Market Size of Advanced Composite Materials Industry
| Study Period | 2019-2029 |
| Market Size (2024) | USD 2.32 Billion |
| Market Size (2029) | USD 3.28 Billion |
| CAGR (2024 - 2029) | > 6.00 % |
| Fastest Growing Market | Europe |
| Largest Market | Europe |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Advanced Composite Materials Market Analysis
The Advanced Composite Materials Market size is estimated at USD 2.32 billion in 2024, and is expected to reach USD 3.28 billion by 2029, growing at a CAGR of greater than 6% during the forecast period (2024-2029).
The COVID-19 pandemic had negatively impacted the market for advanced composite materials. The nationwide lockdowns and strict social distancing measures resulted in the closure of airplane and automotive manufacturing facilities, thereby affecting the market for advanced composite materials. However, post-COVID pandemic, the market recovered well after the restrictions were lifted. The market recovered significantly, owing to the rise in consumption of advanced composite materials in aerospace and defense, wind energy, and automotive end-user industries.
The increasing demand for lightweight materials in the aerospace and defense industries and the rising demand for fuel-efficient and lightweight vehicles are expected to drive the market.
The increasing prices of raw materials are expected to hinder the market's growth.
The recycling of advanced composites and the increasing demand for nanocomposites are expected to create opportunities for the market during the forecast period.
The North American region is expected to dominate the market. It is also expected to register the highest CAGR during the forecast period due to rising demand for advanced composite materials in aerospace and defense, wind energy, automotive, and marine end-user industries.
