Global Advanced Composites Marketis projected to grow from USD XX Billion in 2019 to USD XX Billion by 2028, at a CAGR of XX % between 2020 and 2028. The Advanced Composites are the materials that are composed of more than two constituent elements possessing different chemical or physical properties. The advanced composite is also known as the polymer matrix. These composites depict extraordinary properties such as high strength fibers with high stiffness, elasticity, temperature and chemical resistance, stability in dimension and many others. It is widely applicable in replacing the metal component and finds application in the aerospace industry.
The global advanced composites market is currently experiencing strong growth. Advanced composites are high-performance materials that possess superior mechanical resistance along with strength and stiffness. These composites are light in weight and have excellent dimensional stability, and thermal and electrical conductivity. Advanced composites are widely employed across verticals like aerospace, automobile, construction, sports and military. As these composites are used for manufacturing blades for wind turbines, an increase in the number of wind power stations around the world has also propelled the sales of advanced composites.
The market for advanced composites is characterized by the presence of a large number of regulations. The production process of composite materials is heavily regulated on account of critical nature of their usage. In addition, the usage of such materials is also subject to various regulations related to the strength and performance characteristics, which is likely to affect the growth. Increasing adoption of composites by the automotive industry coupled with reduced raw material prices, is projected to drive the industry growth over the forecast period. Manufacturing companies are shifting their focus towards the developing economies in regions such as Asia Pacific and Central & South America (CSA), on account superior economies of scale.
Objectives:
To offer comprehensive analysis of the global market structure in terms of value (USD billion) and volume (billion units) along with forecast for the next 08 years of various segments and sub-segments of the Global Advanced Composites Market.
To offer revelations about factors affecting the market growth.
To investigate market dynamics of Global Advanced Composites Market.
To offer historical and forecast revenue of the market segments and sub-segments with respect to six main geographies (North America, South America, Europe, APAC, Africa, and Middle-East) and their countries.
To offer regional and country level analysis of the market for current and future growth trends, prospects, and their contribution toward the overall market.
To offer strategic profiling of the key players in the market, comprehensively analyzing their core competencies, and drawing a competitive landscape for the market.
To track and analyze competitive developments viz. joint ventures, strategic alliances, mergers and acquisitions, new product developments, and R&Ds in the Global Advanced Composites Market.
Market Dynamics:
TRENDS
New product launches, expansion of facilities, mergers and acquisitions and strategic partnerships are vital strategies adopted by most of the companies to contribute to the growth of the company and improve their market growth rate. For instance, in April 2019, CSP VICTALL Partners with JMC to Debut the First Composite Pickup Box in China. As the pioneer of composite automotive component suppliers in China, CSP VICTALL announces that Jiangling Motors Corporation (JMC) will use advanced composites for the pickup boxes of its new Yuhu 3 and Yuhu 5 pickup trucks, the first such use of composites in the Chinese automotive industry.
DRIVERS
In the aerospace industry, reducing the weight of an aircraft is essential for enhancing its performance and fuel efficiency. As advanced composites are highly durable, have low density and are resistant to chemical corrosion, they are rapidly substituting traditionally used metals for manufacturing aeronautical and aircraft components such as rudders, wings, elaborators, floor beams, landing gear and engine nacelles. These composites are also replacing alloys and metals in the automotive sector. This, coupled with the rising demand for high-performance luxury vehicles, is boosting the growth of the market across the globe. Further, advanced polymer composites, such as HexPly and HexMC, are now being utilized in the production of sports equipment like snowboards, golf shafts, tennis racquets and surfboard fins. Inflating disposable incomes and a rising number of sports enthusiasts are creating strong demand for good quality sports equipment, thereby providing a thrust to the market growth.
RESTRAINS
Volatility in raw material prices and stringent regulations imposed by the trade organizations upon the trade and consumption of composites materials might hamper the growth of the global advanced composites market in the future.
Key Target Audience:
Manufacturers of Advanced Composites
Raw Material Suppliers
Distributors & Suppliers of Advanced Composites
End-use Industries
Industry Associations
Investment Research Firms
Segments covered for the Global Advanced Composites Market:
Vacuum Assisted Resin Transfer Molding (VARTM) or Vacuum Injected Molding (VIM)
Others
By End-User:
Wind Energy
Sporting Goods
Transportation
Aerospace & Defense
Pipes & Tanks
Electrical & Electronics
Civil Engineering
Medical
Marine
Others
By Region Analysis:
In terms of region, North America is the largest consumer of advanced composites across the globe in terms of value and volume. The growth of the North America advanced composites market is driven by the increasing consumption of advanced composites in various applications such as aerospace & defense, wind energy, and transportation. The US is the largest consumer of advanced composites globally, in terms of value and volume and is expected to strengthen its position further during the forecast period. The growth of the US advanced composites market is attributed to the establishment of a number of new carbon fiber production plants in the country and increased investments by various Europe-based companies dealing in the aerospace & defense, transportation, and wind energy industries.
By Region:
North America
United States
Canada
Mexico
South America
Brazil
Venezuela
Argentina
Ecuador
Peru
Colombia
Costa Rica
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Turkey
Denmark
Belgium
Netherlands
Switzerland
Rest of Europe
Asia-Pacific
Japan
China
South Korea
India
Taiwan
Hong Kong
Australia
Singapore
Malaysia
Indonesia
Thailand
Philippines
Rest of Asia-Pacific
Middle East and Africa
South Africa
Egypt
Saudi Arabia
United Arab Emirates
Israel
Rest of Middle East and Africa
Key Players:
Owens Corning (U.S.)
Teijin Limited (Japan)
Toray Industries, Inc., (Japan)
SGL Group (Germany)
Solvay (Belgium)
Hexcel Corporation (U.S.)
Gurit (Switzerland)
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About the Author
Aashita Maurya Joined: December 21st, 2020 Articles Posted: 2
