Advanced Composites Market is Expected to Show a Significant Growth During the Forecast Period 2019 – 2024

Posted on 2020-06-26 by researchinsights in Chemicals // 0 Comments

26th June 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.

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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.

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.

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

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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.

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