Global Advanced Composites Market 2016-2020
Composites are a class of materials that are made of two or more materials with different properties that are combined to obtain unique characteristics. Advanced composites comprise two major components: a polymer matrix and a reinforcing fiber material. Carbon, glass, and aramid are the commonly used fibers. Epoxy, polyester, phenol, and polyacrylic acid are the major types of polymers used to manufacture advanced composites.
Technavio’s analysts forecast the global advanced composites market to grow at a CAGR of 7.13% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global advanced composites market for 2016-2020. The report also presents the vendor landscape and a corresponding detailed profiles of the five prominent vendors operating in the market.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Advanced Composites Market 2016-2020
Technavio recognizes the following companies as the key players in the global advanced composites market: Cytec Solvay, Hexcel, SGL, TenCate, and Teijin.
Other Prominent Vendors in the market are: 3B, DuPont, GKN, Gurit, Kemrock Industries and Exports, Mitsubishi Rayon, Toray, and TPI Composites.
Commenting on the report, an analyst from Technavio’s team said: “High penetration rate for automotive applications will be a key trend for market growth. The automotive industry is a major end-user of advanced composites. The demand for fuel-efficient vehicles is driven by volatile fuel prices. Automobile manufacturers are progressively discovering solutions that can help in reducing the curb weight of automobiles to enhance fuel efficiency. The use of advanced composites in automobiles is expected to reduce curb weight by 40%-50% and increase fuel efficiency by 30%-35%.”
According to the report, increase in demand for carbon fiber-reinforced composites will be a key driver for market growth. Growing preference for carbon fibers has also been observed among manufacturers of wind turbines because of properties such as enhanced stiffness and light weight. The demand for larger turbines with enhanced electricity capture capacity has led to an increase in the production of longer turbine blades. The demand for carbon fibers for such applications will be strong.
Further, the report states that recycling technologies such as mechanical, thermal, and chemical recycling have also been developed. However, the high cost of such recycling processes and the low quality of recyclates have remained a challenge for market growth. Environmental legislations like EPA encourage energy and resource savings in developed regions and also necessitate the adequate recovery and recycling of engineering materials from end-of-life products such as wind turbines and automobiles. Therefore, the lack of efficient recycling processes is restricting the market growth.
Cytec Solvay, Hexcel, SGL, TenCate, Teijin, 3B, DuPont, GKN, Gurit, Kemrock Industries and Exports, Mitsubishi Rayon, Toray, and TPI Composites.
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