High Performance Composites Market estimated to cross US$33 bln by 2022

26-Jul-17

High Performance Composites Market  was valued at US$23.50 bln in 2016 and is projected to reach US$33.33 bln by 2022, at a CAGR of 6% from 2017 to 2022, as per Markets and Markets. The growth of the high performance composites market is driven by the increased demand for high performance composites for the aerospace & defense, automotive, wind turbines, pressure vessels, medical, and construction applications.

The aerospace & defense application segment is projected to lead the high performance composites market during the forecast period from 2017 to 2022. The growth of the aerospace & defense application segment of the market can be attributed to both, growth of the aviation industry across the globe as well as increased use of high performance composites in different types of aircraft. High performance composites are also used in military aircraft as they offer reduced drag and have low radar observability. Moreover, they can withstand high temperatures resulting from high speeds. Stable gross domestic product (GDP) across the globe, low crude oil prices, and increased air traffic, especially in the Middle Eastand Asia Pacific regions, are also expected to drive the growth of the aerospace & defense application segment of the high performance composites market during the forecast period.

The thermoplastic resin type segment of the high performance composites market is projected to grow at the highest CAGR between 2016 and 2022. The growth of this segment of the market can be attributed to various features offered by high performance thermoplastic composites, which include increased the flexibility of remelting and reforming due to the absence of crosslinking in thermoplastic resins. These composites offer high impact strength and smooth surface finish. They can be molded easily on reheating. The high performance thermoplastic composites are preferred over high performance thermosetting composites as they offer longer shelf-life, have faster manufacturing cycle, and are easier to recycle.

The Asia Pacific high performance market is projected to grow at the highest CAGR between 2017 and 2022.  In 2016, the North American region accounted for the largest share of the high performance composites market. The Asia Pacific high performance composites market is projected to grow at the highest CAGR between 2017 and 2022. China is the largest market for the high performance composites in the Asia Pacific region. In China and India, the demand for high performance composites is expected to increase during the forecast period due to increasing investments by the private sector in the automotive and aerospace & defense sectors.

 

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