Advanced composites market seen reaching $88.7 billion by 2031

Allied Market Research says the global advanced composites market was worth $34.0 billion in 2021 and is projected to grow to $88.7 billion by 2031. Aerospace demand, carbon fiber adoption and industrial growth in Asia-Pacific are among the main forces behind the forecast.

Why it matters: - Advanced composites are becoming a bigger input for aircraft, vehicles, wind systems and industrial equipment. - The forecast points to a market more than doubling by 2031, which could shape supplier spending, manufacturing capacity and material selection across multiple industries.

What happened: - Allied Market Research valued the global advanced composites market at $34.0 billion in 2021. - The firm projects the market will reach $88.7 billion by 2031. - The forecast implies a 10.2% compound annual growth rate from 2022 to 2031. - The report was released June 16, 2026. - A sample pages download is available.

The details: - Carbon fiber led the product mix in 2021 with nearly three-fifths of the global market. - Carbon fiber is projected to keep its lead through 2031 with a 10.3% CAGR. - The report cites carbon fiber's strength, corrosion resistance, heat resistance and lightweight properties as key demand drivers. - Thermoplastic resins held the largest resin share in 2021 and are expected to remain the leader through the forecast period. - Thermoplastic resins are projected to grow at a 10.3% CAGR. - The report points to high thermal resistance, dimensional stability and electrical insulation as advantages of thermoplastic resins. - Aerospace and defense was the largest end-use segment in 2021. - Aerospace and defense is expected to post the fastest CAGR at 10.5% through 2031. - The report says next-generation commercial and military aircraft are driving more advanced composite use. - Asia-Pacific accounted for nearly two-fifths of global revenue in 2021. - China, India and Japan are expected to help Asia-Pacific keep the top regional position. - North America is forecast to post the fastest regional CAGR at 10.3%. - Demand in North America is tied to aerospace, automotive and wind energy. - A purchase page is available for statistical data and graphs.

Between the lines: - Aerospace demand remains the clearest growth engine for the market. - The forecast also shows how composites are moving deeper into automotive, wind energy and industrial uses as manufacturers look for lighter and stronger materials. - High cost and substitute materials remain the main constraints on adoption. - The report frames industrialization in developing countries as an added growth tailwind.

What's next: - Allied Market Research expects technological advances in wind energy and higher automotive production to open new opportunities. - Market players are likely to keep leaning on product launches, collaborations, geographic expansion, partnerships and technology development to defend or grow share. - The company list includes Hexcel, Owens Corning, Huntsman International, ST Advanced Composites, Solvay, Momentive, DuPont, SGL Carbon, Toray Industries and TEIJIN.