The Advanced Composites Market is experiencing significant growth, driven by increasing applications in retrofitting and the rising adoption of advanced composite materials in the automotive and aerospace sectors. Despite facing challenges in high production costs, the market's potential for expansion remains promising.
Retrofit Applications and Aerospace & Automotive Sectors
One of the most significant market drivers for advanced composites is the growing use of these materials in retrofit applications. As industries continually strive for efficient and cost-effective solutions, advanced composites have become increasingly popular for retrofitting existing infrastructure. For example, Turkey-based company Kordsa recently launched new products in its Kratos structural reinforcement product line, designed to retrofit reinforced concrete structures by increasing their load-bearing capacity and improving structural performance.
Furthermore, the increasing utilization of advanced composite materials in the automotive and aerospace sectors has propelled market growth. Motorsports, luxury vehicles, and lower-volume, high-end vehicles have increasingly turned to continuous carbon fiber materials as lightweight and durable alternatives. Composites incrementally replace traditional materials, such as steel and fiberglass, in applications like leaf springs, body panels, and seat structures. For instance, the 2021 Toyota Sienna third-row seatback replaced 15 steel parts with a 30% weight reduction and a 15% cost reduction, using Ultramid glass fiber-reinforced PA6.
High Production Cost of Advanced Composites
Despite the numerous advantages of advanced composites, the high production cost remains a significant market challenge. The manufacturing process of advanced composites is complex, requiring specialized tooling, methods, and equipment – ultimately increasing costs. For instance, the cost per pound of carbon fiber raw material can vary from 5 to multiple times the cost of fiberglass. When compared with steel, the high cost of these materials becomes even more pronounced.
New Product Innovations and Launches
Despite the challenges the advanced composites market faces, numerous market opportunities are emerging with new product innovations and launches. Polyamides, a major engineering and high-performance thermoplastics class, have been experiencing significant growth in the automotive and transportation markets due to their excellent balance of properties. Companies like Rhodia and DuPont have introduced new polyamide-based products like Technyl eXten and Zytel PLUS, offering greener and more durable alternatives for various applications.
Moreover, Covestro AG has developed a new composite technology called Maezio, based on Continuous Fiber-Reinforced Thermoplastic Polymers (CFRTP). This groundbreaking technology allows for producing thin, lightweight, high-strength, aesthetic vehicle parts, reducing fuel consumption and CO2 emissions and increasing the range of electric vehicles.
Advanced Composites Market Analysis
The advanced composites market is segmented based on resin type into Polyamide, Polyurethane, Polypropylene, Polyethylene, Acrylonitrile-butadiene-styrene copolymer (ABS), Polyvinyl Chloride, Polycarbonate, and others. Among these, polyamides have emerged as a leading segment, with approximately 12% of thermoplastic parts and components in the automotive industry being manufactured and developed using polyamide.
Future of Advanced Composites Market with Market Drivers and Challenges
Considering the market drivers and challenges, the future of the advanced composites market appears promising. As new product innovations and launches continue to emerge and industries increasingly adopt advanced composite materials for various applications, the market is expected to grow robust. To gain a deeper understanding of the advanced composites market and explore potential opportunities, request a sample report from DataM Intelligence.
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