According to the latest report by IMARC Group, titled “Advanced Composites Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global advanced composites market is experiencing strong growth. 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.
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. Looking forward, the market is projected to grow at a CAGR of around 9% during 2019-2024.
- Based on the resin type, the market has been bifurcated into advanced thermosetting and advanced thermoplastic composites. At present, advanced thermoplastic composites dominate the market.
- On the basis of the type of fiber, the market has been divided into glass, carbon and aramid. Amongst these, glass fiber accounts for the majority of the total market share.
- Based on the manufacturing process, the market has been classified into Hand Layup/Spray Layup, AFP and ATL, Filament Winding, Injection Molding, Pultrusion, Compression Molding, RTM/VARTM and others. The AFP and ATL segment currently exhibits a clear dominance in the market.
- The market has been analyzed on the basis of the application into aerospace and aviation, automotive, energy, electronics, marine, and others. Currently, the aerospace and aviation industry represents the largest application segment in the market.
- Region-wise, the market has been segmented into Europe, North America, Latin America, Asia Pacific, and Middle East and Africa. Presently, North America accounts for the majority of the total market share.
- The competitive landscape of the market has also been examined in the report 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, 3B-Fibreglass SPRL, Owens Corning Corporation, Huntsman International, LLC, Solvay S.A., Kemrock Industries and Exports Limited, E. I. Du Pont Nemours & Co. and Cristex Ltd.
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