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%.
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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.
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.
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.
Asia-Pacific’s advanced composites
market is expected to witness a higher growth in the forecast period due to
wide presence of automotive manufacturers and wind energy production
industries. Middle Eastern regions account for a large market share due to
government initiatives and NGO support for renewable sources of energy, which
further propels the growth of the market. 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.
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