Advanced Composites Market Global Industry Perspective, Comprehensive Analysis and Forecast Report By 2028
16th July 2019 – Global Advanced Composites market report offers the latest industry trends, technological alteration and forecast data. A deep-dive view of Advanced Composites industry based on its size, growth, development plans, and opportunities is offered by this report. The forecast information, SWOT analysis, Advanced Composites barriers, and feasibility study are the vital aspects evaluated in this report.
The global advanced composites market is expected to value 41.20 billion by 2024. The market is driven by factors such as increasing use of advanced composites for aerospace & defence, transportation, sporting goods and energy industries. In addition, the market is regulated on the account of their characteristics. The market witnesses several opportunities in form of extensive use of aramid for production of optical fibers, rubber reinforcements, and safety clothing. However, stringent laws and regulations are expected to create hindrance in the market during the forecast period. Overall, the advanced composites market in the global scenario is anticipated to witness a CAGR of 8.6%.
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End-use segmentation for advanced composites market size includes aerospace & defense, transportation, electrical & electronics, wind energy, sporting goods, pipes & tanks, civil engineering, marine and medical. Geographical segmentation for the market spans North America, South America, Europe, Asia-Pacific, Middle East and Africa. European market is likely to gain a staggering CAGR in the forthcoming period due to extensive presence of automotive manufacturers and enormous production of automotive partsusing advanced composites.
Advanced composites industry is segmented based on fiber type, resin type, manufacturing process, and region. Fiber type for this market size includes aramid fiber composites, carbon fiber composite, and S-glass fiber composite. Resin type fiber for the market share is further segmented into advanced thermosetting composites and advanced thermoplastic composites. Manufacturing process for the market share includes hand layup/spray layup, filament winding, injection molding, pultrusion, compression molding, and RTM/VARTM.
North American advanced composites industry is expected to gain a higher CAGR in the forthcoming period due to rise in value and volume. Additional factors such as rising demand for renewable energy source are likely to contribute to the market growth in the forthcoming period. European market is likely to gain a significant CAGR in the forthcoming period due to rising use of application in automotive, wind turbine in aerospace and defense industry.
Asia-Pacific’s advanced composites market is expected to witness a higher growth in the forecast period due to wide presence of automotive manufacturers and wind energy production industries. Middle Eastern regions account for a large market share due to government initiatives and NGO support for renewable sources of energy, which further propels the growth of the market. The key players in the advanced composites industry include Owens Corning, Solvay SGL Group, Huntsman Corporation, Jushi Group, Toray Industries Inc, Owen Corning and Hexcel Corporation.
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