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:

• Carbon advanced composites are expected to be the fastest growing product segment over the forecast period, growing at over 9% from 2016 to 2024. The growing application scope of the product in the manufacturing of wind energy turbines and aerospace components are expected to be the two major aspects driving the demand.
• Aerospace & defense application accounted for over 65% of the overall industry in 2015. Growing air passenger traffic and the resultant surge in the manufacturing of airplanes in North America and Europe is expected to drive the growth over the forecast period. The increasing penetration of the product in the industry is expected to be the contributing factor for rising demand.
• Wind turbine industry is expected to grow at a CAGR of over 6% from 2016 to 2024. The increasing utilization of glass and carbon products coupled with rapid wind turbine industry growth is expected to bolster industry growth over the forecast period. Growing need for an alternative source of energy is expected to be the contributing factor for advanced composites industry growth.
• Growing application of aramid composites in the defense sector is expected to be a breakthrough for the industry market growth. The high performance efficiency delivered by the products owing to the diversified characteristics including low density, lightweight, and high strength is likely to drive the product demand in the sector over the next eight years. Furthermore, rising global political instability expected to increase the investment in the defense sector which in turn is likely to aid market growth.
• North America accounted for over 35% of the overall revenue share in 2015. The presence of the leading aerospace manufacturer, The Boeing Company is expected to be a key aspect for industry growth over the forecast period. High consumer per capita income and willingness to spend on luxury vehicles is expected to aid the growth of advanced composites in the automotive industry of the region.
• Key players in the industry include Toray Industries, Inc., Teijin Limited, Hexcel Corporation and Cytec Solvay Group. Acquisition of Zoltek Companies, Inc. by Toray Industries, Inc. is expected to give an edge in the highly competitive industry. Teijin has announced the acquisition of Continental Structural Plastics Holdings Corporation to expands its composites business.

Browse related reports by Grand View Research: 

• Earthenware Market   - http://www.grandviewresearch.com/industry-analysis/earthenware-market

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• Canvas Products Market   - http://www.grandviewresearch.com/industry-analysis/canvas-products-market

• Abrasives Market   - http://www.grandviewresearch.com/industry-analysis/abrasives-market

Grand View Research has segmented the advanced composite market on the basis of product, application and region: 

• Product Outlook (Volume, Kilo Tons; Revenue USD Million, 2013 - 2024) 
  • Aramid
  • Carbon
  • Glass
• Application Outlook (Volume, Kilo Tons; Revenue USD Million, 2013 - 2024) 
  • Aramid
    • Aerospace & Defense
    • Automotive
    • Construction
    • Marine
    • Others
  • Carbon
    • Aerospace & Defense
    • Automotive
    • Construction
    • Marine
    • Pipes & Tanks
    • Sporting Goods
    • Wind Energy
    • Others
  • Glass
    • Aerospace & Defense
    • Automotive
    • Construction
    • Marine
    • Pipes & Tanks
    • Sporting Goods
    • Wind Energy
    • Others
• Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024) 
  • North America
    • U.S.
  • Europe
    • Germany
    • UK
  • Asia Pacific
    • China
    • India
    • Japan
  • Central & South America
    • Brazil
  • Middle East & Africa

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.

Read Our Blogs - http://www.grandviewresearch.com/blogs/advanced-materials

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SOURCE Grand View Research, Inc.