The advanced composite materials market is expected to register the growth at a CAGR over 6% during the forecast period. Factors such as increasing demand for fuel efficient and lightweight vehicles are driving the advanced composite materials market globally.
- Increasing demand for lightweight materials in the aerospace and defense industry is expected to drive the demand for the market during the forecast period.
- Increasing raw material cost is likely to hinder the market’s growth.
- New technology inventions in wind energy sector is projected to act as an opportunity for the market in future.
Key Market Trends
Aerospace and Defense to Lead the Growth of the Advanced Composite Materials Market
- Composite material is witnessing rapidly increasing demand from the aerospace industry. The use of composite materials in commercial transport aircraft is massive because reduced airframe weight enables better fuel economy, and therefore lowers operating costs.
- Other important properties of advanced composite materials includes high strength, stiffness, heat & chemical resistivity, electrical conductivity, and various other thermal and chemical properties, etc., which widens the scope of usage of advanced composite materials in aerospace and defense industry.
- They are widely used in ballistic protective applications, such as, bullet proof vests, protective apparel, such as gloves, motorcycle protective clothing, and hunting gaiters.
- Many countries are focusing in growing a domestic defense industry while manufacturing hardware locally. These factors are expected to drive the demand for advanced composite materials, during the forecast period.
- The rising air traffic in the Middle-East and Asia-Pacific regions is also likely to spur the demand for commercial and passenger aircrafts, with increasing focus on tourism and travel.
- Due to aforementioned factors, aerospace and defense is expected to drive the demand for advanced composite materials over the forecast period.
European Region to Dominate the Market
- Europe held the largest demand for advanced composite materials, accounting to a little over 30% of the global market, in 2018.
- The German aerospace industry is growing at a higher rate than before.
- Additionally, France has a huge aerospace and defense industry, with major players, like Airbus and Dassault Aviation, in the domestic market.
- Majority of this is driven by Airbus, with several billions of orders booked and around eight years of production in line. Furthermore, the country’s automotive production is also growing over 1% annually, thus fueling the demand for advanced composite materials in the recent times.
- These factors are likely to boost the advanced composite materials in the European region.
The advanced composite materials market is fragmented, with the presence of many local and global players. Key players in the advanced composite materials market include Mitsubishi Chemical Carbon Fiber and Composites Inc., Toray Industries Inc., Kolon Industries Inc., SGL Group, and Teijin Limited, among others.
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