A recent report published by Infinium Global Research on the advanced composites market provides an in-depth analysis of segments and sub-segments in the global as well as regional advanced composites market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional advanced composites market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast, and dollar values of the global advanced composites market. According to the report, the global advanced composites market is projected to grow at a CAGR of 10.2% over the forecast period of 2020-2026.
The outlook of the advanced composites market is exceptionally intense. Aerospace and defense are just two of the several market segments that will see large growth in the use of advanced composites materials. These lighter weight, extremely strong materials will dominate the materials used in almost any given industry as time progresses. Prices will be forced down with increased demand for these specialty materials, and the technology to make these advanced materials will become more readily available.
The rising demand for primary structures in commercial, industrial, aerospace, marine, and recreational structures is driving the demand for the advanced composites market. These materials have a wide array of benefits in the aerospace and defense industry. With today’s soaring fuel prices, the resulting fuel efficiency gained by an aircraft is becoming increasingly important. Advanced composites usage has augmented across aerospace and defense verticals, and some segments are projected to grow extensively in the future. Furthermore, the increasing adoption of composites by the automotive industry is boosting market growth. In automotive vehicles, the application of advanced composites has been increasing over decades. It is primarily used on making vehicles more energy competent through lightweight engineering, along with providing more stability and design flexibility at a low cost. However, the high cost of advanced composites and the availability of substitutes are restraining the market growth. Moreover, research and development are stimulating the use of advanced composites in several application industries and creating several opportunities for the growth of the advanced composites market. COVID-19 has impacted consumer spending across a range of end-use sectors of the advanced composites as the global economy goes into decline. The fiber end-user sectors such as aerospace & defense, automotive, and construction are negatively impacted due to the spread of coronavirus over the world. Although the outlooks seem uncertain for the latter, the advanced composites industry has remained flexible and shows strong adaptability during this crisis.
Among the region, The Asia-Pacific market is the leading market of advanced composites, owing to the growing demand of advanced composites in numerous sectors as automotive, wind energy, electrical and electronics, and the construction and infrastructure industry. China is the leading market in the Asia-Pacific region. North America holds a significant market share of the advanced composites market. The presence of the largest aircraft makers in this region results in increased demand for advanced composites. Many automotive manufacturers are focusing on the production of lightweight cars that is likely to boost the growth of the advanced composites market in this region.
The report on the global advanced composites market covers segments such as product, and application. On the basis of product, the sub-markets include aramid, carbon, glass, and others. On the basis of application, the sub-markets include aerospace & defense, automotive, construction, marine, pipes & tanks, sporting goods, wind energy, and others.
The report provides profiles of the companies in the market such as Hexcel Corporation, BASF SE, Hexion, Huntsman International LLC, Toray Industries, Inc, Mitsubishi Chemical Holdings Corporation, Honeywell International Inc., SGL Carbon, Solvay, and Teijin Limited.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the advanced composites market. Moreover, the study highlights current market trends and provides forecast from 2020-2026. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.