High-performance Composites Market Research Report Information By Material (Resins, Fibers), By Application (Aerospace, Automotive & Industrial, Energy), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) – Market Forecast Till 2030

Global High-performance Composites Market Overview

The High-performance Composites Market Size was valued at USD 10.11 Billion in 2022. The High-performance Composites market industry is projected to grow from USD 12.4 Billion in 2023 to USD 48.21 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 10.11% during the forecast period (2023 - 2030). The demand for high-performance composites in various applications is being driven by the increased demand for lightweight and high-strength materials.         

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

High-performance Composites Market Trends

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  Increasing usage of high-performance composites in wind turbine blades is boosted the market growth.

  
  

High-performance composites are constructed from high-performance fibers such as carbon, glass, aramid, quartz, ultrahigh-molecular-weight polyethylene (UHWPE), ceramic, boron, and new fiber such as poly(p-phenylene benzothiazole) (PBO) fibers. These materials usually have tensile strength, and high thermal conductivity and are lightweight, and are widely used in applications such as automotive, wind turbines, medical, construction, aerospace, and defense. The factors such as the growing demand for glass and carbon fiber reinforced plastics in airbus aircraft and increasing usage of high-performance composites in wind turbine blades are the root causes fueling up the high-performance composites market growth rate.

Additionally, the Growth in the automobile industry and increasing sales of aircraft impact the growth rate of the high-performance composites market. However, the high raw material costs and fabrication and assembly costs derail the growth of the high-performance composites market. Rising awareness about the advantages of high-performance composites as compared to their substitutes generates various opportunities for the market. COVID-19 has hampered the supply chain across the globe, which poses a challenge to the market’s growth.   

High-performance Composites Market Segment Insights

High-performance Composites Material Insights

The High-performance Composites Market segmentation, based on Material, includes Resins and Fibers. The most widely used polymers in composites are thermosets, which are a form of plastic resin that becomes considerably infusible and insoluble when hardened by heat and chemicals. After it has been cured, a thermoset cannot be restored to its uncured state. Even though almost all thermosets currently in use are made from petroleum feedstocks. Glass Fibers account for the great majority of composite Fibers. Glass Fibers are the most popular and oldest type of reinforcement utilized to replace heavier metal parts in end-market applications. Glass Fiber is heavier and less stiff than carbon Fiber, the second most often used reinforcement, but it is more impact-resistant and has a higher elongation-to-break. 

High-performance Composites Application Insights

Based on Application, the High-performance Composites Market segmentation includes Aerospace, Automotive & Industrial, Energy, Consumer Goods, Defense, Electronics, Construction, and Others. Aerospace engineering is the primary branch of engineering concerned with the construction of aircraft and spacecraft. Aeronautical engineering and astronautical engineering are two fields that overlap significantly. Aeronautical engineering is similar to avionics engineering, although avionics engineering concentrates on the electronics side of things. The Automotive or Automobile designer is the person who conceptualizes the exterior and interior design of a vehicle. This individual is typically an industrial and design engineer who ensures that their designs are both functional and attractive.

Figure 2: High-performance Composites Market, by Material, 2023 & 2030 (USD Billion)            

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

High-performance Composites Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. North America accounted for the largest share of this market owing to the trend of new automotive materials introduced in the region to decrease vehicles crash, noise, and costs as well as to increase vehicle fuel efficiency. New manufacturing techniques coupled with extensive research and development activities in the US is propelling market demand.

Figure 3: HIGH-PERFORMANCE COMPOSITES MARKET SHARE BY REGION 2023 (%)      

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Asia-Pacific is projected to be the fastest-growing region in the High-performance Composites Market during the review period. Surging high-performance composites demand in the aerospace and consumer goods applications is the expected driver of market growth. Automotive is an emerging industry in China and India and the increasing application of light-weight high-performance composites in the automotive industry is a key factor driving Asia-Pacific market growth.

High-performance Composites Key Market Players & Competitive Insights

Major market players are spending a lot of money on R&D to increase their product lines, which will help the High-performance Composites market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the High-performance Composites industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

The major market players are investing a lot of money in R&D to expand their product lines, which will spur further market growth for High-performance Composites. With significant market development like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their global presence. To grow and thrive in a market climate that is becoming more competitive and growing, competitors in the High-performance Composites industry must offer affordable products.

Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the global High-performance Composites industry to benefit customers and expand the market sector. The High-performance Composites market has recently given medicine some of the most important advantages. Major High-performance Composites market players, including epoxy, cyanate ester, phenolics, polyphenylene sulfide, and others, are attempting to increase market demand by funding R&D initiatives.

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Also, Deepak Phenolics is a manufacturer of chemical products. It offers phenol and acetone products such as Caprolactam, Cyclohexanone, Polycarbonate, Diacetone Alcohol, Methyl Isobutyl and Methacrylate, and Isophorone.

Key Companies in the High-performance Composites market include

• BASF SE (Germany)


• SABIC (Saudi Arabia)


• Solvay (Belgium)


• Owens Corning (US)


• TPI Composites (US)


• Huntsman International LLC (US)


• TEIJIN LIMITED (Japan)


• SGL Group (Germany)


• Hexcel Corporation (US)


• Albany International Corporation (US)


• TORAY INDUSTRIES, INC. (Japan)


• Arkema (France)


• 3M (US)


• ARGOSY INTERNATIONAL (US)


• Northrop Grumman Corporation (US).

High-performance Composites Industry Developments

The study shows that great companies, such as Hand Lay-up, Spray-up, Resin Infusion, Filament Winding, Pultrusion, Injection Modeling, Compression modeling, and others use high composites for their manufacturing processes and regions like North America, Europe, Asia Pacific, and ROW are a great market for the high composites products. According to the comprehensive research, Lucintel forecasts that the aerospace and wind energy parts are aimed to show above-average growth during the forecast period from 2019 to 2024 and within seven years the market is expected to break the growth rate of 6.5% due to the increasing use of high composites products in various industries. These products are used in the manufacturing process in many industries due to their high strength, electricity and heat resistance, and most importantly cost-efficiency.

High-performance Composites Market Segmentation

High-performance Composites Material Outlook

• Resins


• Fibers

High-performance Composites Application Outlook

• Aerospace


• Automotive & Industrial


• Energy


• Consumer Goods


• Defense


• Electronics


• Construction


• Others

High-performance Composites Regional Outlook

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  North America

  
  
  
  
  • US
  
  
  • Canada
  
  
  
  


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  Europe

  
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


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  Asia-Pacific

  
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


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  Rest of the World

  
  
  
  
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    Middle East

    
    
  
  
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    Africa

    
    
  
  
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    Latin America