The high temperature composite materials market will gain leverage from rising disposable income worldwide resulting in a high vehicular population. With a growing number of people having a better income at their disposal, the number of vehicles on the road has increased remarkably. Approximately 95 million vehicles both commercial and passenger were sold in 2018. High temperature composite materials are used in vehicles for their agility and lightweight nature. They’re also environment-friendly and exhibit high performance. The high temperature composite materials market share has been estimated to grow at a CAGR of 7.9% during the forecast period 2019-2025. In 2018, the high temperature composite materials market size reached $4.3 billion. Some of the high temperature composite materials are fiber reinforced polymer, metal matrix composites, advanced composite materials, ceramic matrix composites, and high stretching forces material.
North America To Geographically Lead The High Temperature Composite Materials Market
According to IndustryARC’s research, the high temperature composite materials market share was dominated by North America. In 2018, the region held a 37.5% share of the total revenue earned by the market globally. North American countries such as the United States of America invests millions of dollars every year in its defense industry. In 2019, the Trump administration estimated American defense budget allocation costs at $750 billion. The actual costs, however, exceeded $1 trillion, thus making this budgetary allocation the highest ever in American history. High temperature composite materials are heavily employed in the defense industry for their use in producing effective warfare. They are also used in the aerospace division of the defense industry thus generating a high demand for the high temperature composite materials market. Additionally, high temperature composite materials market is also generating demand from the space industry. Since the outer space has an incredibly high temperature, composite materials are being increasingly used in the development and production of space crafts.
High Temperature Composite Materials Market: Key Application
On the basis of application, the high temperature composite materials market can be segmented into aerospace, defense, transportation, energy, power, electrical, electronics, and others. Transportation has emerged as the most promising segment of the market owing to the large demand for high temperature composite materials in vehicles. This application segment has been evaluated to grow with a CAGR of 7.5% during the forecast period 2019-2025.
High Temperature Composite Materials Market: Competitive Landscape
The companies which hold majority shares in the high temperature composite materials market share are Kyocera Chemical Corporation, Royal Tencate N.V., Renegade Materials Corporation, Lonza Group, Ube Industries Ltd., 3M Co., General Electric Co., CeramTec GmbH, SGL Carbon SE, Vesuvius PLC, Lancer Systems LP, Ultramet Inc, Starfire Systems Inc.
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Composite Materials Market
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