The global advanced composites market size was USD 17.47 billion in 2015. Growing demand for the product in aerospace & defense industry and sporting goods is expected to drive market growth. Increasing air passenger traffic has created a need for the commercial airline companies to increase the fleet size which in turn is likely to aid the growth for advanced composites over the next eight years.
Advanced composites materials also known as advanced polymer matrix composites are lightweight material with high strength and modulus to elasticity. These products are manufactured using fibrous material embedded in different resin matrices. While these advanced materials are widely utilized in aerospace & defense industry, the demand is expected to rise in the automotive and marine sector.
U.S. Advanced Composites Market Revenue, By Product, 2013 - 2024 (USD Million)
The application of advanced composites is growing in several industries including sporting goods, marine, and construction. However, the high cost of the product is expected to restrain market growth. The need for automation coupled with the advanced product for manufacturing of the product, increases the manufacturing cost which reflects on the price of the material. Utilization of expensive high performance resins adds up to the cost of the end product owing to which the demand for the product in industries including automotive, marine and sporting goods is declining.
The advanced composites industry is characterized by integration across manufacturing stages to distribution channels of the value chain. The companies include Huntsman Corporation, Koninklijke Ten Cate NV, and Hexcel Corporation which manufacture the composites. The integration of manufacturing and distribution channel by Toray Industries, Inc. creates a cost advantage since they have their own distribution and supply units.
Glass composites demand was valued at over USD 8 billion in 2015. The growing application scope of the product in the automotive, sporting goods and wind industry is expected to drive the market growth. The increasing penetration of the product in the automotive industry in developed economies is expected to contribute to growth over the next eight years.
Aramid composites accounted for over 10% of the revenue share in 2015 and are likely to witness significant growth owing to their growing application in the defense sector. The diversified characteristics including high strength, low density, high heat and impact resistance delivered by the product are expected to be the key factor promoting growth.
Aerospace & defense industry is expected to account for the largest market share over the forecast period. Positive year on year industry growth coupled with growing investment in the industry are expected to drive demand over the projected period. The application of advanced carbon fibers in aerospace and aramid fibers in the defense industry is expected to bolster the demand in this sector.
Increasing application scope of the advanced fibers in automotive, marine and sporting goods owing to rising need for lightweight materials is expected to propel demand. The application of the product is restricted to the utilization in high-end vehicles and large ships & aircraft carriers. As a result, the penetration of these composites is low in these industries. Growing number of athletes is expected to aid the sports equipment market growth which in turn is expected have a positive impact on the demand over the forecast period.
The demand for the product in North America was valued at over USD 6.5 billion in 2015, on account of the growing demand in the automotive and aerospace & defense industry. High consumer buying power coupled with demand for luxury products and services including air travel and luxury vehicles are expected to drive demand for the product in the region. The presence of industry leaders including Boeing and General Motors and various other manufacturers are likely to aid market growth over the next eight years.
Europe accounted for a significant market share in 2015. Rising need for sustainable renewable energy coupled with growing installation of wind turbines in Spain, Germany, and the UK is expected to have a positive impact on the demand. The rapid industry growth and growing installation of onshore and offshore wind energy plants are expected to aid market growth in the region.
Major players including Toray Industries, Inc., Hexcel Corporation, Cytec Solvay Group, Koninklijke Ten Cate N.V. and Teijin Limited are actively involved in the market, with numerous new product innovations and strategic alliances which are being matched by other players.
Other market participants include Owens Corning, E. I. Dupont De Nemours and Company, Plasan Carbon Composites, Huntsman Corporation, Formosa Plastics Corporation, AGY Holdings Corp., Momentive Performance Materials, Inc., JEC Group, Strata Manufacturing, WS Atkins plc and Advanced composites.
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