Global Advanced Composite Materials Market - Segmented by Fiber Type, End-user Industry, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The advanced composite materials market is expected to register a moderate growth during the forecast period, 2018 to 2023. Europe is dominating the market, accounting for around 30% of the global market in 2017.
Increasing Demand for Lightweight Materials in the Aerospace & Defense Industry
Advanced composite materials are used in various aerospace and defense applications, owing to their properties, such as high strength, stiffness, heat & chemical resistivity, electrical conductivity, and various other thermal and chemical properties, etc. They are widely used in ballistic protective applications, such as, bullet proof vests, protective apparel, such as gloves, motorcycle protective clothing, and hunting gaiters. Due to their light yet stiff design structures, they are used in the interior of an airplane or a jet, the rotor blades of a helicopter, aircraft seats, and aircraft brakes. Many countries are focusing in growing a domestic defense industry while manufacturing hardware locally. These factors are expected to drive the demand for advanced composite materials, during the forecast period.
Increasing Demand from Automotive Industry
Advanced composite materials have experienced a widespread use in the automotive industry owing to their ever-higher strength-to-weight ratios, corrosion resistivity, and workability features. They are replacing metal in various automotive applications due to their light-weight but tough features, which contributes to lesser fuel consumption. Automotive manufacturers, such as BMW, Mercedes-Benz, McLaren, Chevrolet, and Lamborghini, amongst several others have committed themselves to increase the usage of advanced composite materials in their vehicles as they contribute to the reduction in weight. Therefore, the growing usage is boosting the demand for advanced composite materials during the forecast period.
Europe to Dominate the Market
Europe holds the largest demand for advanced composite materials, accounting to a little over 30% of the global market in the year 2017. The German aerospace industry is growing at higher rate than it has ever increased. Additionally, France has huge aerospace and defense industry, with major players like Airbus and Dassault aviation in the domestic market. Majority of this is driven by Airbus, with more than 1,000 billion order book and 10 years of production in line. Furthermore, the country’s automotive production is also growing at an impressive 6.54% annually and fueling the demand for advanced composite materials in recent times.
Notable Developments in the Market
December 2017: Teijin Aramid announced its intention to increase the production capacity for its Twaron super fiber by more than 25%. This additional capacity will become available within the next five years
Major players are include Mitsubishi Chemical Carbon Fiber and Composites, Inc., TORAY INDUSTRIES, INC., Kolon Industries Inc., and. SGL Group, among others.
Reason to purchase this Report
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
The application that is expected to dominate the market
The region that is expected to witness fastest growth during the forecast period
Identifying the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet (In excel)
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