Worldwide High-Performance Composite Market to Register 7.5% CAGR between 2018 and 2024
Posted On September 21, 2018
Value Market Research has recently announced its latest publication on the growing Global High-Performance Composite Market. The report studies the growth path and challenges of the global market during the forecast period of 2017-2024. As estimated in the recently released version, the global high-performance composite market was valued USD 20.14 Billion (by revenue) in 2017 and is anticipated to reach USD 32.71 Billion by 2024 with a CAGR of 7.5%.
Demand for High-performance composite i.e. a polymer material which has advanced fiber reinforcement is estimated to represent considerable growth during forecast period. The growth can be attributed to the rising demand from commercial airlines as well as growing other emerging opportunities across application such as wind turbines and pressure vessels. These high-performance composite materials are one such class of materials which plays a significant role in present and future aerospace components.
The latest research study available is the market report titled "Global High Performance Composite Market Report segmented By Fibers (Carbon Fiber, S-Glass, Aramid Fiber), Resins (Epoxy, Thermoplastics, Polyester, Phenolics, and Others), Applications (Aerospace, Industrial & Automotive, Defense & Safety, Energy, Consumer, Construction, Electronics, and Others) And By Regions - Industry Trends, Size, Share, Growth, Estimation, and Forecast, 2017-2024".
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Going forward, the aerospace market will remain leading segment for high-performance composite owing to rising production of composite-intensive airliners such as Airbus A350 which is made of half percent composite by weight. Apart from aerospace, another strong area of growth for high-performance composite is booming wind energy market. Whereas, motor vehicle market holds high potential for high-performance composite is expected to gain moderate growth in demand as they are expensive and have slow production speeds.
In order to study the overall market, the high-performance composite market is segmented on the basis of fibers, resins, application, and region. Fibers are classified as carbon fiber, S-Glass, and aramid fiber. Among this fiber, the S-Glass fiber in high-performance market is experiencing high demand from aerospace industry owing to its excellent properties such as high strength, high stiffness, relatively low density, resistant to heat, and good chemical resistance. Resins type include epoxy, thermoplastics, polyester, phenolics, and others. The thermoplastic resin is gaining hype in the high-performance composite market since they have massive usage in construction sector owing to its major advantage such as high specific strength, better corrosion resistance and enhance stiffness. High-performance composite has major application area across aerospace, industrial and automotive, defense and safety, energy, consumer, construction, electronics, and others. Among the aforementioned application areas, aerospace is to lead the market as their usage is being tremendously increased for the production of enhanced commercial and military aircraft which is constantly driving the demand of the product.
In the end, the detail description of emerging market has been provided on the basis of analysis on top five markets i.e. North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. As per the analysis, Europe is to remain the leading market in global high-performance composite since the product has high demand from the emerging economies especially from Eastern European countries like Russia, Bulgaria, and Romania.
The Report Segments Global High-Performance Composite Market -
Middle East & Africa
Following Are The Major Companies Involved In The Market:
Arkema SA, BASF SE, E. I. Du Pont De Nemours and Company, Hexcel Corporation, Hyosung Corp., Koninklijke Tencate NV, Owen Corning, Sgl Carbon SE, Solvay SA, Teijin Ltd, and Toray Industries.
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