PUNE, India, October 2, 2017 /PRNewswire/ --
According to a new market research report "Advanced Composites Market by Fiber Type (Carbon, S-Glass, Aramid), Resin Type (Thermosetting, Thermoplastic), Manufacturing Process (Filament Winding, Injection Molding, Pultrusion), End-use Industry, Region - Global Forecast to 2022", published by MarketsandMarkets™, the market is projected to reach USD 38.41 Billion by 2022 from USD 22.91 Billion in 2017, at a CAGR of 10.89% from 2017 to 2022.
Browse 85 Market Data Tables and 48 Figures spread through 180 Pages and in-depth TOC on "Advanced Composites Market"
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The major factors fueling the growth of the advanced composites market across the globe are the increasing use of advanced composites in the aerospace & defense, sporting goods, transportation, and wind energy end-use industries.
Increasing use of advanced composites in the aerospace & defense industry is expected to drive the growth of the advanced composites market from 2017 to 2022
The use of advanced composites in the aerospace & defense applications has gained momentum during the past few decades. Up to 53% of the latest Airbus aircraft, A350XWB is made using advanced composite materials as compared to old aircraft models, which used only 2%-5% advanced composites. The main reasons for the growing use of advanced composites in aircraft are the reduction in the weight of aircraft and high resistance offered to corrosion. Moreover, the maintenance costs for aircraft manufactured using advanced composites are lower in comparison to those for aircraft manufactured using traditional materials.
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Among fiber types, the carbon fiber composites segment is projected to lead the advanced composites market during the forecast period in terms of both, volume and value
Carbon fibers account for over 70% of the reinforcements used for the manufacture of advanced composites across the globe. There is an increasing demand for carbon fiber composites in the aerospace & defense, sporting goods, automotive, and wind energy industries, owing to their lightweight, high inherent strength, weather-resistant finish, and variety in surface textures offered. As demand for carbon fiber composites is increasing across the globe, several companies are investing in setting up their carbon fiber composites manufacturing plants in North America and Europe.
North America is the largest market for advanced composites across the globe
North America is the largest consumer of advanced composites across the globe. Moreover, the Europe advanced composites market is projected to grow at the highest CAGR in terms of both, value and volume during the forecast period from 2017 to 2022. The increasing use of advanced composites in the transportation, aerospace & defense, and wind energy industries is the major factor driving the growth of the Europe advanced composites market. Moreover, the presence of major automotive manufacturers and mass production of automotive parts using advanced composites are driving the growth of the European Advanced Composites Market.
Some of the leading manufacturers of composites include Owen Corning, Solvay SGL Group, Hexcel Corporation, Koninklijke Ten Cate bv, Teijin Limited, Toray Industries, Inc., Huntsman Corporation, Jushi Group, and Gurit, among others. These players have adopted various organic and inorganic strategies to strengthen their foothold in the advanced composites market.
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