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SAN FRANCISCO , June 9, 2022 /PRNewswire/ -- 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.

Key Industry Insights & Findings from the report:

Get more Insights from 198-pages market research 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", published by Grand View Research.

Advanced Composites Market Growth & Trends

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.

Grand View Research has segmented the advanced composites market based on product, application, and region:

Advanced Composites Market - Product Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2030)

Advanced Composites Market - Application Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2030)

Advanced Composites Market - Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2030)

List of Key Players of Advanced Composites Market

Check out more market studies published by Grand View Research:

Browse through Grand View Research's Advanced Interior Materials Industry Research Reports.

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco , the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

Contact: Sherry James Corporate Sales Specialist, USA Grand View Research, Inc. Phone: 1-415-349-0058 Toll Free: 1-888-202-9519 Email: sales@grandviewresearch.com Web: https://www.grandviewresearch.com Grand View Compass | Grand View Pipeline  Follow Us: LinkedIn | Twitter

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SOURCE Grand View Research, Inc.

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