The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Advanced Composites Market.
It was estimated prior to this unanticipated outbreak that the Advanced Composites Market was expected to grow at a CAGR of 10.6% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
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Advanced composites are the materials that are composed of more than two constituent elements owning different chemical or physical properties. Advanced composite is often known as polymer matrix. These composites show extraordinary properties such as high strength fibers with high stiffness, elasticity, temperature and chemical resistance, stability in dimension, etc. and are widely used for replacing the metal components in the aerospace industry.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
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Based on the fiber type, the market is segmented as carbon fiber, aramid fiber, s-glass fiber, and others. The carbon fiber segment held the largest share of the market in 2019, and is expected to register fast growth during the forecast period. The growth of the segment is mainly driven by its excellent benefits such as high tensile strength, high stiffness, low weight, high chemical resistance, high temperature tolerance and low thermal expansion.
Based on the end-use industry type, the advanced composites market is segmented as transportation, aerospace & defense, wind energy, sporting goods, electrical & electronics, civil engineering, pipes & tanks, medical, marine, and others. The aerospace & defense segment dominates the market, owing to the increasing demand for advanced composites for a wide array of aerospace applications such as air wings, rudders, and landing gears for developing lightweight and fuel-efficient aircraft.
In terms of regions, North America is estimated to be the largest market during the forecast period, with the USA, Canada, and Mexico being the major countries with lucrative growth opportunities. The growth of the region’s market is mainly driven by the growing consumption of advanced composites in various applications such as aerospace & defense, wind energy, and transportation. The growth of the USA’s advanced composites market is attributed to the establishment of a number of new carbon fiber production plants in the country and increased investments by various Europe-based companies dealing in the aerospace & defense, wind energy, and transportation industries.
Key Players:
Some of the major players in the advanced composites market are
- Toray Industries, Inc.
- Teijin Limited
- Mitsubishi Chemical Holdings Corporation
- SGL Group
- Koninklijke Ten Cate BV.
- Huntsman International, LLC.
- Solvay S.A.
- Hexcel Corporation
- Hexion Inc.
- DuPont de Nemours, Inc.