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.
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.
Browse full research report on Advanced Composites Market: http://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.
Browse more reports of this category by Grand View
Research: http://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
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.
No comments:
Post a Comment