Advanced Composites Market Driven by Growing Demand from Automotive, Consumer Electronics Industries
Growing Demand from Wind Energy, Automotive Industries to Drive Advanced Composites Market
The CAGR for the advanced composites industry is projected to be 9% by 2030. according to the latest research report from Market Research Future (MRFR). The advanced composites market value is expected to be USD 20 billion by 2030 Advanced composites are composites made from polymeric resins and a resin matrix. These advanced composites exhibit light weight, stiffness, high strength, and several other beneficial characteristics. These characteristics have driven the demand for advanced composites from industries such as automotive, aerospace, consumer goods, electronics, and sports goods. Advanced composites can be customized to provide specific properties in terms of durability and light weight, among others. This is also a major driver for the global advanced composites market.
Chromium oxide, in its various forms, is a key part of the global advanced composites market. Chromium oxide formula can range between various configurations of chromium and oxygen. Chromium oxide uses include electroplating, which is a vital benefit in the consumer electronics, automotive, and aerospace industries. However, chromium oxide is also carcinogenic, which is a key restraint on the chromium oxide demand.
The growing automotive industry is likely to be a major driver for the global advanced composites market. The automotive industry has become a key consumer of advanced composites due to the growing demand for lightweight vehicles. Lightweight vehicles reduce the consumption of fuel, thus reducing the environmental impact of automobiles. Lightweight vehicles also provide better dynamics and performance, which has driven the demand for advanced composites from the automotive industry. The automotive industry is likely to remain a crucial end user for the global advanced composites market over the forecast period. The aerospace industry is also likely to be a major constituent in the global advanced composites sector in the coming years due to the growing demand for lightweight construction of airplanes. The consumer electronics industry is also likely to be a major consumer of advanced composites due to the growing demand for lighter yet stronger consumer electronics. The growing wind energy industry is also likely to be a major driver for the global advanced composites market.
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Leading players in the global advanced composites market include Mitsubishi Chemical Holding Corporation, Huntsman International LLC, Cytec Solvay Group, SGL Carbon, Hexcel Corporation, Toray Industries Inc., Koninklijke Ten Cate BV, Teijin Limited, DowAksa Advanced Composites Holdings BV, PPG Industries, Axalta Coating Systems LLC, and 3M.
In November 2019, British supercar maker McLaren opened a new composites center in Yorkshire, England.
The global advanced composites market is segmented based on fiber type, resin type, application, and region.
By resin type, the global market is divided into advanced thermosetting resins and advanced thermoplastic resins. The advanced thermosetting resin segment is further sub-segmented into epoxy, acrylic, phenolic, polyurethane, vinyl ester, and others. The advanced thermoplastic resin segment is further categorized into polyphenylene sulfide (PPS), polyetherimide (PEI), polyetheretherketone (PEEK), and others.
Based on fiber type, the global market is segmented into carbon fiber composites, aramid fiber composites, s-glass composites, and others.
Based on application, the global market is segmented into aerospace & defense, wind energy, automotive, sports equipment, consumer goods, construction, medical, and others.
Asia Pacific dominated the global advanced composites market in 2018 and is likely to remain dominant over the forecast period. The growing demand from the automotive, consumer electronics, and wind energy industries is likely to be a major driver for the global advanced composites market over the forecast period. The wind energy industry, in particular, is likely to be a major consumer of advanced composites over the forecast period, as a growing number of governments in the region have supported the growth of the wind energy industry and provided grants and subsidies to help grow the industry in their respective territories. The growing consumer electronics industry in Asia Pacific is also likely to be a major driver for the global advanced composites market over the forecast period.
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