Global Advanced Composites Market provides a brief and detailed knowledge about key players, market state and circumstances that are covered deeply in this report. The business chain supporting the Advanced Composites market is analysed in detail covering accurate information about aspects such as the industrial chain, proficiency in utilization of the available capacity of manufacture, and industry strategies that affect the market.
Advanced Composites Market
study offers an exhaustive summary of the vendor landscape, competitive
analysis, and key strategies to gain ruthless advantage. Advanced Composites
Market Forecast provides sizing and growth opportunities. It provides
comprehensive insights on the latest industry trends, forecast, and growth
drivers in the market. it also includes a detailed analysis of growth drivers,
challenges, and investment opportunities and delivers a complete overview of
segments and the regional outlook of the market.
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The global advanced composites market size is likely to account for USD 50.42 billion by 2027, witnessing 8.3% CAGR over the forecast duration, according to a new report published by Million Insights. Benefits of advanced composites such as lightweight, high strength and reduced weight are driving the product growth. Various end-use industries such as automotive, aerospace & defense, sporting goods and marine are emphasizing on the production of lightweight products, which, in turn, is driving the demand for advanced composites.
Governments across the
globe have framed stringent regulation regarding the reduction of emission from
automotive. Lightweight vehicles are crucial for emission control and
efficiency. Advanced composites, owing to their lightweight and high strength,
is one of the major materials used in the automotive industry. Growing
manufacturing of electric vehicles is further estimated to drive the demand for
advanced composites.
North America held the
largest share in the market in 2019. Further, the region is projected to
maintain its growth over the forecast duration. Increasing demand for advanced
composites from the automotive and aerospace industries are driving the growth
of the region. The United States is the home of some of the world’s major
aerospace and automotive companies.
Key companies are focusing
on increasing their product portfolio to cater to the increasing demand from
the aerospace industry. Moreover, the rising demand for passenger aircraft
owing to the increase in air traffic offers a lucrative opportunity for the
manufacturers.
Some of the companies for Advanced
Composites market are:
Hexcel Corporation, Teijin
Limited, Toray Industries, Inc., SGL Group, Owens Corning and Cytec Solvay
Group
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