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.
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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.