Market Research Report
Global Advanced Composites Market - 2019-2026
|Published by||DataM Intelligence||Product code||834582|
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|Global Advanced Composites Market - 2019-2026|
|Published: March 1, 2020||Content info:||
Global Advanced Composites Market Overview
The Global Advanced Composites Market is valued at $ XX million in 2018 and is expected to grow at a CAGR of XX% in the forecast period 2019-2026 to reach a value of $ XX million by 2026.
Global Advanced Composites Market - Market Dynamics
Increasing adoption of advanced composite materials in the automotive and aerospace sectors and the rising demand for advanced composites in the building and construction industry and wind power generation industry are the major factors boosting the growth of the global advanced composites market.
The growth of the global automotive industry is one of the major factors contributing the growth of the global advanced composites market. Rising automotive sales is the primary factor propelling the global advanced composites market. According to the International Organization of motor vehicles manufacturers (OICA), 96.8 million vehicles were sold globally in 2017 compared to 93.9 million and 89.7 million in 2016 and 2015 respectively. Thus, advanced composites are witnessing robust demand owing to their increasing applications and is anticipated to boost the global advanced composites market in the future.
However, volatility in raw material prices and stringent regulations imposed by the trade organizations upon the trade and consumption of composites materials might hamper the growth of the global advanced composites market in the future.
Global Advanced Composites Market - Segment Analysis
Based on the application, the market is segmented as automotive industry, building and construction industry, aerospace industry, wind energy industry, others (electronics industry, sporting goods).
The building and construction industry are one of the dominant segments of the global advanced composites market owing to the increasing construction activities across the globe. This growth of the global building and construction industry is responsible for its dominance over the global advanced composites market owing to huge demand for advanced composites products for deployment in the construction purposes. According to a survey report by the construction intelligence centre, the volume of construction industry output grew by 3.1% in 2018 compared to US$ 10.6 trillion in 2017. Moreover, according to Oxford Economics, the volume of construction output will grow by 85% at a global level in 2030. Owing to these factors, the building and construction industries segment of the global advanced composites market is anticipated to grow at a healthy rate in the future.
Global Advanced Composites Market- Geographical Analysis
The Global Advanced Composites Market is segmented into North America, Europe, Asia Pacific, South America and Middle East and Africa. The Asia Pacific region is further segmented into the countries such as China, Japan, India, South Korea, Australia, and Rest of Asia-Pacific. The Asia Pacific region is the dominant segment in the Advanced Composites Market owing to the flourishing automotive market in countries such as China, India, and Japan and the flourishing wind generation industries in the Asia Pacific region.
According to the statistics published by the Global Wind Energy Council, the Chinese onshore market installed 21.2 GW in 2018 and has been the leading market since 2008. China with 206 GW total installations at the end of 2018 is the first market to surpass 200 GW of total installed capacity - reaching its target of 200 GW two years early than 2020. Furthermore, India accounted for 5% of new onshore wind power generation installations in capacity in 2018 and constituted to about 6% of total onshore installations in the world. The overall Asia Pacific new onshore installations capacity increased from 23,927 MW in 2017 to 24,902 MW in 2018 while the total onshore installations capacity increased from 231,419 MW in 2017 to 256,320 MW in 2018. Owing to the burgeoning growth of the wind power generation industry in the Asia Pacific region coupled with the increasing applications of advanced composites in this industry, the Asia Pacific region is expected to dominate the global advanced composites market in the future.
The North American advanced composites market is also anticipated to show steady growth rates in the future owing to the growth of the aerospace industry in countries such as the US and Canada. In 2017, according to the International Trade Administration, Government of USA, the US aerospace industry contributed $143 billion in export sales to the U.S. economy. Its positive trade balance of nearly $85 billion in 2017 was the largest trade surplus of any manufacturing industry, supporting high-wage jobs for hundreds of thousands of American workers. At the end of 2017, inward stock of foreign direct investment (FDI) into the U.S. aerospace manufacturing industry totaled more than $21 billion. Owing to these factors, the North American advanced composites market is anticipated to grow at a healthy pace in the future.
Global Advanced Composites Market- Competitive Analysis
New product launches, expansion of facilities, mergers and acquisitions and strategic partnerships are vital strategies adopted by most of the companies to contribute to the growth of the company and improve their market growth rate.
For instance, in April 2019, CSP VICTALL Partners with JMC to Debut the First Composite Pickup Box in China. As the pioneer of composite automotive component suppliers in China, CSP VICTALL announces that Jiangling Motors Corporation (JMC) will use advanced composites for the pickup boxes of its new Yuhu 3 and Yuhu 5 pickup trucks, the first such use of composites in the Chinese automotive industry.