According to the latest report by IMARC Group, titled “Advanced Composites Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the market grew at a CAGR of 10% during 2015-2020. The global advanced composites market to exhibit moderate growth during the next five years. Advanced composites, also known as polymer matrix composites, are high-performance materials that are known for their extraordinary strength, stiffness, mechanical resistance and modulus of elasticity. As compared to composite materials, they are lighter in weight and exhibit extraordinary physical and chemical properties such as high thermal conductivity and excellent dimensional stability. Owing to these attributes, they are widely being utilized in industries such as sports, military, aerospace, automobile and construction. Further, as these composites are used in the manufacturing of blades for wind turbines, a rise in the number of wind power stations across the globe is also boosting the sales of advanced composites.As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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Market Trends:
Reducing the weight of an aircraft plays a vital role in improving its performance and fuel efficiency in the aerospace sector. Since advanced composites are lightweight, durable, resistant to chemical corrosion, and have a lower density, they are substituting conventionally used metals to produce aeronautical and aircraft components including wings, rudders, elaborators, floor beams, landing gear and engine nacelles. Apart from this, these composites are also rapidly replacing alloys and metals in the automotive sector in the production of high-performance vehicles. In the sports industry, advanced polymer composites such as HexPly and HexMC are extensively being used in the manufacturing of equipment such as golf shafts, snowboards, tennis racquets and surfboard fins.
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Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
Arkema S.A.
BASF SE
Hexcel Corporation
Cytec Industries Inc.
Koninklijke Ten Cate N.V.
TPI Composites Inc.
Toray Industries Inc..
Mitsubishi Rayon Co. Ltd
Teijin Limited.
Hexion
SGL Carbon SE
Advanced Composites Market Segmentation:
Our report has categorized the market based on region, resin type, type of fiber, manufacturing process and application.
Breakup by Resin Type:
Advanced Thermosetting Composites
Advanced Thermoplastic Composites
Breakup by Type of Fiber:
Glass
Carbon
Aramid
Breakup by Manufacturing Process:
Hand Layup/Spray Layup
AFP and ATL
Filament Winding
Injection Molding
Pultrusion
Compression Molding
RTM/VARTM
Others
Breakup by Application:
Aerospace and Aviation
Automotive
Energy
Electronics
Marine
Others
Regional Insights:
North America (United States, Canada)
Europe (Germany, France, United Kingdom, Italy, Spain, Others)
Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
Latin America (Brazil, Mexico, Others)