Advanced Composites Market to Reach $33.44 Billion by 2024
Global advanced composites market is expected to reach $33.4 billion by 2024.
Global advanced composites market is expected to reach $33.4 billion by 2024, according to a recent report from Grand View Research, Inc. Growing market penetration in the automotive and marine application is expected to drive growth over the forecast period. The rising need for sustainable renewable energy sources, coupled with low capital cost as compared to the majority of conventional sources, is expected to have a positive impact on wind turbine market. This, in turn, is likely to propel growth over the forecast period. The utilization of lightweight materials to reduce the resistance of turbines to wind and increase the production rate of electricity is expected to increase the penetration of advanced composites in the wind turbine industry over the next eight years.
Advanced carbon fibers are expected to gain market share due to declining prices that have resulted from various process improvements. Increasing investment in the defense subsector is likely to have a positive impact on the demand for aramid fibers. The gradual recovery of the defense industry in North America is expected to be a contributing factor for growth. Additional technologies, including fluid handling for manufacturing advanced composites, are expected to reduce cycle time, improve yield, and reduce wastage and cleaning time, will increase the rate of production and market growth.
Carbon advanced composites are expected to be the fastest-growing product segment over the forecast period, growing at over 9% from 2016 to 2024. Growing applications in the manufacturing of wind energy turbines and aerospace components are expected to be the two major aspects driving demand.
Aerospace and defense applications accounted for over 65% of the overall industry in 2015. Growing air passenger traffic and the resultant surge in the manufacturing of airplanes in North America and Europe are expected to drive the growth over the forecast period.
The wind turbine industry is expected to grow at a compound annual growth rate (CAGR) of over 6% from 2016 to 2024. The increasing utilization of glass and carbon products, coupled with rapid wind turbine industry growth, is expected to bolster growth over the forecast period. The growing need for an alternative source of energy is expected to be the contributing factor for advanced composites industry growth.
As previously noted, the growing application of aramid composites in the defense sector is expected to be a breakthrough for market growth. An important contributing factor is the high performance efficiency delivered by the products’ beneficial characteristics, including low density, lightweight, and high strength. In addition, rising global political instability is expected to increase the investment in the defense sector, aiding market growth.
North America accounted for over 35% of the overall revenue share in 2015. The presence of leading aerospace manufacturer The Boeing Co. is expected to be a key factor for industry growth over the forecast period. High consumer per-capita income and a willingness to spend on luxury vehicles is expected to aid the growth of advanced composites in the automotive industry of the region.
For more information, visit www.grandviewresearch.com.