The global advanced
composites market size is expected to reach USD 41.20 billion by
2024, according to a new report by Grand View Research, Inc. The industry is
anticipated to grow, primarily on account of superior benefits such as reduced
weight, fuel efficiency and higher strength offered by the materials.
Rising demand for specialty products that comply with
U.S. Leadership in Energy and Environmental design (LEED) standards is expected
to propel the demand in construction segment Technological innovations aimed at
the development of cost-effective manufacturing processes are expected to drive
demand.
The market for advanced composites is characterized by
the presence of a large number of regulations. The production process of
composite materials is heavily regulated on account of critical nature of their
usage. In addition, the usage of such materials is also subject to various
regulations related to the strength and performance characteristics, which is
likely to affect the growth.
Increasing adoption of composites by the automotive
industry coupled with reduced raw material prices, is projected to drive the
industry growth over the forecast period. Manufacturing companies are shifting
their focus towards the developing economies in regions such as Asia Pacific
and Central & South America (CSA), on account superior economies of scale.
Browse full research report on Advanced Composites Market: https://www.grandviewresearch.com/industry-analysis/advanced-composites-market
Further
key findings from the report suggest:
- Carbon is expected to be the fastest-growing segment, in terms of
volume, registering a CAGR of 11.9% from 2015 to 2024 owing to its
extensive usage in the production of aircraft components such as wings,
fuselage, cockpit, and tail surfaces.
- The use of s-glass based composites in the construction industry is
expected to reach a market revenue of USD 2.52 billion by 2024 on account
of the superior stress resistance of the product coupled with longer
operational lifetime
- The use of aramid fibers for aerospace and defense application is
expected to register a CAGR of 5.8% over the forecast period owing to
heightened demand for low weight, high-strength materials for aircraft
production.
- Key manufacturers operating in the industry lay extensive focus on
the production and development of high strength materials for specific
applications in a bid to increase the market share.
Browse more reports of this category
by Grand View Research: https://www.grandviewresearch.com/industry/specialty-glass-ceramic-and-fiber
Grand
View Research has segmented the advanced composites market on the basis of
product, application and region.
Advanced
Composites Product Outlook (Volume, Kilotons; Revenue, USD Million;
2013 - 2024)
- Aramid
- Carbon
- Glass
Advanced
Composites Application Outlook (Volume, Kilotons; Revenue, USD Million;
2013 - 2024)
- Aramid
- Aerospace
& Defense
- Automotive
- Construction
- Marine
- Carbon
- Aerospace
& Defense
- Automotive
- Construction
- Marine
- 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
About Grand View
Research
Grand View Research, Inc. is a U.S. based market
research and consulting company, registered in the State of California and headquartered
in San Francisco. The company provides syndicated research reports,
customized research reports, and consulting services. To help clients make
informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
No comments:
Post a Comment