SAN FRANCISCO, October 24, 2016 /PRNewswire/ --
Global advanced composite market is expected to reach USD 33.44 billion by 2024, according to a new report by Grand View Research, Inc. Growing market penetration of the product in the automotive and marine application is expected to drive growth over the forecast period. Rising need for sustainable renewable energy source coupled with low capital cost as compared to the majority of conventional sources is have a positive impact on wind turbine market, which in turn is likely to propel growth over the forecast period. The utilization of lightweight materials to reduce the resistance of turbines to wind and increase the production rate of electricity is expected to increase the penetration of advanced composites in the wind turbine industry over the next eight years.
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Advanced carbon fibers are expected to gain share owing to the declining prices owing to various process improvements. Increasing investment in the defense subsector is likely to have a positive impact on the demand for aramid fibers. The gradual recovery of the defense industry in North America is expected to be a contributing factor for growth. Furthermore, technologies including fluid handling for manufacturing advanced composites is expected to reduce cycle time, improve yield and reduce wastage & cleaning time which in turn will increase the rate of production and market growth.
Browse full research report with TOC on "Advanced Composites Market Analysis By Product (Aramid, Carbon, Glass), By Application [Aramid (Aerospace & Defense, Automotive, Construction, Marine), Carbon (Aerospace & Defense, Automotive, Construction, Marine, Pipes & Tanks, Sporting Goods, Wind Energy), Glass (Aerospace & Defense, Automotive, Construction, Marine, Pipes & Tanks, Sporting Goods, Wind Energy)] And Segment Forecasts To 2024" at: http://www.grandviewresearch.com/industry-analysis/advanced-composites-market
Further key findings from the report suggest:
Browse related reports by Grand View Research:
Grand View Research has segmented the advanced composite market on the basis of product, application and region:
Access research Insight - http://www.grandviewresearch.com/research-insights/advanced-composites-market-application-scope-aerospace-defense-sector-drive-growth
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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