Market Research Report
Advanced Composites Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024
|Published by||IMARC Services Private Limited||Product code||821316|
|Published||Content info||104 Pages
Delivery time: 2-3 business days
|Advanced Composites Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024|
|Published: April 8, 2019||Content info: 104 Pages||
The global advanced composites market is currently experiencing strong growth. Advanced composites are high-performance materials that possess superior mechanical resistance along with strength and stiffness. These composites are light in weight and have excellent dimensional stability, and thermal and electrical conductivity. Advanced composites are widely employed across verticals like aerospace, automobile, construction, sports and military. As these composites are used for manufacturing blades for wind turbines, an increase in the number of wind power stations around the world has also propelled the sales of advanced composites. Looking forward, IMARC Group expects the market to grow at a CAGR of around 9% during 2019-2024.
In the aerospace industry, reducing the weight of an aircraft is essential for enhancing its performance and fuel efficiency. As advanced composites are highly durable, have low density and are resistant to chemical corrosion, they are rapidly substituting traditionally used metals for manufacturing aeronautical and aircraft components such as rudders, wings, elaborators, floor beams, landing gear and engine nacelles. These composites are also replacing alloys and metals in the automotive sector. This, coupled with the rising demand for high-performance luxury vehicles, is boosting the growth of the market across the globe. Further, advanced polymer composites, such as HexPly and HexMC, are now being utilized in the production of sports equipment like snowboards, golf shafts, tennis racquets and surfboard fins. Inflating disposable incomes and a rising number of sports enthusiasts are creating strong demand for good quality sports equipment, thereby providing a thrust to the market growth.
Glass currently represents the biggest segment
The aerospace and aviation sector currently represents the largest application area.
North America currently represents the largest market
The report has also analysed the Competitive Landscape of the market with some of the key players being Arkema S.A., BASF SE, Hexcel Corporation, Cytec Industries Inc., Koninklijke Ten Cate N.V., TPI Composites Inc., Toray Industries Inc.., Mitsubishi Rayon Co. Ltd, Teijin Limited., Hexion, SGL Carbon SE, 3B-Fibreglass sprl, Owens Corning Corporation, Huntsman International, LLC, Solvay S.A., Kemrock Industries and Exports Limited, E. I. Du Pont Nemours & Co., Cristex Ltd, etc.