According to the latest report by IMARC Group, titled “Advanced Composites Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, offers a comprehensive analysis of the industry, which comprises insights on advanced composites market overview. The report also includes competitor and regional analysis, and contemporary advancements in the global market. 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, or fiber-reinforced plastics (FRP), are engineered mixtures of high-performance and chemically bonded materials. The composites are manufactured by combining reinforcement, such as carbon fiber, aramid fiber and fiberglass, for enhanced compressive and tensile strength. Pultrusion, injection molding, hand layup, compression molding and filament winding are some commonly used manufacturing processes. Advanced composites are strong, lightweight and exhibit high design flexibility, dimensional stability and thermal and electrical conductivity. As a result, they find extensive applications across automotive, electronics, energy, marine, aerospace and aviation industries.
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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.
Market Trends:
The global advanced composites market is primarily being driven by the increasing product adoption in the automotive and aerospace industries. Advanced composites are widely used for manufacturing aircraft components, such as landing gears, wing trailing edge panels and rudders. Moreover, the integration of robotic technologies for the manufacturing of advanced composites and handling sheets, lifting and placing them into a mold, are contributing to the market growth. In line with this, the widespread product utilization in the production of sports equipment, such as golf shafts, snowboards and tennis racquets, is also favoring the market growth. Other factors, including the increasing expenditure capacities of the consumers and extensive utilization of advanced composites for the manufacturing of protective bullet-proof vests, helmets and ballistic devices, are anticipated to drive the market toward growth.
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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)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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