Global Advanced Composite Market Size Worth $33.44 Billion By 2024
Global advanced composite market is expected to reach USD
33.44 billion by 2024, according to a new report by Grand View Research, Inc.
Growing market penetration of the product in the automotive and marine
application is expected to drive growth over the forecast period. Rising need
for sustainable renewable energy source coupled with low capital cost as
compared to the majority of conventional sources is have a positive impact on
wind turbine market, which in turn is likely to propel growth over the forecast
period. The utilization of lightweight materials to reduce the resistance of
turbines to wind and increase the production rate of electricity is expected to
increase the penetration of advanced composites in the wind turbine industry
over the next eight years.
U.S. Advanced Composites Market Revenue, By Product, 2013 - 2024 (USD Million) |
Advanced
carbon fibers are expected to gain share owing to the declining prices owing to
various process improvements. Increasing investment in the defense subsector is
likely to have a positive impact on the demand for aramid fibers. The gradual
recovery of the defense industry in North America is expected to be a
contributing factor for growth. Furthermore, technologies including fluid
handling for manufacturing advanced composites is expected to reduce cycle
time, improve yield and reduce wastage & cleaning time which in turn will
increase the rate of production and market growth.
Full
Research Report On Global Advanced Composite Market Analysis:
https://www.grandviewresearch.com/industry-analysis/advanced-composites-market
https://www.grandviewresearch.com/industry-analysis/advanced-composites-market
Further
key findings from the report suggest:
- Carbon advanced composites
are expected to be the fastest growing product segment over the forecast
period, growing at over 9% from 2016 to 2024. The growing application
scope of the product in the manufacturing of wind energy turbines and
aerospace components are expected to be the two major aspects driving the
demand.
- Aerospace & defense
application accounted for over 65% of the overall industry in 2015.
Growing air passenger traffic and the resultant surge in the manufacturing
of airplanes in North America and Europe is expected to drive the growth
over the forecast period. The increasing penetration of the product in the
industry is expected to be the contributing factor for rising demand.
- Wind turbine industry is
expected to grow at a CAGR of over 6% from 2016 to 2024. The increasing
utilization of glass and carbon products coupled with rapid wind turbine
industry growth is expected to bolster industry growth over the forecast
period. Growing need for an alternative source of energy is expected to be
the contributing factor for advanced composites industry growth.
- Growing application of
aramid composites in the defense sector is expected to be a breakthrough
for the industry market growth. The high performance efficiency delivered
by the products owing to the diversified characteristics including low
density, lightweight, and high strength is likely to drive the product
demand in the sector over the next eight years. Furthermore, rising global
political instability expected to increase the investment in the defense
sector which in turn is likely to aid market growth.
- North America accounted
for over 35% of the overall revenue share in 2015. The presence of the
leading aerospace manufacturer, The Boeing Company is expected to be a key
aspect for industry growth over the forecast period. High consumer per
capita income and willingness to spend on luxury vehicles is expected to
aid the growth of advanced composites in the automotive industry of the
region.
- Key players in the
industry include Toray Industries, Inc., Teijin Limited, Hexcel
Corporation and Cytec Solvay Group. Acquisition of Zoltek Companies, Inc.
by Toray Industries, Inc. is expected to give an edge in the highly
competitive industry. Teijin has announced the acquisition of Continental
Structural Plastics Holdings Corporation to expands its composites
business.
View more
reports of this category by Grand View Research at:
https://www.grandviewresearch.com/industry/specialty-glass-ceramic-and-fiber
https://www.grandviewresearch.com/industry/specialty-glass-ceramic-and-fiber
Grand View Research has segmented the advanced composite market on the
basis of product, application and region:
Product
Outlook (Volume, Kilo Tons; Revenue USD Million, 2013 - 2024)
- Aramid
- Carbon
- Glass
Application
Outlook (Volume, Kilo Tons; Revenue USD Million, 2013 - 2024)
- Aramid
- Aerospace
& Defense
- Automotive
- Construction
- Marine
- Others
- Carbon
- Aerospace
& Defense
- Automotive
- Construction
- Marine
- Pipes
& Tanks
- Sporting
Goods
- Wind
Energy
- Others
- Glass
- Aerospace
& Defense
- Automotive
- Construction
- Marine
- Pipes
& Tanks
- Sporting
Goods
- Wind
Energy
- Others
Regional
Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)
- North
America
- U.S.
- Europe
- Germany
- UK
- Asia
Pacific
- China
- India
- Japan
- Central
& South America
- Brazil
- Middle
East & Africa
View press
release of this research report by Grand View Research:
https://www.grandviewresearch.com/press-release/global-advanced-composites-market
https://www.grandviewresearch.com/press-release/global-advanced-composites-market
About Grand
View Research
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
For more
information: www.grandviewresearch.com
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