High Performance Composites Market Expected to Reach $59.4 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “High Performance Composites Market," The high performance composites market was valued at $33 billion in 2022, and is estimated to reach $59.4 billion by 2032, growing at a CAGR of 6.2% from 2023 to 2032.

High performance composites are advanced materials engineered to deliver exceptional strength, stiffness, and durability, typically exceeding the capabilities of traditional materials like metals or plastics. These composites are composed of a matrix material, often a polymer or ceramic, reinforced with high-strength fibers such as carbon, glass, or aramid.

They are renowned for their outstanding mechanical properties, including high tensile and compressive strength, low weight, and resistance to corrosion, making them ideal for applications demanding superior performance in industries such as aerospace, automotive, and sports equipment. High performance composites play a pivotal role in achieving lightweight, high-strength structures and are a cornerstone of modern technological advancements.

The automotive industry has witnessed an increase in applications for the high-performance composite, including but not limited to vehicle bodies, battery housings, and cooling water pumps. Growth factors including urbanization, increasing production trends, the demand for fuel-efficient vehicles, and vehicle electrification all contribute to the automotive industry's substantial expansion.

The production of passenger vehicles, as reported by the International Organization of Motor Vehicle Manufacturers (OICA), witnessed a growth from 55,834,456 units in 2020 to 57,054,295 units in 2021. The European Automobile Manufacturers Association reports that automobile production in South America increased by 11% in 2021, whereas this figure was 3.1% in the U.S. The India Brand Equity Foundation (IBEF) projects by 2026, the automotive sector in India will be worth between $251.4 and $282.8 billion. The expanding utilization and production of automotive vehicles has led to a heightened demand for high performance composites in exhaust systems, vehicle components, and other applications. Consequently, this demand has propelled the high performance composites industry.

The limited availability of raw materials represents a significant restraint for the high performance composites market. Many of these composites rely on specialized, high-quality materials such as carbon fibers, aramid fibers, or advanced polymers. These materials are often sourced from a finite supply, and their production can be resource-intensive and subject to geopolitical or environmental factors.

As a result, the supply chain for these raw materials can be vulnerable to disruptions, leading to increased costs and potential shortages in the high performance composites industry. This limitation not only affects the cost-effectiveness of these materials but also raises concerns about the long-term sustainability of their production.

The growing demand from the oil and gas industry presents highly lucrative opportunities for the high performance composites market. High performance composites are increasingly favored in this sector due to their exceptional properties, such as corrosion resistance, high strength, and durability, making them ideal for critical applications in offshore drilling platforms, subsea infrastructure, pipelines, and storage tanks.

These materials not only help extend the lifespan of equipment but also enhance safety and reduce maintenance costs. With the oil and gas industry continuously seeking more efficient and cost-effective solutions, the demand for high performance composites is expected to rise significantly. In addition, as regulations on environmental impact become stricter, composites offer lightweight alternatives that can improve fuel efficiency and reduce the carbon footprint in offshore operations, further solidifying their position as a key growth driver in the market.

The high performance composites market is segmented on the basis of resin type, fiber type, end-use industry, and region. By resin type, the market is divided into thermoset and thermoplastic. On the basis of the fiber type, it is categorized into carbon fiber composites, s-glass composites, aramid fiber composites, and others. On basis of the end-use industry, it is categorized into aerospace and defense, automotive, construction, energy, medical and others. region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.

On the basis of the resin type, the high performance composites market is classified into thermoset and thermoplastic. Thermoplastic is projected to be the fastest-growing segment and thermoset has garnered the highest share in the high performance composites market.

On the basis of the fiber type, the high performance composites market is classified into carbon fiber composites, s-glass composites, aramid fiber composites, and others. Aramid fiber composites is projected to be the fastest-growing segment and carbon fiber composites have garnered the highest share in the high performance composites market.

On the basis of the end-use industry, the high performance composites market is classified into aerospace and defense, automotive, construction, energy, medical and others. Automotive is projected to be the fastest-growing segment and aerospace and defense has garnered the highest share in the high performance composites market.

The major players operating in the global high performance composites market are SGL Carbon, TORAY INDUSTRIES, INC., TPI Composites, Inc., Solvay, Hexcel Corporation, Owens Corning, TEIJIN LIMITED, Arkema, BASF SE, and Crawford Composites, LLC.

Other players include Hexcel Corporation, Mitsubishi Chemical Corporation, Cytec Solvay Group, Axiom Materials, Tencate Advanced Composites, Park Aerospace Technologies Corp, Huntsman Advanced Materials and 3M.

Key Findings Of The Study:

• On the basis of the resin type, the thermoplastic segment is expected to grow at a CAGR of 6.2%, in terms of revenue, during the forecast period.
• On the basis of the fiber type, the aramid fiber composites segment is expected to grow at a CAGR of 6.6%, in terms of revenue, during the forecast period.
• Depending on the end-use industry, the automotive segment is expected to grow at a high CAGR, in terms of revenue, during the forecast period.
• Region-wise, Asia-Pacific garnered a major share in 2022 in terms of revenue.