Detailed Qualitative & Quantitative Analysis on Advanced Composites Market Industry Revenue
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  • Detailed Qualitative & Quantitative Analysis on Advanced Composites Market Industry Revenue

     



    (Transportation-News.com, October 18, 2021 ) North Americais the largest consumer of advanced composites in the world. The Europe composites market is projected to grow at the highest CAGR in terms of both, value and volume between 2017 and 2022.The growth of the Europe advanced composites market can be attributed to the increasing use of advanced composites in various industries such as aerospace& defense, sporting goods,wind energy, civil engineering, and transportation. In terms of volume, the US has become the single-largest consumer of advanced composites in the aerospace & defense, transportation, and wind energy industries globally. The advanced composites market in the USis expected to grow further during the forecast period. The growth of the advanced composites market in the US, Canada, and Mexicois due to the demand for carbon fiber composite based aircraft and luxury cars.Various tie-ups have been undertaken between leading companies in North America and companies in Europe and the AsiaPacific in the aerospace & defense,transportation, and wind energy industries.

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    Among fiber types, the carbon fiber composites segment of the global advanced composites market is projected to grow at the highest CAGR in terms of both, value andvolume between 2017 and 2022. Thisgrowth of thecarbon fiber composites segment of the market can be attributed to the increasing use of carbon fiber compositesinthe aerospace & defense and the transportation industriesof the North American and European regions, respectively. As such, several renowned companies have increased their production of carbon fiber compositesto meet the growing demand for carbon fiber composites across the globe. For instance, in 2016,Solvay (Belgium) doubled its US production by expanding its carbon fiber manufacturing capacity for aircraft structural applications. This expansion is expected tohelp the company cater to the increased need for advanced composite materials to reduce weight, fuel consumption, and assembly costs due tointegrated part design. In the same year, Hexcel (US) expanded its global carbon composites-based engineered core capacity in Casablanca, Morocco to create a diversified and robust global supply chain to cater to the aerospace industry.

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    Among resin types, the advanced thermoplastic composites segment of the advanced composites market is projected to grow at the highest CAGR in terms of value and volume between 2017 and 2022. The growth of this segment of the market can be attributed to the recyclability of advanced thermoplastic composites. Moreover, the increased use of advanced thermoplastic composites inthe transportation and aerospace & defense industries is also contributing to the growth of theadvanced thermoplastic composites segment of the advanced composites market.In addition, several major automotive companies are undertaking distribution agreements with advanced thermoplastic compositesmanufacturersthat provide advanced composites for the automotive industry, to adhere to the stringent recycling eco-friendly regulations. For instance, in 2017 Teinjin’sTenax (new product) was developed using a new recycling solution that uses a compound based on recycled thermoplastic carbon fiber material and Polyetheretherketone (PEEK) thermoplastic.

    Among end-use industries, the transportation segmentof the advanced composites market is projected to grow at the highest CAGRboth,in terms of volume and valuebetween 2017 and 2022. The growth of the transportation segment of the advanced composites market can be attributed to the increased use ofCarbon Fiber Reinforced Plastics (CFRP) in the automotive, heavy carriers, and rail sectors to manufacturebody panels, floor panels, and other components, as these not only reduce the weightof the above-mentioned structural components but also increase theirstrength and efficiency. Moreover, stringent implementation of various environmental regulations regarding carbon dioxide emission standards, specifically in the North American and European regions, are the major driving factors contributing to the increased use ofadvanced composites in the transportation end-use industry.

    Among manufacturing processes, the AFP/ALT process segment of the advanced composites marketis projected to grow at the highest CAGR both,in terms of volume and value between 2017 and 2022. The AFP/ATL process is widely used tomanufactureadvanced composites parts which are majorly use in the aerospace & defense andtransportation industries. Though expensive, this process is preferred in comparison to other advanced compositesmanufacturing processes, as it is used to manufacture complex interior and exterior parts in major end-use industries.

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