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August 31, 2016
2 Min Read
Growing demand for composites will make that market worth $24.9 billion by 2020, according to a new report from MarketsandMarkets (Dallas, TX).
The Advanced Composites Market report looks at the market by type (carbon, S-glass, Aramid); manufacturing process; resin type (thermoplastics and thermosets); application (aerospace and defense, automotive, wind, sporting goods, pipe and tanks, construction and marine); and region. It also defines and segments the advanced composites market with an analysis and forecast of the volumes and values of each composite type.
Composite tanks designed by Omni Tanker Pty Ltd. in Australia received this year's JEC Innovation Award in the transportation category. Click here to view a slide show of all the winners.
The advanced composites end market is expected to achieve a compound annual growth rate of 7.2% between 2015 and 2020. Leading U.S. companies in this market include Cytec Industries, Owens Corning, DuPont, Plasan Carbon Composites, AGyu Holdings Corp., and Huntsman Corp.
Advanced composites are materials designed for enhanced performance in a number of applications through improvements in structural, functional or cosmetic properties. Carbon fiber and S-glass composites are used widely, as compared with aramid fiber composites. These three primary advanced composites are now used extensively in aerospace and defense, wind and automotive, and demand continues to rise for many other applications, said the report’s summary.
The report also identifies the driving and restraining factors for the advanced composites market with analyses of trends and opportunities.
The leading carbon-fiber composites manufacturers increased their capacity in North America and Europe in order to meet growing demand from the aerospace and defense, automotive, pipe and tanks, wind, marine and construction industries.
Advanced composites are used in the aerospace and defense industries, primarily in ballistic armor applications. High-performance carbon fiber has been used for many years in automotive, with new high-speed manufacturing technology allowing carbon-fiber composites to be used in the production of vehicles.
A sample of the report is available from MarketsandMarkets.
About the Author(s)
Until she retired in September 2021, Clare Goldsberry reported on the plastics industry for more than 30 years. In addition to the 10,000+ articles she has written, by her own estimation, she is the author of several books, including The Business of Injection Molding: How to succeed as a custom molder and Purchasing Injection Molds: A buyers guide. Goldsberry is a member of the Plastics Pioneers Association. She reflected on her long career in "Time to Say Good-Bye."
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