Latest Industry Research Report On “Advanced Composite Materials Market – Growth, Trends, And Forecast (2019 – 2024)” in-depth analysis of the market state and also the competitive landscape.
The advanced composite materials market is expected to register growth at a CAGR of more than 6% during the forecast period, 2019-2024. Factors such as increasing demand for fuel efficient and lightweight vehicles are driving the advanced composite materials market globally.
– Increasing demand for lightweight materials in the aerospace & defense industry is expected to drive the demand for the market during the forecast period.
– On the flip side, increasing raw material cost is likely to hinder the markets growth.
– New technology inventions in wind energy sector is projected to act as an opportunity for the market in future.
Advanced Composite Materials Market Competitive Landscape:
Major players – 3B-the Fibreglass Company, Cytec Solvay Group, DowDuPont Inc, Hexcel Corporation, Hyosung Corporation, Kermel, Kolon Industries Inc, Koninklijke Ten Cate BV, Mitsubishi Chemical Carbon Fiber and Composites Inc, Owens Corning, SGL Group, Teijin Limited, Toray Industries Inc, Yantai Tayho Advanced Materials Co. Ltd, Other companies.
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Aerospace & Defense to Lead the Growth of Advanced Composite Materials Market
– Composite material is witnessing rapidly increasing demand from the aerospace industry. The use of composite materials in commercial transport aircraft is massive because reduced airframe weight enables better fuel economy, and therefore lowers operating costs.
– Other important properties of advanced composite materials includes high strength, stiffness, heat & chemical resistivity, electrical conductivity, and various other thermal and chemical properties, etc., which widens the scope of usage of advanced composite materials in aerospace & defense industry.
– They are widely used in ballistic protective applications, such as, bullet proof vests, protective apparel, such as gloves, motorcycle protective clothing, and hunting gaiters.
– 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.
– The rising air traffic in the Middle-East and Asia-Pacific regions is also likely to spur the demand for commercial and passenger aircrafts, with increasing focus on tourism and travel.
– Due to aforementioned factors, aerospace & defense is expected to drive the demand for advanced composite materials over the forecast period.
Europe Region 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 2018.
– The German aerospace industry is growing at higher rate than it has ever increased.
– Additionally, France has huge aerospace & defense industry, with major players like Airbus and Dassault aviation in the domestic market.
– Majority of this is driven by Airbus, with several billions of order booked and around 8 years of production in line. Furthermore, the countrys automotive production is also growing over 1% annually and fueling the demand for advanced composite materials in recent times.
– These factors are likely to boost the advanced composite materials in the Europe region.
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The advanced composite materials market is fragmented with the presence of many local and global players in the market. Key players in the advanced composite materials market include Mitsubishi Chemical Carbon Fiber and Composites Inc., Toray Industries Inc., Kolon Industries Inc., SGL Group and Teijin Limited, amongst others.
Reasons to Purchase this Advanced Composite Materials Market Research Report:
– The market estimate (ME) sheet in Excel format
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– 3 months of analyst support
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