Advanced composites are lightweight materials with diversified characteristics including high strength & stiffness, low density, high heat and impact resistance. The product is manufactured with the utilization of high performance resins to enhance the properties of the composites. High performance efficiency delivered by the advanced fiber composites is expected to drive the demand in aerospace & defense, automotive and marine industry.
Growing demand for the composites in the manufacturing of wind turbines is expected to surge the demand for advanced composites over the years. The increasing installations of wind energy plants across the globe are expected to have a positive impact on the market growth for advanced composites. Furthermore, lower resistance to wind owing to the lightweight of the material is expected to be a contributing factor for advanced composite market growth.
The growing air passenger traffic in developed, as well as developing economies, is expected to drive the aerospace market over the years. The utilization of composites is around 50% of the total materials required for manufacturing of an airplane. As a result, the demand for advanced composites is expected to grow in the aerospace subsector.
Aramid advanced composites are solely utilized for the manufacturing of defense equipment and related products. The growing political instability is expected to surge the investments in the sector owing to which the demand for the composites is expected to surge over the coming years. Replacement of asbestos with aramid in the sector is expected to be a contributing factor for the rise in demand for the product.
The high cost of the product owing to the need for automation and advanced technologies for manufacturing of the composites is expected to restrain market growth. The expensive high performance resins utilized in the manufacturing of the product adds up to the cost of the end product. Also, unavailability of substitutes for the resins is expected to have a negative impact on the demand for sporting goods and construction industry.
The North America is expected to account for the largest market share in 2015. Increasing demand for the product in manufacturing of airplanes and wind turbines is expected to drive the demand for the product in the region. Asia Pacific is expected to witness fastest growth owing to the presence of large number of manufacturing facilities in China. Growing installations of wind energy plants in China and India is expected to drive the demand in the region.
Hexcel Corporation, Toray Industries Inc., Cytec Solvay Group, SGL Group and Teijin Limited are the major contributors to the composites industry. The advanced composites market is highly competitive in nature with the presence of a large number of manufacturers and suppliers. JEC Group, Momentive Performance Materials Inc., and Strata Manufacturing are emerging player in the market.
Acquisition of Zoltek Companies, Inc. by Toray Industries, Inc. is expected to give an edge in the highly competitive composites industry. Teijin has announced the acquisition of Continental Structural Plastics Holdings Corporation to expands its composites business.
In-depth report on global advanced composites market by Grand View Research: