Report : North America Advanced Composites Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Fiber Type (Carbon Fiber Composites, Aramid Fiber Composites, Glass Fiber Composites, and Others), Matrix Type [Epoxy Resin, Phenolics, Polyester Resin, Polyurethane Resin, Polyphenylene Sulfide (PPS), Polyetherimide (PEI), and Others], and End-Use Industry (Aerospace & Defense, Automotive, Wind Energy, Building & Construction, Electrical & Electronics, and Others)
At 10.3% CAGR, the North America Advanced Composites Market is speculated to be worth US$ 20,488.78 million by 2028, says The Business Market Insights
According to the Business Market Insights’ research, the North America advanced composites market was valued at US$ 11,385.51 million in 2022 and is expected to reach US$ 20,488.78 million by 2028, registering a CAGR of 10.3% from 2022 to 2028. Growing demand for lightweight materials in aerospace & defense industry and rising use of advanced composites in wind energy and automotive industries are the critical factors attributed to the North America advanced composites market expansion.
Advanced composites are crucial for the safety and efficient performance of modern aircraft. The increasing need for lightweight materials to construct aviation components and parts has significantly increased the demand for advanced composites. Aircraft manufacturers are making efforts to develop huge primary thermoplastic structures in business jets and commercial aircrafts. They were the early adopters of long fiber-reinforced thermoplastics. Materials such as composites and polymers are significantly lighter than steel, brass, alloys, iron, etc. The use of these materials allows manufacturers to lower the weight of airplane parts, subsequently facilitating fuel cost reductions. Several initiatives are focused on creating lightweight materials and parts that reduce fuel consumption and help in the adoption of hybrid and electric planes. Thus, the growing demand for lightweight materials in the aerospace & defense industry is driving the North America advanced composites market growth.
On the contrary, high cost and recyclability issues of advanced composites hurdles the growth of North America advanced composites market.
Based on fiber type, the North America advanced composites market is segmented into carbon fiber composites, aramid fiber composites, glass fiber composites, and others. The carbon fiber composites segment held 57.0% market share in 2022, amassing US$ 6,489.49 million. It is projected to garner US$ 12,711.26 million by 2028 to expand at 11.9% CAGR during 2022–2028.
Based on matrix type, the North America advanced composites market is segmented into epoxy resin, phenolics, polyester resin, polyurethane resin, polyphenylene sulfide (PPS), polyetherimide (PEI), and others. The epoxy resin segment held 25.7% market share in 2022, amassing US$ 2,929.85 million. It is projected to garner US$ 6,117.77 million by 2028 to expand at 13.1% CAGR during 2022–2028.
Based on end-use industry, the North America advanced composites market is segmented into aerospace & defense, automotive, wind energy, building & construction, electrical & electronics, and others. The aerospace & defense segment held 45.2% market share in 2022, amassing US$ 5,140.56 million. It is projected to garner US$ 9,550.11 million by 2028 to expand at 10.9% CAGR during 2022–2028.
Based on country, the North America advanced composites market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 81.7% market share in 2022. It was assessed at US$ 9,297.71 million in 2022 and is likely to hit US$ 17,038.96 million by 2028, exhibiting a CAGR of 10.6% during the forecast period.
Key players dominating the North America advanced composites market are Avient Corp, Ensinger GmbH, Johns Manville Corp, Mitsubishi Chemical Corp, Owens Corning, SGL Carbon SE, Solvay SA, Teijin Ltd, and Toray Industries Inc among others.
- In 2022, Ensinger GmbH acquired the StyLight thermoplastic composite business of INEOS Styrolution.
- In 2022, Avient Corporation acquired DSM Protective Materials (Dyneema brand) and announced its plan to explore sale option for its Avient Distribution business.
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