Advanced Composite Market Size and Growth Rate:
According to the latest reports published by Research Cosmos, Advanced Composite Market was valued at USD 22.91 billion in 2017 and projected to reach USD 38.41 billion by 2022 growing at a CAGR of 10.89% during the forecast period 2017 to 2022.
Advanced Composite Market – Growth Drivers and Restraints:
The industry is expected to grow, primarily on account of superior benefits such as reduced weight, fuel efficiency and higher strength offered by the materials. Rising demand for specialty products is expected to propel the demand in construction segment. Technological innovations aimed at the development for cost-effective manufacturing processes along with 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. Diverse applications of advanced composites in multiple industries such as aerospace, automotive, building & construction, transportation, electrical and electronics and many others is pushing demand. Furthermore, demand for lightweight composites is increasing in aerospace and transport sector, thereby, contributing to the overall growth of the global advanced composites market. Manufacturing companies are also shifting their focus towards the developing economies in regions such as Asia Pacific and Central & South America (CSA), on account of superior economies of scale.
The market for advanced composites is highly characterized by the presence of a large number of regulations. The production process is heavily regulated on account of critical nature of their usage. In addition, the usage of these materials is also subject to various regulations related to the strength and performance characteristics, which is likely to affect the growth.
Advanced Composite Market – Geographical Overview:
Europe market t is projected to grow at the highest CAGR in terms of both, value and volume between 2017 and 2022. North America is the largest consumer of advanced composites in the world, closely followed by Europe. Both, Europe and North America are expected to be promising markets for advanced composites because of mass production in the transportation and aerospace & defence industries. The US is the largest market in North America due to a high demand for these composites from the end-user industries.
Some of the promising companies leading the Advanced Composite Market are:
- Owens Corning
- Teijin Limited
- Toray Industries, Inc.
- SGL Group
- Hexcel Corporation
This research report includes following segmentation for the Advanced Composite Market size and forecast until 2022:
Advanced Composite Market – By Fiber Type:
- Carbon Fiber Composites
- Aramid Fiber Composites
- S-Glass Fiber Composites
Advanced Composite Market – By Resin Type:
- Advanced Thermosetting Composites
- Advanced Thermoplastic Composites
Advanced Composite Market – By Manufacturing Process:
- Hand layup/ Spray Layup
- Filament Winding
- Injection Molding
- Compression Molding
Advanced Composite Market – By End User:
- Aerospace & Defense
- Wind Energy
- Sporting Goods
- Electrical & Electronics
- Civil Engineering
- Pipes & Tanks
Advanced Composite Market – By Geographical Segmentation:
- North America
- United Kingdom
- South Korea
- Latin America
- Middle-East & Africa