Global Advanced Composites Market 2016-2020

Outlook of the global advanced composites market

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.

Competitive landscape and key vendors

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 -

• Hexcel
• Cytec Solvay
• SGL
• Tencate
• Teijin

Other prominent vendors in the market include 3B, DuPont, GKN, Gurit, Kemrock Industries and Exports, Mitsubishi Rayon, Toray, and TPI Composites.

Segmentation based on applications and analysis of the advanced composites market

• Aerospace and aviation
• Automotive
• Energy
• Electronics
• Marine
• Sports utility

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.

 Segmentation based on fiber and analysis of the advanced composites market

• Glass
• Carbon
• Aramid

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.

Key questions answered in the report include

• What will the market size and the growth rate be in 2020?
• What are the key factors driving the global advanced composites market?
• What are the key market trends impacting the growth of the global advanced composites market?
• What are the challenges to market growth?
• Who are the key vendors in the global advanced composites market?
• What are the market opportunities and threats faced by the vendors in the global advanced composites market?
• Trending factors influencing the market shares of APAC, EMEA, North America, and ROW.
• What are the key outcomes of the five forces analysis of the global advanced composites market?

Technavio also offers customization on reports based on specific client requirement.

Related reports

• Global Aerospace Composite Market 2016-2020
• Global Advanced Polymer Composites Market 2015-2019