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According to the latest report by IMARC Group, titled “Advanced Composites Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global advanced composites market is expected to exhibit a CAGR of 10.4% during 2022-2027. 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.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Advanced Composites 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.
Market Summary:
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