According to the latest report by IMARC Group titled, “Advanced Composites Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the market is projected to grow at a CAGR of around 9% during 2019-2024.

Advanced composites, or polymer matrix composites, are generally characterized by their stiffness, extraordinary strength, mechanical resistance and modulus of elasticity. They are relatively more lightweight in comparison with composite materials. Moreover, owing to their exceptional physical and chemical properties, such as high thermal conductivity and dimensional stability, they find applications in industries like sports, aerospace, military, construction and automobile. Further, the increasing need for renewable energy is spurring the demand for advanced composites as these materials are employed in the manufacturing of blades for wind turbines used in wind power stations.

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On account of properties such as lightweight, durability, low density and resistance to chemical corrosion, advanced composites are replacing conventionally used metals in aeronautical and aircraft manufacturing to improve the performance and fuel efficiency by reducing their weight. Similarly, in the production of high-performance vehicles, these polymers are taking the place of alloys and metals in the automobile industry. Additionally, composites such as HexMC and HexPly are widely being utilized in the production of golf shafts, tennis racquets, snowboards and surfboard fins in the sports industry.

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Key Market Segmentation:

Breakup by Resin Type

Advanced Thermosetting Composites
Advanced Thermoplastic Composites
Breakup by Type of Fiber

Glass
Carbon
Aramid
Breakup by Manufacturing Process

Hand Layup/Spray Layup
AFP and ATL
Filament Winding
Injection Molding
Pultrusion
Compression Molding
RTM/VARTM
Others
Breakup by Application

Aerospace and Aviation
Automotive
Energy
Electronics
Marine
Others
Breakup by Region

North America
Europe
Asia Pacific
Middle East and Africa
Latin America
Competitive Landscape

The report has also examined the competitive landscape of global advanced composites market. Some of the major players in the market are Arkema S.A., BASF SE, Hexcel Corporation, Cytec Industries Inc., Koninklijke Ten Cate N.V., TPI Composites Inc., Toray Industries Inc., Mitsubishi Rayon Co. Ltd., Teijin Limited., Hexion, SGL Carbon SE, 3B-Fibreglass SPRL, Owens Corning Corporation, Huntsman International, LLC, Solvay S.A., Kemrock Industries and Exports Limited, E. I. Du Pont Nemours & Co. and Cristex Ltd.

Key highlights of the report:

Market Performance
Market Outlook
Porter’s Five Forces Analysis
Market Drivers and Success Factors
SWOT Analysis
Value Chain
Competitive Structure
Profiles of Key Players
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