Advanced Composites Market Predicted To Reach USD 70.2 Billion By 2030
Posted by Neha Bora on November 24th, 2022
San Francisco, 24 Nov 2022: The Report Advanced Composites Market Size, Share & Trends Analysis Report By Product (Aramid, Carbon, Glass), By Application (Aerospace & Defense, Automotive, Construction, Sporting Goods, Wind Energy), By Region, And Segment Forecasts, 2022 - 2030
The global advanced composites market size is expected to reach USD 70.2 billion by 2030, as per a new report by Grand View Research Inc. The market is expected to expand at a CAGR of 9.2% from 2022 to 2030. Growing demand for the products in the wind energy sector and aerospace and defense industry is expected to drive the market growth over the forecasted period. The market is growing at a notable pace owing to the rising penetration of carbon and glass fiber composites in the aerospace and defense industry and industries such as renewable power generation, healthcare, and electronics. Moreover, industrialization in emerging markets such as China, India, and Japan further propel the growth of the market.
Carbon fibers composites are likely to grow significantly due to a drop in their prices. Moreover, the use of carbon fiber is gaining traction owing to its benefits such as high strength and lightweight. The demand in the aerospace industry and wind turbine manufacturing is expected to grow owing to the increasing air passenger traffic and installations of wind energy plants across the globe. The market is highly regulated owing to the critical nature of its application. Manufacturers are focused on obtaining certifications from The American Society of Testing Materials, Safety Glass Directives of EU, and U.S. Clean Air Act to abide by the regulations. Stringent regulations have resulted in high setup costs, which in turn, is limiting the market growth.
Access Research Report of Advanced Composites Market @ https://www.grandviewresearch.com/industry-analysis/advanced-composites-market
Advanced Composites Market Report Highlights
List of Key Players of Advanced Composites Market
Access Press Release of Advanced Composites Market @ https://www.grandviewresearch.com/press-release/global-advanced-composites-market
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About the AuthorNeha Bora
Joined: September 16th, 2019
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