With the increasing technological advancement and constant need to improve safety measures in the defence sector, there has been a surge in the demand for fighter jets, owing to the growth of the global advanced composites sector.
Researchmoz
throws some in-depth light on the size, trends, opportunities, drivers,
restraints, and competitive edge of the advanced composites market during the
forecast period 2017 to 2022.
The advanced
composites market is expected to expand at a CAGR of 10.89% during the
above-mentioned forecast period.
The rising
demand for commercial flights and fighter jets is expected to boost the growth
of the global advanced composites market.
Factors Driving and Restraining the Market
The global
advanced market is expected to witness significant growth during the forecast
period. Let’s look into the factors that may drive and restrain the market.
The defence
sector is highly investing in safety and military intelligence, thus the rising
demand for fighter planes and other safety products is projected to lead the
way for the expansion of the advanced composites market.
The increasing
air traffic and the need to increase the fleet size are expected to rise the
demand for commercial flights, thus expanding the advanced composites market
during the forecast period.
The composites
offer high strength, high impact, high heat and moisture resistance, etc. and
are highly used in the automotive industry, further owing to the growth of the
advanced composites market in the forthcoming years.
The growing
demand for safety armours, manufacturing of tyres, defence vehicle components,
etc is expected to drive the market in the future.
The sports
sector is expected to drive the global advanced composites market, owing to the
demand for safe sporting helmets, lightweight fishing rods, racquets etc.
The
construction industry is foreseen to play a significant role in the growth of
the advanced composites market due to the increasing construction of commercial
and residential buildings, smart city buildings and construction of better
infrastructure.
Some of the factors that may hinder the growth of the advanced
composites market include-
The stringent
regulations and climate change may hamper the growth of the advanced composites
market during the forecast period.
However,
restraints aside, the global advance composite market is expected to thrive due
to the increasing demand for renewable energy across regions.
Analyst’s Overview
The advanced
composites market is projected to foresee substantial growth at a CAGR of
10.89% during the forecast period. The market was valued at USD 21.05bn in 2016
and may reach up to 38. 41bn by the end of 2022.
The surge in
the demand for renewable sources of energy, such as increased wind energy farms
in Germany, Spain, and other regions is anticipated to drive the advanced
composites market to a newer height in the coming years.
Increasing
demand for sporting products and availability of disposable income and a surge
in the recreational facilities and interests are expected to boost the market
during the forecast period.
Among the resin
types, the thermoplastic components are foreseen to hold a significant share in
the global advanced composites market owing to their durability and demand in
the aerospace sector.
North America
is projected to hold a significant share owing to the rise in demand for
advanced composites from the aerospace and defence sector in the forthcoming
years.
Competitive Landscape
The global
advanced composites market is highly competitive due to the presence of many
prominent players.
Many players
are turning their focus towards product development for the aerospace and
defence sectors, owing to their substantial growth and increasing demand for
fighter planes, commercial planes, and other safety vehicles.
Further, these
key players are adopting strategies such as new product development, and
collaborations in order to penetrate into the international market.
Some of the existing prominent players in the global advanced
composites market include-
- Honeywell International Inc
- Hexcel Corporation
- BASF SE
- Honeywell International Inc.
- DuPont
- HYOSUNG CHEMICAL
- SGL Carbon
- Molded Fiber Glass Companies
- Advanced Composites Inc
- Formosa Plastics Corporation
- Renegade Materials Corporation
- First COMPOSITES GmbH
- ATLAS COMPOSITE TECHNOLOGIES
- Others
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