(MENAFN- EIN Presswire)
The global advanced composites market Share is projected to reach $88.7 billion by 2031, growing at a CAGR of 10.2% from 2022 to 2031.
WILMINGTON , DE, UNITED STATES, September 5, 2024 /EINPresswire / -- Advanced composite materials have high specific strengths and stiffness, which when combined with automatic
manufacturing technologies allow for the fabrication of lightweight and cost-effective composite structures. The replacement of metal alloys with advanced composite materials, in general, reduces a structure's mass by 20–30%. These are referred to as "advanced composite materials", in contrast to the composite materials that are frequently used, including reinforced concrete or even concrete itself. The high-strength fibers are also low-density while occupying a large fraction of the volume.
The global advanced composites market was valued at $34.0 billion in 2021 and is projected to reach $88.7 billion by 2031, growing at a CAGR of 10.2% from 2022 to 2031.
Request Sample Report @
Advanced composites are offering a competitive advantage to industries that have formerly used steel or aluminum constructions. Advanced composites are no longer limited to aerospace, high-performance marine, and wind energy applications. Advanced composites are being used on building facades, medical uses, truck cabins, and a variety of other applications. The global demand for fuel-efficient and lightweight vehicles, particularly in the aerospace and defense sectors, is one of the factors driving the advanced composite market. Furthermore, future market opportunities are anticipated to emerge from new technological advancements in the wind energy sector, as well as other industries such as automobile battery enclosure.
Purchase Enquiry Report @
Increased sales of vehicles will drive the demand of high demand for advanced composites, which will boost the market growth for advanced composites over the projection period. During the forecast period, rising auto sales are anticipated to boost worldwide industry growth. Countries like India, China, the U.S., and Brazil are principally responsible for the increase in global vehicle sales. Furthermore, rapid expansion in specialized manufacturing industries such as medical devices and wind energy is anticipated to support industrial growth in these areas. Hence, rapid industrialization in Brazil, Russia, India, China & South Africa (BRICS) is expected to drive industrial advanced composites demand, which, in turn, is expected to complement the global advanced composites sector growth
Key Market Players:
Hexcel Corporation, Toray Industries, Inc., TEIJIN LIMITED, ST Advanced Composites, Owens Corning, Huntsman International LLC, Momentive, DuPont, SGL Carbon, Solvay
Two of the largest markets for advanced composites including commercial aviation and thermoplastic have been hit severely, with production levels for 2020 shrinking to levels not seen in previous years. The industry has changed due to Covid, whereby the impact is different in the various market segments. Currently, the biggest impact is recorded in the aerospace industry, where Boeing and Airbus has been suffered a lot from the overall decrease of travels, including governmental restrictions.
Interested Purchase Report @
Increasing demand for bio-based advanced composites owing to their high strength and lightweight properties. Fully biodegradable high-strength composites, often known as "advanced green composites," are developed using high-strength liquid crystalline cellulose fibers and renewable soy protein-based resins. For comparison, E-glass and aramid (Kevlar) fiber advanced reinforced composites are also manufactured using the same modified soy protein resins. The "advanced green composites" are completely sustainable that can be readily disposed of and composted without causing environmental harm. However, significant additional research is needed in the advanced green composites area, advanced green composites will eventually replace today's advanced composites manufactured with petroleum-based fibers and resins.
Similar Reports:
Industrial Carbon Nanotubes Market:
Optical Coating Market:
Nano Titanium Dioxide Market:
Adhesives and Sealants Market:
About us:
Allied Market Research (AMR) is a full-service market research and business consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
Contact:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
USA/Canada (Toll Free):
+1-800-792-5285, +1-503-894-6022, +1-503-446-1141
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1(855)550-5975
...
Web:
Follow us on LinkedIn and Twitter
David Correa
Allied Market Research
+1 800-792-5285
email us here
Visit us on social media:
Facebook
X
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability
for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this
article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
MENAFN05092024003118003196ID1108641629
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.