The global advanced composites market is expected to grow from USD 44.28 billion in 2024 to USD 121.28 billion by 2034, at a compound annual growth rate (CAGR) of 10.60%. The market is driven by increasing demand for lightweight and fuel-efficient materials in the aerospace and automotive industries. The carbon fiber composites segment is expected to grow at a CAGR of 10.8% from 2024 to 2034, driven by its increasing use in wind energy applications and aerospace components.
The market is also driven by the growing demand for sustainable renewable energy, particularly in Europe, where wind energy installations are increasing. The automotive sector is expected to reach a CAGR of 8.7% from 2024 to 2034, driven by the need for fuel-efficient vehicles. The market is also expected to be driven by the growing demand for ceramic matrix composites in developing countries.
The market is expected to face challenges such as limited usage due to reparability and recyclability, but the growing demand for intricate and compact designs and renewable energy is expected to drive market growth. Key players in the market include Toray Industries, Koninklijke Ten Cate NV, Teijin Limited, and Hexcel Corporation.