The global advanced composites market size is likely to account for USD 50.42 billion by 2027, witnessing 8.3% CAGR over the forecast duration, according to a new report published by Million Insights. Benefits of advanced composites such as lightweight, high strength and reduced weight are driving the product growth. Various end-use industries such as automotive, aerospace & defense, sporting goods and marine are emphasizing on the production of lightweight products, which, in turn, is driving the demand for advanced composites.
Governments across the globe have framed stringent regulation regarding the reduction of emission from automotive. Lightweight vehicles are crucial for emission control and efficiency. Advanced composites, owing to their lightweight and high strength, is one of the major materials used in the automotive industry. Growing manufacturing of electric vehicles is further estimated to drive the demand for advanced composites.
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North America held the largest share in the market in 2019. Further, the region is projected to maintain its growth over the forecast duration. Increasing demand for advanced composites from the automotive and aerospace industries are driving the growth of the region. The United States is the home of some of the world’s major aerospace and automotive companies.
Key players operating the advanced composites market are Hexcel Corporation, Teijin Limited, Toray Industries, Inc., SGL Group, Owens Corning and Cytec Solvay Group among others. These companies are focusing on increasing their product portfolio to cater to the increasing demand from the aerospace industry. Moreover, the rising demand for passenger aircraft owing to the increase in air traffic offers a lucrative opportunity for the manufacturers.
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Further key findings from the report suggest:
• Carbon is projected to exhibit the fastest growth over the forecast duration due to its increasing use in the production of various aircraft components such as the cockpit, tail surfaces, fuselages and wings.
• S-glass advanced composites are gaining traction in the construction industry due to its long operational life and excellent stress resistance.
• North America held the highest share in the market in 2019. Further, the region is projected to continue its dominance over the forecast period.
• Key industry participants are Teijin Limited, Hexcel Corporation, SGL Group, Owens Corning, Toray Industries, Inc., and Cytec Solvay Group among others.
Million Insights segmented the global advanced composites market on the basis of product, application, and region:
Advanced Composites Product Outlook (Volume, Kilotons; Revenue, USD Million; 2016 – 2027)
• Aramid
• Carbon
• Glass
Advanced Composites Application Outlook (Volume, Kilotons; Revenue, USD Million; 2016 – 2027)
• Aramid
• Aerospace & Defense
• Automotive
• Construction
• Marine
• Others
• Carbon
• Aerospace & Defense
• Automotive
• Construction
• Marine
• Pipes & Tanks
• Sporting Goods
• Wind Energy
• Others
• Glass
• Aerospace & Defense
• Automotive
• Construction
• Marine
• Pipes & Tanks
• Sporting Goods
• Wind Energy
• Others
Regional Outlook (Volume, Kilotons; Revenue, USD Million; 2016 – 2027)
• North America
• U.S.
• Europe
• Germany
• The UK
• Asia Pacific
• China
• India
• Japan
• Central & South America
• Brazil
• Middle East & Africa
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