant industry segments.
The high-performance segment of advanced composites is expected to grow at a CAGR of 7% by 2027.
This statistic indicates that the high-performance segment within the advanced composites industry is projected to experience a Compound Annual Growth Rate (CAGR) of 7% by the year 2027. This suggests that this particular sector of advanced composites, likely characterized by materials with exceptional strength, durability, and other superior properties, is expected to steadily increase in size and market value over the next several years. The 7% CAGR signifies a consistent annual growth rate, highlighting the potential for significant expansion and opportunities for businesses operating within this segment to capitalize on the increasing demand for high-performance advanced composites.
Advanced composite materials are expected to account for 29% of the total materials market in aerospace by 2021.
The statistic indicates that advanced composite materials are projected to make up 29% of the overall materials market in the aerospace industry by the year 2021. This suggests a growing trend in the use of advanced composite materials in aerospace applications, likely due to their advantageous properties such as high strength-to-weight ratio, resistance to corrosion, and flexibility in design. This shift towards advanced composites is significant as it reflects the industry’s ongoing efforts to improve efficiency, performance, and sustainability in aerospace manufacturing and operations. Additionally, it underscores the increasing importance of these materials in meeting the evolving demands of aerospace technology and global market trends.
Carbon fiber composites are expected to hold more than 30% of the advanced composites market share by 2027.
This statistic indicates that carbon fiber composites are forecasted to maintain a dominant position in the advanced composites market, accounting for over 30% of the market share by the year 2027. This projection suggests that the demand for carbon fiber composites is expected to grow significantly, outpacing other types of advanced composites such as glass fiber or aramid composites. The strong market forecast for carbon fiber composites highlights their superior properties such as high strength-to-weight ratio, stiffness, and corrosion resistance, making them a preferred choice in various industries such as aerospace, automotive, and sports equipment. This statistic signals a positive outlook for the carbon fiber industry and underscores the importance of continued advancements in material technology and manufacturing processes to meet the growing demand for these high-performance materials.
More than 90% of all industrial tooling for composites is constructed using advanced composites.
The statistic that more than 90% of all industrial tooling for composites is constructed using advanced composites indicates a strong trend towards the use of high-performance composite materials in the manufacturing industry. Advanced composites, such as carbon fiber reinforced polymers, offer superior strength-to-weight ratios and durability compared to traditional materials like metals. This high adoption rate suggests that manufacturers recognize the benefits of advanced composites for tooling applications, likely due to their ability to improve product performance, increase efficiency, and reduce overall production costs. This statistic highlights the significant impact of advanced composites on the industrial sector and reflects a growing preference for innovative materials in tooling fabrication processes.
The use of advanced composites in manufacturing light vehicles could reduce vehicle weight by up to 50% and improve fuel efficiency by about 35% without compromising performance or safety.
The statistic suggests that by incorporating advanced composites into the manufacturing process of light vehicles, it is possible to achieve a significant reduction in vehicle weight of up to 50%, leading to improved fuel efficiency of approximately 35%. This reduction in weight allows vehicles to consume less fuel, resulting in cost savings for the consumer and a decrease in carbon emissions. Furthermore, the statistic emphasizes that these advancements in material technology do not compromise the performance or safety of the vehicles, indicating that these composites are a viable and sustainable solution for the automotive industry to address issues of fuel efficiency and environmental impact.
Nanocomposites accounted for a market share of nearly 10% in the advanced composites market in 2019.
The statistic indicates that nanocomposites, which are a type of advanced composite material incorporating nanoscale particles or structures, held a significant share of approximately 10% in the advanced composites market in 2019. This suggests that nanocomposites were a notable player in the industry, showcasing their growing importance and adoption by manufacturers and consumers. The market share of 10% reflects the increasing interest and investment in nanocomposites due to their desirable properties such as strength, light weight, and enhanced performance characteristics compared to traditional composite materials. This statistic highlights the expanding presence and potential of nanocomposites within the advanced composites market, paving the way for further advancements and innovations in the industry.
By 2027, the aerospace segment in the advanced composites market is projected to reach around 16,000 kilo tons.
The statistic indicates that in the advanced composites market, specifically within the aerospace segment, there is a projected growth in the demand for advanced composites materials. By the year 2027, it is estimated that the aerospace segment will reach around 16,000 kilo tons in terms of consumption or production of advanced composites. This suggests a significant increase in the use of advanced composites in the aerospace industry, likely driven by factors such as the need for lightweight and strong materials in aircraft manufacturing and the increasing demand for fuel-efficient and environmentally friendly aircraft. This projection reflects a positive outlook for the advanced composites market within the aerospace sector over the coming years.
Conclusion
Advanced composites are playing an increasingly vital role in various industries, offering superior strength-to-weight ratios and enhanced performance characteristics. As indicated by the statistics presented, the demand for advanced composites is on the rise, with significant growth projected in sectors such as aerospace, automotive, and wind energy. By staying informed about the latest industry trends and leveraging these innovative materials effectively, companies can stay ahead of the curve and capitalize on the countless benefits that advanced composites have to offer.
References
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