Global Advanced Composites Market Information- by Resin Type (Thermosets and Thermoplastics), by Application (Aerospace, Transport, Electronics, Sports, Energy, Construction and Others), Forecast till 2023
Top Key Players:
Some of the notable vendors present in the global advanced composites market include Cytec Solvay Group (U.S.A.), The 3M Company (U.S.A.), PPG Industries (U.S.A.), Axalta Coating Systems, LLC (U.S.A.), TEIJIN LIMITED (Japan), Hexcel Corporation (U.S.A.), Koninklijke Ten Cate bv (the Netherlands), Toyota Motor Corporation (Japan), and Hexcel Corporation (U.S.A.).
July 2019: The Indo-German Science and Technology Centre (IGSTC) recently launched a project on ‘Advanced fiber reinforced metallic composite’ which focuses on a joint program of Near Net Manufacturing of Aluminum Composites (NearNetMAC). This project is launched to manufacture components that have superior physical and mechanical properties for the aerospace and automotive sectors.
Global Advanced Composites Market Overview:
Combination of polymer materials, when implanted in a resin matrix, are called as advanced composites. They are also known as polymer matrix composites and are well known for extraordinary strength, stiffness, mechanical resistance, and modulus of elasticity. Some properties of advanced composites such as thermal conductivity, electrical properties, lightweight, and excellent dimensional ability are also factors promoting the growth of advanced composites market. Market Research Future (MRFR), in their latest research analysis, have projected that advanced composites market is anticipated to elevate at a higher CAGR because of ascension in its demand in major end-use industries during the forecast period.
The advanced composites market has been segmented on the basis of type and application for a detailed and accurate insight. On the basis of type, the market is segmented into thermoset and thermoplastic resins. Thermoset resins are further segmented into polyurethanes, phenolic, epoxy, and amino resins. Thermoset resins are formed because of a curing reaction that occurs at 200-degree celsius. Once these thermoset resins are created they cannot be reshaped or remolded. Thermoset resins have exceptional impact resistance and durability. Because of these features, the thermoset resins segment is expected to witness rapid growth over the review period.
On the other hand, thermoplastic resins are designed above a specific temperature and then solidify upon cooling. Thermoplastic resins can be remolded and reshaped.
The global advanced composites market is studied for different applications such as aerospace, electronics, construction, transport, sports, and energy.
Detailed Regional Analysis:
The advanced composites market has been studied for five key regions of North America, Latin America, Asia Pacific, Europe, and the Middle East and Africa. Among these regions, Asia-Pacific is projected to hold the largest share in the advanced composites market. This can be attributed to the elevating production of thermoset resins in major end-use industries like automobile, building and construction, and sports within the region. India, China, and Japan are expected to lead the country-specific market for advanced composites in the region.
Europe’s advanced composites market is expected to witness significant growth during the forecast period. This can be accredited to increasing demand for epoxy resins in heavy end use industries. It is estimated that Italy, UK, and Germany are heading the regional advanced composites market over the assessment period.
North America is expected to showcase impressive growth in the advanced composites market. This can be due to expansion in the consumption of thermoset resins in various and use industries such as marine and aviation, automotive, and building and construction. It is also expected that the regional advanced composites market is led by thermoset resins due to increasing demand for epoxy resins in construction and electrical & electronics industries. Due to these factors, Canada USA and Mexico are expected to spearhead the country-specific market for advanced composites during the forecast period.
The Middle East & Africa is projected to exhibit substantial growth in the market during the forecast period. One of the factors contributing to such growth is growing consumption of advanced composites in different and use industries such as energy, oil and gas, and sports. It is also estimated that the growing consumption of polymer matrix composites in natural gas vehicles has prompted a high CAGR in Latin America during the forecast period.
Table Of Contents:
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.1 Research Objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
3 Market Research Methodology
3.1 Research Process
3.2 Secondary Research
3.3 Primary Research
3.4 Forecast Model
4 Market Landscape
4.1 Five Forces Analysis
4.1.1 Threat Of New Entrants
4.1.2 Bargaining Power Of Buyers
4.1.3 Threat Of Substitutes
4.1.4 Segment Rivalry
4.2 Value Chain/Supply Chain Of Global Advanced Composites Market
5 Industry Overview Of Global Advanced Composites Market