Advanced composites market estimated to reach around US$24.9 bln by 2020

10-Aug-15

The global advanced composites mrket in terms of value is expected to reach around US$24.9 bln by 2020, growing at a CAGR of 7.2% between 2015 and 2020, as per MarketsandMarkets. The leading carbon fiber composite manufacturers increased their capacity in North America and Europe in order to meet the growing demand from the aerospace & defense, automotive, pipe & tanks, wind, marine, and construction industries. Many leading companies recently increased their carbon fiber composite and S-glass composite production capacities in these regions. In North America andEurope, aerospace & defense, wind, and automotive are the major application industries of advanced composites. The use of S-glass composites, carbon fiber composites, and aramid fiber composites in composite ballistic armor applications has increased due to properties that include maximum energy absorption, fire resistance and light weight. In countries such as the U.S., Germany, Russia, and France, the growth of the aerospace industry is projected to increase in the next few years. Demand from the automobile industry for advanced composites is increasing and hence driving the market. The growing automotive, wind, and aerospace & defense sectors in North America and Europe regions are projected to further fuel the growth. Advanced composites are used in the aerospace & defense and automotive industries, primarily in ballistic armor applications. High-performance carbon fiber has been used for many years; the new high-speed manufacturing technology is allowing carbon fiber composites to be used in production of vehicles. In order to make vehicles lighter, safer, cleaner, and more cost-effective, leading advanced composites industries are responding to the needs and expectations of the vehicle original equipment manufacturers (OEMs), system suppliers, and the consumers. Advanced composite leaders are helping automotive manufacturers to meet strict environmental standards such as Corporate Average Fuel Economy (CAFE) in the U.S., supporting responsible development and progress. Weight savings, fuel economy, and other performance benefits will fuel the growth of advanced composites consumption. Also the significant interest in carbon fiber composites applications in automotive market also help to drive the advanced composites market