Enjoy complimentary customisation on priority with our Enterprise License!
The market analyst at Technavio predicts that the global advanced composites market will grow progressively at a CAGR of approximately 7% by 2020. The growing demand for advanced composites materials for a wide array of aerospace applications will be a major factor contributing to the growth of the market in the coming years. The material agility of these composites makes the aircraft lightweight and enhances its fuel efficiency. Moreover, high stiffness abrasion resistance properties of advanced composites propel their usage in the manufacture of various aircraft components like air wings, rudders, and landing gears. The growing use of advanced composites enhances the maneuverability of aircraft and makes it highly fuel efficient while maintaining safety and protection. For instance, manufacturing giants like Boeing and Airbus are using these materials to reduce the overall weight of the plane and increase its fuel efficiency.
According to the market research analysts, North America will be the largest region in the market during the forecast period and will grow at a CAGR of around 7% by 2020. The increasing adoption of nanomaterials for the manufacture of advanced composites will significantly contribute to the growth of this market in North America over the forecast period. The use of nanomaterials enhances the performance of the composites, specifically single-wall carbon nanotubes (SWCNT). Also, many vendors are implementing new resin systems that help in reducing the cost of production, improve performance and durability of the products. Furthermore, high export trades of composite materials will positively aid in the growth of the North American market during the estimated period.
The market appears to be highly fragmented and competitive due to the presence of a large number of players. The entry of new vendors in the market is restricted due to the high cost of initial investment. The manufacturers will also have to offer innovative products at attractive prices and focus on customer services to sustain the level of competition in the market. Moreover, there has been an influx of companies that manufacture resins and provide a wide of range of products that include carbon, glass, and aramid fiber-based composites.
Leading players in the market are -
Other prominent vendors in the market include 3B, DuPont, GKN, Gurit, Kemrock Industries and Exports, Mitsubishi Rayon, Toray, and TPI Composites.
During 2015, the aerospace and aviation sector dominated the market and accounted for around 36% of the total market share. The high impact resistance property of composites enables manufacturers to use them extensively for the production of aircraft components. These components reduce the weight of aircraft, which, in turn, increases its fuel efficiency. The surge in the production of advanced and larger commercial aircraft will augment the demand for advanced composites in the segment.
Market analysts predict that the glass fiber segment will be the largest segment of the market by posting a CAGR of almost 7% by 2020. The increasing consumption of glass fibers in various applications like transportation, marine, and wind energy will lead to the growth of this segment over the next four years. These fibers are used as alternative materials to metals and plastics as they help in controlling emissions and reduce the weight of automobiles.
Technavio also offers customization on reports based on specific client requirement.
PART 01: Executive summary
PART 02: Scope of the report
PART 03: Market research methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Market segmentation by application
PART 07: Market segmentation by fiber
PART 08: Market segmentation by geography
PART 09: Market drivers
PART 10: Impact of drivers
PART 11: Market challenges
PART 12: Impact of drivers and challenges
PART 13: Market trends
PART 14: Vendor landscape
PART 15: Key vendor analysis
PART 16: Appendix
PART 17: Explore Technavio
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
Certified ISO 9001 : 2015
We are ISO 9001:2015 recognized that ensures quality services and product delivery to our clients.
We are GDPR and CCPA compliant! Your transaction & personal information is protected from unauthorized use.
Get the report (PDF) sent to your email within minutes.
Get lifetime access to our
Customized Report as per your Business Needs
Let us help you make report more suited to your requirements.