According to a report by Grand View Research, Inc., global advanced composites market is anticipated to value USD 41.20 billion by 2024. Growing requirement for raw materials offering high strength and low weight is anticipated to propel demand for advanced composites. These composites are likely to offer properties such as resistance from heat & impact and high strength, which are highly useful in major end-use sectors.
High demand for light-weight vehicles among consumers is anticipated to fuel use of advanced composites in automotive sector. This, in turn, can influence growth of market over next few years. In addition, continual development of new fighter jets is likely to augment growth of global defense sector. Increasing use of aramid composites over asbestos in manufacturing of jet components attributed to high-performance efficiency can impact market growth in initial phase of forecast period. Growing adoption of aramid composites to produce rubber reinforcements, friction materials, and optical fibers can also stimulate market growth. Moreover, technological advancements in manufacturing processes including use of fluid handling mechanism can result in decline of overall price, which can further impel growth of market over the forecast period (2018 to 2024).
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Stringent regulation on production of composite materials on account of critical nature of their usage are expected to hinder growth of market over the forecast period. In addition, high volatility in price of carbon fibers owing to varying prices of its raw materials can also restrain market growth over next few years.
The advanced composites market can be segregated on the basis of product, application, and region. Based on product, the market can be categorized into carbon glass, and aramid. Aramid composites segment is expected to witness significant growth attributed to increasing use in automotive sector. Properties such as heat and impact resistance coupled with high strength can fuel product demand.
Similarly, carbon composites segment can also witness substantial growth owing to increasing use of carbon fiber products in manufacturing of airplanes. Composites account for 50% of total material required to manufacture any plane. Out of which 90% material used is likely to be carbon fiber products.
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Based on application, the market can be classified into automotive, aerospace & defense, wind energy, sporting goods, and others. In 2016, automotive segment dominated the market and accounted for largest share. Increasing use of glass composites in automotive sector for production of components such as fender, instrument panel, bumper, and headlamp can fuel growth.
Similarly, wind energy segment is expected to witness significant growth over the forecast period. High demand for s-glass products in manufacturing of wind turbines attributed to rising adoption of wind energy globally can fuel growth.
On the contrary, aerospace & defense segment is estimated to grow at CAGR of 5.8% over the forecast period attributed to high demand for aramid fibers in manufacturing of aircraft components.
Regional segmentation includes Europe, Asia Pacific, North America, Central & South America, and Middle East & Africa. North America is anticipated to account for largest market share attributed to prevalence of large number of manufacturers including Hexcel Corporation. In addition, presence of consumer companies including General Motors, Boeing, and Lockheed Martin can also fuel market growth in the region.
In Europe, the market is expected to witness significant growth over the forecast period attributed to increasing use of advanced composites in automotive, aerospace & defense, and wind turbine sectors. In addition, rising production of wind energy in Spain & Germany is likely to surge demand for advanced composites over next few years. Hence, the market is estimated to grow at CAGR of 4.3% during the forecast period.
Some of the leading companies offering advanced composites are Teijin Limited, Hexcel Corporation, SGL Group, Owens Corning, and Huntsman Corporation. Most companies are likely to retain high market share by gaining proficiency in production of advanced products. Major market players are expected to focus on delivering customized solutions to their clients. Growing production of industry specific products is likely to increase switching cost for consumer companies. In addition, most companies are predicted to target their products for use in defense & aerospace sector attributed to significant growth of these sectors in every region. Moreover, few companies are likely to expand their reach to international markets attributed to rising penetration of composites in multiple application sectors.
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