16 January 2020 - 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%.
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.
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.
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.
Market Segment:
Advanced Composites Product Outlook
(Volume, Kilotons; Revenue, USD Million; 2013 - 2024)
• Aramid
• Carbon
• Glass
Advanced Composites Application Outlook
(Volume, Kilotons; Revenue, USD Million; 2013 - 2024)
•
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
Regional Outlook (Volume, Kilotons;
Revenue, USD Million; 2013 - 2024)
• North America
• U.S.
• Europe
• Germany
• The UK
• Asia Pacific
• China
• India
• Japan
• Central & South America
• Brazil
• Middle East & Africa
Comments
Post a Comment