Lucintel Forecasts Advance Composites Market to Reach $9.5 billion by 2026

According to the recent study the advance composites market is projected to reach an estimated $9.5 billion by 2026, at a CAGR of 5.4% from 2021 to 2026. Growth in this market is primarily driven by increasing demand of lightweight materials in the aerospace & defense and automotive industry.

Browse 93 figures / charts and 79 tables in this 169 -page report to understand trends, opportunities and forecast in advance composites market by application (aerospace and defense, wind energy, automotive, marine, construction, consumer goods, pressure vessels, and others), fiber type (carbon composites, s-glass composites and aramid composites), resin type (epoxy composites, phenolic composites, vinyl ester composites, cyanate and BMI composites, thermoplastic composites), and region (North America, Europe, Asia Pacific, and Rest of the World).

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“Carbon composites market is expected to remain the largest segment during the forecast period.”

Based on fiber type, the advance composites market is segmented into carbon composites, s-glass composites and aramid composites. Lucintel forecasts that the carbon composites market is expected to remain the largest segment due to its beneficial qualities of being lightweight while offering corrosion resistance and high tensile strength. The S-glass composites segment is expected to witness highest growth over the forecast period.

“Within the advance composites market, the aerospace and defense segment is expected to remain the largest application”

Based on application the aerospace and defense segment is expected to witness the highest growth over the forecast period due to the increase penetration of composites in next generation commercial aircraft, like Boeing’s B787 and Airbus 380, regional aircraft such as Bombardier’s C Series, and general aviation aircraft such as Cirrus and Diamond. The pressure vessels is expected to witness highest growth over the forecast period.

“Europe will dominate the advance composites market in near future”

Europe is expected to remain the largest market by value over the forecast period due to the growth in end-use industries and steady adoption of advanced composites in wind energy for wind blades. Europe is expected to witness the highest growth over the forecast period.

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Major players of advance composites market are adopting various growth strategies like new product launches, expansions, merger and acquisitions, partnerships, agreements, and collaborations to expand their presence in this market. Toray Industries., Cytec Solvay, Owens Corning, AGY, and DuPont are among the major advance composites providers.

This unique research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link https://www.lucintel.com/advanced-composites-market.aspx or helpdesk@lucintel.com