At 10.5% CAGR, the Asia Pacific Advanced Composites Market is projected to be worth US$ 18,166.73 million by 2028, says The Business Market Insights

According to the Business Market Insights’ research, the Asia Pacific advanced composites market was valued at US$ 9,990.80 million in 2022 and is expected to reach US$ 18,166.73 million by 2028, registering a CAGR of 10.5% from 2022 to 2028. Increasing demand for nanocomposites and rise in adoption of biocomposites are the critical factors attributed to the Asia Pacific advanced composites market expansion.

Nanocomposites are materials that incorporate nanosized particles into a matrix of standard material. To overcome the limitation of different engineering materials, nanocomposites act as a beneficial alternative. Nanocomposites can be classified based on their dispersed matrix and dispersed phase materials. Polymeric nanocomposites are materials incorporating nanosized inclusions into the polymer matrices. They exhibit excellent mechanical properties, flame retardancy, enhanced modulus & dimensional stability, improved scratch resistance, superior thermal and processing properties, reduced warpage of components, and enhanced impact resistance, making them suitable to replace metals in various industrial applications. These nanocomposites are widely used in medical, electronics, automotive, food packaging, and sport equipment applications. They are also used in aeronautics and spaceflight due to their ability to withstand tension and extreme temperatures. Furthermore, growing research and development efforts are also increasing the applications of nanocomposites. Hence, the rising demand for nanocomposites and associated research & development activities is expected to offer lucrative opportunities for the Asia Pacific advanced composites market growth during the forecast period.

On the contrary, high cost and recyclability issues of advanced composites hurdles the growth of Asia Pacific advanced composites market. 

Based on fiber type, the Asia Pacific advanced composites market is segmented into carbon fiber composites, aramid fiber composites, glass fiber composites, and others. The carbon fiber composites segment held 58.1% share of Asia Pacific advanced composites market in 2022, amassing US$ 5,802.97 million. It is projected to garner US$ 11,560.36 million by 2028 to expand at 12.2% CAGR during 2022–2028.

Based on matrix type, the Asia Pacific advanced composites market is segmented into epoxy resin, phenolics, polyester resin, polyurethane resin, polyphenylene sulfide (PPS), polyetherimide (PEI), and others. The epoxy resin segment held 24.7% share of Asia Pacific advanced composites market in 2022, amassing US$ 2,471.20 million. It is projected to garner US$ 5,168.57 million by 2028 to expand at 13.1% CAGR during 2022–2028.

Based on end-use industry, the Asia Pacific advanced composites market is segmented into aerospace & defense, automotive, wind energy, building & construction, electrical & electronics, and others. The aerospace & defense segment held 31.0% share of Asia Pacific advanced composites market in 2022, amassing US$ 3,095.51 million. It is projected to garner US$ 5,826.46 million by 2028 to expand at 11.1% CAGR during 2022–2028.

Based on country, the Asia Pacific advanced composites market has been categorized into China, India, Japan, South Korea, Australia, and the Rest of Asia Pacific. Our regional analysis states that China captured 47.8% share of Asia Pacific advanced composites market in 2022. It was assessed at US$ 4,777.29 million in 2022 and is likely to hit US$ 8,390.79 million by 2028, exhibiting a CAGR of 11.8% during the forecast period.

Key players dominating the Asia Pacific advanced composites market are Avient Corp, Ensinger GmbH, Johns Manville Corp, Mitsubishi Chemical Corp, Owens Corning, SGL Carbon SE, Solvay SA, Teijin Ltd, and Toray Industries Inc among others. 

• In 2022, Ensinger GmbH acquired the StyLight thermoplastic composite business of INEOS Styrolution. 
• In 2022, Avient Corporation acquired DSM Protective Materials (Dyneema brand) and announced its plan to explore sale option for its Avient Distribution business. 

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