High Performance Composites Market to Reach $59.4 Billion, Globally, by 2032 at 6.2% CAGR: Allied Market Research
PORTLAND, Ore., Nov. 22, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "High Performance Composites Market by Resin Type (Thermoset and Thermoplastic), Fiber Type (Fiber Composites, S-Glass Composites, Aramid Fiber Composites, and Others), and End-Use Industry (Aerospace and Defense, Automotive, Construction, Energy, Medical, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2032". According to the report, the global high performance composites market was valued at $33.0 billion in 2022 and is projected to reach $59.4 billion by 2032, growing at a CAGR of 6.2% from 2023 to 2032.
- These composites consist of a polymer matrix, such as epoxy or phenolic resin, reinforced with strong, lightweight fibers like carbon or glass.
- The high performance composites market in the Asia-Pacific region has been experiencing significant growth in recent years.
- The region's thriving manufacturing sector, coupled with a growing emphasis on sustainability and energy efficiency, has propelled the adoption of high performance composites.
- With a diverse range of applications, including aircraft components, automotive parts, and infrastructure, the Asia-Pacific high performance composites market is projected to witness continued growth and innovation.