With the increasing technological advancement and constant need to improve safety measures in the defence sector, there has been a surge in the demand for fighter jets, owing to the growth of the global advanced composites sector.
Researchmoz throws some in-depth light on the size, trends, opportunities, drivers, restraints, and competitive edge of the advanced composites market during the forecast period 2017 to 2022.
The advanced composites market is expected to expand at a CAGR of 10.89% during the above-mentioned forecast period.
The rising demand for commercial flights and fighter jets is expected to boost the growth of the global advanced composites market.
Factors Driving and Restraining the Market
The global advanced market is expected to witness significant growth during the forecast period. Let’s look into the factors that may drive and restrain the market.
The defence sector is highly investing in safety and military intelligence, thus the rising demand for fighter planes and other safety products is projected to lead the way for the expansion of the advanced composites market.
The increasing air traffic and the need to increase the fleet size are expected to rise the demand for commercial flights, thus expanding the advanced composites market during the forecast period.
The composites offer high strength, high impact, high heat and moisture resistance, etc. and are highly used in the automotive industry, further owing to the growth of the advanced composites market in the forthcoming years.
The growing demand for safety armours, manufacturing of tyres, defence vehicle components, etc is expected to drive the market in the future.
The sports sector is expected to drive the global advanced composites market, owing to the demand for safe sporting helmets, lightweight fishing rods, racquets etc.
The construction industry is foreseen to play a significant role in the growth of the advanced composites market due to the increasing construction of commercial and residential buildings, smart city buildings and construction of better infrastructure.
Some of the factors that may hinder the growth of the advanced composites market include-
The stringent regulations and climate change may hamper the growth of the advanced composites market during the forecast period.
However, restraints aside, the global advance composite market is expected to thrive due to the increasing demand for renewable energy across regions.
The advanced composites market is projected to foresee substantial growth at a CAGR of 10.89% during the forecast period. The market was valued at USD 21.05bn in 2016 and may reach up to 38. 41bn by the end of 2022.
The surge in the demand for renewable sources of energy, such as increased wind energy farms in Germany, Spain, and other regions is anticipated to drive the advanced composites market to a newer height in the coming years.
Increasing demand for sporting products and availability of disposable income and a surge in the recreational facilities and interests are expected to boost the market during the forecast period.
Among the resin types, the thermoplastic components are foreseen to hold a significant share in the global advanced composites market owing to their durability and demand in the aerospace sector.
North America is projected to hold a significant share owing to the rise in demand for advanced composites from the aerospace and defence sector in the forthcoming years.
The global advanced composites market is highly competitive due to the presence of many prominent players.
Many players are turning their focus towards product development for the aerospace and defence sectors, owing to their substantial growth and increasing demand for fighter planes, commercial planes, and other safety vehicles.
Further, these key players are adopting strategies such as new product development, and collaborations in order to penetrate into the international market.
Some of the existing prominent players in the global advanced composites market include-
- Honeywell International Inc
- Hexcel Corporation
- BASF SE
- Honeywell International Inc.
- HYOSUNG CHEMICAL
- SGL Carbon
- Molded Fiber Glass Companies
- Advanced Composites Inc
- Formosa Plastics Corporation
- Renegade Materials Corporation
- First COMPOSITES GmbH
- ATLAS COMPOSITE TECHNOLOGIES
Some key takeaways from this report include –
- The global advanced composites market is to reach the valuation of USD 38.14 bn by 2022 as compared to the valuation of USD 21.05 in 2016 and it is anticipated to grow at a CAGR of 10.89% during the forecast period.
- The aerospace and defence sectors are expected to be driving the market to exceptional growth in the coming years.
- The excellent physical and chemical properties of these composites are boon to the automotive industry, which further is expected to thrive in the advanced composite market in the future.
- The composites offer a wide range of benefits such as high strength, heat resistance, impact resistance, better elasticity, and lightweight thus making them viable for the automotive and sporting industries.
- North America followed by Europe is witnessed to have a significant share in the global advanced market owing to the surge in the demand from aerospace, defence, and renewable energy source sectors.
Product Types Disposition (Revenue in USD billion)
- Carbon Fiber Composites
- Aramid Fiber Composites
- S- Glass Composites
- Advanced Composites
End-User Disposition (Revenue in USD billion)
- Aerospace & Defense
- Consumer Goods
Resin Type Disposition (Revenue in USD billion)
- Advanced Thermosetting Composites
- Advanced Thermoplastic Composites
Manufacturing Process Disposition (Revenue in USD billion)
- Compression Molding Process
- Hand Layup/ Spray Layup Process
- Resin Transfer Molding Process
- Filament Winding Process
- Injection Molding Process
- Pultrusion Process
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa (MEA)