Advanced Composites Market Size, Share & Trend Report

Advanced Composites Market Size, Share & Trend Analysis Report By Product (Aramid, Carbon), By Application (Aerospace & Defense, Automotive, Construction), And Segment Forecasts, 2018 - 2024

  • Published Date: Mar, 2018
  • Base Year for Estimate: 2015
  • Report ID: GVR-1-68038-268-6
  • Format: Electronic (PDF)
  • Historical Data: 2013-2014
  • Number of Pages: 144

Industry Insights

The global advanced composites market size was estimated at USD 21.27 billion in 2016, growing at a CAGR of 8.6% over the forecast period. Extensive usage of aramid the production of optical fibers, friction materials, in rubber reinforcements and safety clothing is expected to have a positive impact on the industry over the next eight years.

U.S. aramid advanced composites market

Carbon fibers are expected to gain share owing to the decline in prices over the last two years and on account of properties exhibited by the materials including lower weight and high strength which is likely to boost the demand over the forecast period. In addition, high price volatility on account of varying raw material prices is expected to restrain the market growth.

The industry is heavily regulated, primarily on account of critical nature of the application. Producers are adopting various regulations and certifications such as U.S. Clean Air Act, Safety Glass Directives of EU, and The American Society of Testing Materials. Presence of intensive regulatory framework increases the setup cost which leads to a limited market growth.

The industry is affected by usage of energy intensive production processes. However, technological advancements in the manufacturing process including the usage of fluid handling mechanism is expected to result in a decline in the overall price which is further expected to drive the industry growth.

The development of new fighter jets and other related products is expected to augment growth of the global defense sector. The application of aramid composites is replacing asbestos on account of the high-performance efficiency which is expected to moderately impact the market in the initial phase of the forecast period.

Product Insights

Aramid fiber composites exhibit superior properties such as high strength, high heat and impact resistance on account of which they are being increasingly utilized in the automotive sector. Growing use of the product in manufacturing of tires, body armors and components of defense vehicles is expected to drive the market demand over the forecast period.

Composites account for around 50% of the total material required for manufacturing an airplane, out which carbon fiber products account for over 90% of the total materials utilized. The demand for commercial jets is expected to rise on account of the growing air passenger traffic, prompting the commercial airline companies to increase their fleet size which is further expected to drive growth.

Application Insights

Growing use of glass composites in automotive industry for the production of components such as instrument panel, fender, bumper, roof, door module and headlamp is expected to have a positive impact on the industry. Demand for s-glass products in the manufacturing of wind turbines is likely to witness increase on account of the increasing adoption of wind energy across the globe.

Global allantoin market

Carbon composites used in sporting goods accounted for 13.1% of market volume share in 2016, on account of the need for lightweight material in the industry. The use of the product in the production of golf clubs, rackets and table tennis bats is expected to drive the demand for the advanced composites in the industry.

Regional Insights

The industry in North America is expected to account for the largest share owing to the presence of large number of manufacturers including Hexcel Corporation and consumer companies including Boeing, General Motors, and Lockheed Martin. The growing wind energy farms coupled with the need for renewable energy source is expected to drive the industry growth.

The demand Europe is expected to rise owing to the growing application in the automotive, wind turbine manufacturing and aerospace & defense industry. Rapid growth of the wind energy production industry in Germany and Spain is expected to drive the demand for composites over the forecast period with the industry expected to register a CAGR of 4.3% over the forecast period.

Advanced Composites Market Share Insights

Key market players are expected to retain high market shares by engaging into proficiency in production of advanced products. Major market players focus on delivering customized solutions to the clients through production of industry specific products which leads to a high switching cost for the consumer companies.

The key companies are expected to target their products for use in aerospace & defense sector as the sector is growing significantly in every region. In addition, companies are expected to expand to the international markets in the wake of growth of the application industries coupled with increasing penetration of composites.

Segments Covered in the Report

This report forecasts revenue growth at regional and country levels and provides an analysis on the industry trends in each of the sub-segments from 2013 to 2024. For the purpose of this study, Grand View Research has segmented the advanced composites market report on the basis of product, application and regions:

  • Product Outlook (Volume, Kilotons; Revenue, USD Million; 2013 - 2024)

    • Aramid

    • Carbon

    • Glass

  • Application Outlook (Volume, Kilotons; Revenue, USD Million; 2013- 2024)

    • Aramid

      • Aerospace & Defense

      • Automotive

      • Construction

      • Marine

    • Carbon

      • Aerospace & Defense

      • Automotive

      • Construction

      • Maine

      • Pipes & Tanks

      • Sporting Goods

      • Wind Energy

    • Glass

      • Aerospace & Defense

      • Automotive

      • Construction

      • Marine

      • Pipes & Tanks

      • Sporting Goods

      • Wind Energy

  • Regional Outlook (Volume, Kilotons; Revenue, USD Million; 2013 - 2024)

    • North America

      • U.S.

    • Europe

      • Germany

      • The UK

    • Asia Pacific

      • China

      • India

      • Japan

    • Central & South America

      • Brazil

    • Middle East & Africa

Key questions answered by the report
Request for Customization

Choose License Type

Single User - $4,450
Multi User (2-5) - $6,450
BI Library Access - $8,450

Buy Chapters or Sections

Avail customized purchase options to meet your exact research needs:

  • Buy sections of this report
  • Buy country level reports
  • Request for historical data
  • Request discounts available for Start-Ups & Universities

Why Choose Us

  • Research support

    24/5 Research support

    Get your queries resolved from an industry expert.

  • Custom research service

    Custom research service

    Design an exclusive study to serve your research needs.

  • Quality assurance

    Quality assurance

    A testimonial for service in the form of BBB "A" Accreditation.

  • BBB Rating dandb
  • Information security

    Information security

    Your personal and confidential information is safe and secure.

  • grand view research PCI DSS complaint grand view research paypal verified