Advanced Composites Market by Fiber Type (Carbon, S-Glass, Aramid), Resin Type (Thermosetting, Thermoplastic), Manufacturing Process (Filament Winding, Injection Molding, Pultrusion), End-use Industry, Region - Global Forecast to 2022
The advanced composites market is projected to reach USD 38.41 billion by 2022 from an estimated USD 22.91 by 2017, at a CAGR of 10.89% between 2017 and 2022. Increasing use of advanced composites in the aerospace & defense, transportation, sporting goods, wind energy, and civil engineering end-use industries is driving the growth of the advanced composites market across the globe. However, the high processing and manufacturing costs of advanced composites and lack of standardization in advanced composite manufacturing technologies are factors expected to restrain the growth of the advanced composites market during the forecast period.
In terms of both, volume and value, the aerospace & defense industry segment is projected to lead the advanced composites market during the forecast period
The aerospace & defense industry is projected to lead the advanced composites market during the forecast period. The growth of this industry segment of the advanced composites market can be attributed to increased use of advanced composites in aircraft structures. Advanced composites are used in various aircraft structures such as wings, fuselage, and aircraft interiors, among others as these can survive extreme operating conditions such as high stress, shocks, and impact loads. Thus, there is an increase in the demand for advanced composites for the manufacture of new generation aircraft such as Airbus A350 XWB and A320neo, and the Boeing 787 and 737 MAX.
The Europe advanced composites market is projected to grow at the highest CAGR in terms of both, value and volume between 2017 and 2022
North America is the largest consumer of advanced composites in the world, followed by Europe. Both, Europe and North America are expected to be the most promising markets for advanced composites during the next five years. Mass production in the transportation and aerospace & defense industries with the use of advanced composites is a major factor that is expected to lead to the growth of the Europe and North America advanced composites markets. The US is the largest market in North America due to a high demand for advanced composites from the transportation and aerospace & defense industries.
In the process of determining and verifying the market sizes gathered through secondary research for the composites market, its segments and subsegments, extensive primary interviews have been conducted. The breakdown of these primary interviews has been given as follows:-
• By Company Type: Tier 1—10%, Tier 2—25%, and Tier 3—65%.
• By Designation: C-level—10%, Director Level—30%, and Others—60%
• By Region: North America—20%, Europe—15%, Asia Pacific—45%, South America—11%, and the Middle East & Africa—9%
Advanced composites are also being used in various other applications such as medical, oil & gas, and energy & power, among others. These are being used to manufacture reactors, and healthcare equipment, among others.
The key players profiled in the report are as follows:
2. Koninklijke Ten Cate bv
3. Huntsman Corporation, LLC
4. Toray Industries, Inc.
5. Teijin Limited
6. Owens Corning
7. Hexcel Corporation
8. SGL Group
10. Chongqing Polycomp International Corporation
11. Jushi Group
This report covers the global advanced composites market and forecasts the market size till 2022. The report includes market segmentation on the basis of fiber type, resin type, end-use industry, manufacturing process, and region (North America, Europe, Asia Pacific, South America, and Middle East & Africa). The Porter’s Five Force analysis, along with drivers, restraints, challenges, and opportunities of the market have been discussed in the report. The report also provides company profiles and competitive benchmarking adopted by the major players of the global advanced composites market.
REASONS TO BUY THE REPORT
The report is expected to help market leaders/new entrants in the advanced composites market in the following ways:
1. This report segments the advanced composites market comprehensively and provides the closest approximations of the revenue numbers for the overall market and its subsegments across different verticals and regions.
2. The report is expected to help the stakeholders understand the pulse of the market and provides them information on the key market drivers, restraints, challenges, and opportunities.
3. This report is expected to help stakeholders understand competitors and gain insights to enhance their positions in the advanced composites market. The competitive landscape section includes the ecosystems of competitors, investments & expansions, new product launches, and agreements.
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