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Advanced Composites Market is forecast to reach $41.40 billion by 2025, after growing at a CAGR of 9.5% during 2020-2025. The automotive industry is tackling increasing demands for fuel economy and emission control improvements. Therefore, the use of advanced materials to manufacture lightweight vehicle allow higher fuel efficiency, enhanced vehicle performance. Further, enhance the overall market demand for Advanced Composites during the forecast period.
The report covers Advanced Composites Market size by type and Manufacturing Process, Advanced Composites Market share by top 5 companies and also the market share by start-ups during the forecast period.
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Fiber Type – Segment Analysis
Aramid fiber composites segment held the largest share in the Advanced Composites Market in 2018. Aramid fiber composites have excellent characteristics such as high strength, high thermal resistance and impact resistance which are used in the end-use industry. Increasing use of the material in the manufacture of tires, body armors and defense vehicle components would fuel market demand over the predicted era.
Resin Type – Segment Analysis
Polymer Matric composites (PMC) is classified into 3 types Thermoset, Thermoplastic, and rubber. Advanced Thermosetting Composites segment held the largest share in the Advanced Composites Market in 2018. The automotive industry aims at producing vehicles that consume less fuel, emit less emission, and offer high durability and strength. Using thermoset resins for manufacturing lightweight and durable materials for automobiles reduces the weight of components, and in turn, lowers fuel consumption and emission.
Manufacturing Process – Segment Analysis
AFP/ATL segment held the largest share in the Advanced Composites Market in 2018. The growth of this market segment is due to the ease of production of complex structures that is difficult in any other manufacturing process. The AFP / ATL Process enables companies to develop lightweight, longer durability and processing time components. Furthermore, composite components based on AFP / ATL do not get damaged easily. Hence, aircraft manufacturers and tier players can reduce their costs in terms of repair. These advantages increase the demand for AFP / ATL composites that continually replace traditional hand-made composite components and metal-cast and stamped parts.
End-Use Industry – Segment Analysis
Aerospace and the defense sector has been the primary market for Advanced Composites is growing at a CAGR of 10.6%. Transport is the fastest-growing market due to the mass production of parts using advanced composite due to the properties offered by advanced composites in terms of shape stability, high strength, excellent damage resistance, and high longitudinal stiffness.
Geography – Segment Analysis
North America dominated the Advanced Composites Market share with more than 33.6%, followed by APAC and Europe. The rising disposable income and growing population in developing countries are likely to increase market growth in North America. In addition, growing consumer preferences for air travel and growth in the aviation market likely fuel market growth in these countries. Growing passenger traffic is anticipated to fuel market growth in commercial aircraft in the next few years. Increased passenger traffic is anticipated to boost the market growth in the coming years, thus boosting demand for commercial aircraft. In Indigo, 430 A320neo family jets were ordered to expand its business and is expected to upgrade 125 of its existing orders for the bigger model.
Drivers – Advanced Composites Market
The growing adoption of advanced Composites in the Aerospace & Defense industry ensures lightweight and high efficiency. According to an American science magazine, fuel economy is growing by 6–8 % with one-tenth of its weight reduction. With this view, the Aerospace & Defense industry is increasingly focused on design that is lightweight and energy-efficient. The use of advanced Composites in Aerospace & Defense industry is steadily increasing and this trend is expected to continue. In addition, Aerospace & Defense industry production is expected to increase due to rising demand. This aspect implies strong growth in the demand for advanced Composites.
Challenges – Advanced Composites Market
The high prices of advanced composites produced is one of the major challenges that are hindering the growth of the global advanced composites market. Although they have several benefits, carbon fiber demand is more likely to decrease because their production is many times more expensive than their traditional counterparts. To achieve the desired effects, these also require a controlled environment and high temperatures. Such high prices would make the companies think twice, even though they have better properties than many others. Which is likely to disrupt this market’s growth trajectory over the coming years.
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Advanced Composites market. In 2018, the market of Advanced Composites has been consolidated by the top 10 players accounting for xx% of the share. Major players in the Advanced Composites Market are Arkema S.A., BASF SE, Hexcel Corporation, Cytec Industries Inc., Koninklijke Ten Cate N.V., TPI Composites Inc., Toray Industries Inc.., Mitsubishi Rayon Co. Ltd, Teijin Limited., Hexion, SGL Carbon SE, Huntsman International, LLC, Solvay S.A., among others.
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