Global high performance composites market is anticipated to grow from US $25.39 Bn in 2017 to US $42.18 Bn by 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2026.
According to the report, surging demand for high performance composites across a plethora of applications is anticipated to propel market demand during the predicted period. The expansion of the commercial aircraft development sector would augment market size in the current industry backdrop. Furthermore, surging adoption of these composites in the production of wind turbines and pressure vessels is yet another significant factor likely to drive the market in the coming years. However, the massive labor requirements and relatively high manufacturing cost would restrain the demand for high performance composites with respect to volume, particularly in the cost-sensitive markets. The massive application of these products in automobiles, which is the core objective of the carbon fibre industry, is currently in a phase where the use of these products in motor vehicles is still trivial.
Listed below are the key takeaways of the report:
- The industry is set to witness a CAGR of 5.8 percent during 2018-2026.
- Commercial aircrafts are reportedly the biggest consumers for these products.
- The S-glass fiber type category, the least costly of all categories, is projected to observe high demand owing to noteworthy opportunities in aerospace, wind energy, and pressure vessels production industry.
- Based on the regional segmentation, North America led the global market in 2017.
- The automobile and construction industries are among the most important end-use markets.
The report also cites that the flourishing aviation industry is a key growth driver owing to low cost, balanced mechanical properties, and versatility of these composites compared to other materials. These composites are known to have the potential to meet power and safety requirements efficiently.
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As per the report, automobile applications hold a significant share of the high performance composite materials market as they help in making the automobile lighter, safer, cleaner, and more cost-effective. Globally, carbon fibre is the most utilized composite material because of its unmatched ability to cut-down vehicle weight.
The report provides an all-embracing quantitative and qualitative analysis of the leading market trends and growth opportunities of the global high performance composites market, over the forecast timeline. The report also comprises a comprehensive geographic segmentation of the market including South America and APAC, Europe, North America, and MEA. North America market is further bifurcated into U.S. and Canada. Europe market is split into Germany, Italy, UK, and Rest of Europe. The Asia-Pacific market is divided into Japan, India, China, and Rest of Asia-Pacific.
The U.S. has been a pivotal regional segment with high demand for these products, amassing a substantial market share in terms of production and consumption, especially across the aerospace and defense industry.
According to the findings of the report, the global high performance composite materials market is concentrated amid fewer organizations operating in this business space. The eminent players profiled in the high performance composite materials market include Hexcel Corporation, BASF SE, Arkema SA, Teijin Ltd., Albany International Corporation, Owens Corning Corporation, TPI Composites, Inc., Solvay S.A., SLG Group, Toray Industries Inc., and Koninklijke Ten Cate BV.