The global high performance composites market is expected to
reach USD 81.63 billion by 2025, according to a new report by Grand View
Research, Inc. Growing demand for high performance composites from aerospace
& defense sectors is expected to play a key role in the growth of the
market over the forecast period.
The products possess superior
mechanical properties including high chemical resistance and stiffness,
courtesy which they have witnessed an increase in demand in construction,
consumer goods, and energy sectors. Increasing consumption in the automobile
industry, as an alternative to traditional materials such as steel and
aluminum, is also expected to be one of the key drivers of the market.
Asia Pacific was the largest
market for high performance composites in 2016. This region, with growing
consumption from the above-mentioned industries, is also expected to witness
the highest growth in this market over the next eight years. China and Japan,
which are home to some of the largest electronics and automobile companies,
dominated the Asia Pacific high performance composites market in 2016.
U.S. high performance
composites market, by material, 2014 - 2025 (USD Billion)
Browse full research report on
High Performance Composites Market
Further key findings from
the report suggest:
- The global
market is projected to reach USD 81.63 Billion by 2025, growing at a CAGR
of 8.2% from 2017 to 2025
- The market
for resins was valued at USD 23 billion in 2016, the highest among all
materials, on account of growing demand for thermoset resins from
composites manufacturers
- The
automotive and industrial segment is projected to grow at the highest CAGR
of 10% by revenue from 2017 to 2025. This segment is driven by growing
demand from pressure vessel and passenger car manufacturers
- The U.S.
accounted for 82% of the total North American demand in 2016 courtesy an
increase in demand for composites from major aircraft manufacturer,
Boeing, as well as automobile players including Ford Motors and General
Motors
- Asia Pacific
market is expected to grow at the highest CAGR of 9% from 2016 to 2025.
This region is characterized by growing demand for composites from the
automobile and construction sectors in emerging countries.
- BASF, Arkema,
Hexcel Corporation, and Solvay were the major players in the market in
2016. New product developments and investments in R&D, in order to
lower the prices were key growth strategies adopted by these players from
2011 to 2016.
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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