San Francisco,10 October 2018:
According
to a report by Grand View Research, Inc., global advanced
composites market is anticipated to value USD 41.20 billion by 2024.
Growing requirement for raw materials offering high strength and low weight is
anticipated to propel demand for advanced composites. These composites are
likely to offer properties such as resistance from heat & impact and high
strength, which are highly useful in major end-use sectors.
High demand for light-weight
vehicles among consumers is anticipated to fuel use of advanced composites in
automotive sector. This, in turn, can influence growth of market over next few
years. In addition, continual development of new fighter jets is likely to
augment growth of global defense sector. Increasing use of aramid composites
over asbestos in manufacturing of jet components attributed to high-performance
efficiency can impact market growth in initial phase of forecast period. Growing
adoption of aramid composites to produce rubber reinforcements, friction
materials, and optical fibers can also stimulate market growth. Moreover,
technological advancements in manufacturing processes including use of fluid
handling mechanism can result in decline of overall price, which can further
impel growth of market over the forecast period (2018 to 2024).
Stringent regulation on
production of composite materials on account of critical nature of their usage
are expected to hinder growth of market over the forecast period. In addition,
high volatility in price of carbon fibers owing to varying prices of its raw
materials can also restrain market growth over next few years.
Access
Research Report of Advanced
Composites Market@ www.grandviewresearch.com/industry-analysis/advanced-composites-market
The advanced composites market
can be segregated on the basis of product, application, and region. Based on
product, the market can be categorized into carbon glass, and aramid. Aramid
composites segment is expected to witness significant growth attributed to
increasing use in automotive sector. Properties such as heat and impact
resistance coupled with high strength can fuel product demand.
Similarly, carbon composites
segment can also witness substantial growth owing to increasing use of carbon
fiber products in manufacturing of airplanes. Composites account for 50% of
total material required to manufacture any plane. Out of which 90% material
used is likely to be carbon fiber products.
Based on application, the
market can be classified into automotive, aerospace & defense, wind energy,
sporting goods, and others. In 2016, automotive segment dominated the market
and accounted for largest share. Increasing use of glass composites in
automotive sector for production of components such as fender, instrument
panel, bumper, and headlamp can fuel growth.
Browse more reports of this category by
Grand View Research at: www.grandviewresearch.com/industry/specialty-glass-ceramic-and-fiber
Similarly, wind energy segment
is expected to witness significant growth over the forecast period. High demand
for s-glass products in manufacturing of wind turbines attributed to rising
adoption of wind energy globally can fuel growth.
On the contrary, aerospace
& defense segment is estimated to grow at CAGR of 5.8% over the forecast
period attributed to high demand for aramid fibers in manufacturing of aircraft
components.
Regional segmentation includes
Europe, Asia Pacific, North America, Central & South America, and Middle
East & Africa. North America is anticipated to account for largest market
share attributed to prevalence of large number of manufacturers including
Hexcel Corporation. In addition, presence of consumer companies including
General Motors, Boeing, and Lockheed Martin can also fuel market growth in the
region.
In Europe, the market is
expected to witness significant growth over the forecast period attributed to
increasing use of advanced composites in automotive, aerospace & defense,
and wind turbine sectors. In addition, rising production of wind energy in
Spain & Germany is likely to surge demand for advanced composites over next
few years. Hence, the market is estimated to grow at CAGR of 4.3% during the
forecast period.
Some of the leading companies
offering advanced composites are Teijin Limited, Hexcel Corporation, SGL Group,
Owens Corning, and Huntsman Corporation. Most companies are likely to retain
high market share by gaining proficiency in production of advanced products.
Major market players are expected to focus on delivering customized solutions
to their clients. Growing production of industry specific products is likely to
increase switching cost for consumer companies. In addition, most companies are
predicted to target their products for use in defense & aerospace sector
attributed to significant growth of these sectors in every region. Moreover,
few companies are likely to expand their reach to international markets
attributed to rising penetration of composites in multiple application sectors.
Access
Press Release of Advanced Composites Market@ www.grandviewresearch.com/press-release/global-advanced-composites-market
About
Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research
reports, and consulting services. To help clients make informed business
decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
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