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 global advanced composites
market was valued at USD 30 billion in 2020 and is projected to reach near USD 53
billion by 2026, growing at a CAGR of 10.2% from 2020 to 2026.
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.
Please Choose One of them.