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.
U.S. Advanced Composites
Market Revenue, By Product, 2013 - 2024 (USD Million)
Browse full research report on
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.
About Grand View Research,
Inc:
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, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
For
more information: http://www.grandviewresearch.com
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