Advanced composites will be $24.9 billion market by 2020

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.

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.