High Performance Composites Market by Resin Type, Fiber Type Application, Region - Global Forecast to 2022
LONDON, July 31, 2017 /PRNewswire/ -- "The high performance composites market is projected to grow at a CAGR of 6.0% from 2017 to 2022."
The high performance composites market was valued at USD 23.50 billion in 2016 and is projected to reach USD 33.33 billion by 2022, at a CAGR of 6.0% from 2017 to 2022. Increased demand for high performance composites for the automotive, aerospace & defense, pressure vessels, wind turbines, medical, and construction applications is expected to drive the growth of the high performance composites market across the globe. Improved properties offered by high performance composites, which include lightweight, high strength, increased corrosion resistance, high impact strength, excellent design flexibility, enhanced dimensional stability, low thermal conductivity, and high durability contribute to the increased demand for these high performance composites from various industries. Moreover, these composites are also non-conductive, non-magnetic, and radar transparent. However, concerns regarding recyclability of high performance composites are the major factor expected to restrain the growth of the high performance composites market during the forecast period from 2017 to 2022.
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"The wind turbine application segment of the high performance composites market is projected at the highest CAGR during the forecast period from 2017 to 2022."
The wind turbine application segment of the high performance composites market is projected to grow at the highest CAGR during the forecast period, in terms of value. The growth of this segment of the market can be attributed to the increased use of high performance composites for manufacturing various structural parts of wind turbines, such as blades and nacelles. The structural parts of wind turbines that are made of high performance composites require low maintenance and provide a high strength-to-weight ratio. These composites are largely replacing traditional materials, such as metals and alloys in wind turbines due to their superior mechanical properties and high performance.
"The S-glass fiber type segment of the high performance composites market is projected to grow at the highest CAGR between 2017 and 2022."
The S-glass fiber type segment of the high performance composites market is projected to grow at the highest CAGR between 2017 and 2022. The growth of this segment of the market can be attributed to increased use of S-glass high performance composites in military aircraft for fuselage skins, floor panels, and fire walls as these composites can withstand the impact of force, have low flammability, and offer high resistance to corrosion. As S-glass composites are lightweight and have high strength and increased fatigue resistance, they are also used for manufacturing blades of helicopters. These composites also provide high strength, increased flexibility, and enhanced dimensional stability to robotic arms on space shuttles.
"The Asia Pacific high performance composites market is projected to grow at the highest CAGR during the forecast period from 2017 to 2022."
The Asia Pacific high performance composites market is projected to grow at the highest CAGR between 2017 and 2022. The growth of the Asia Pacific high performance composites market can be attributed to the growth of the automotive industry in the region that has led various leading automotive manufacturers to make significant investments in the region. Increasing urbanization and continuously growing population are expected to lead towards increased demand for high performance composites from the building & construction sector of the region. This, in turn, is expected to contribute towards the growth of the Asia Pacific high performance composites market during the forecast period.
Extensive primary interviews have been conducted to determine and verify the market size for several segments and subsegments.
The break-up of primary interviews has been given below.
• By Company Type: Tier 1 – 37%, Tier 2 – 50%, and Tier 3 – 13%
• By Designation: C Level – 30%, Director Level – 47%, and Others – 23%
• By Region: North America – 28%, Europe – 33%, Asia Pacific – 22%, South America– 11%, and Middle East & Africa – 6%
The companies profiled in this market research report are Toray Industries Inc. (Japan), Hexcel Corporation (US), Solvay S.A. (Belgium), SGL Group-The Carbon Company (Germany), Koninklijke TenCate NV (Netherlands), TPI Composites (US), Owens Corning Corporation (US), Teijin Limited (Japan), and BASF SE (Germany).
Research Coverage:
This research report has categorized the high performance composites market on the basis of resin type, fiber type, application, and region. It includes detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities influencing the growth of the high performance composites market. A detailed analysis of the key players has been done to provide insights on their business overviews, products & services offered, and key strategies, such as investments & expansions, and mergers & acquisitions adopted by them to strengthen their position in the high performance composites market.
Reasons to buy the report:
The report is expected to help market leaders/new entrants in this market in the following ways:
1. This report comprehensively segments the high performance composites market and provides the closest approximations of the market sizes for the overall market and its subsegments across different regions.
2. The report is expected to help the stakeholders understand the pulse of the market and provide them information on the key market drivers, restraints, challenges, and opportunities.
3. This report is also expected to help the stakeholders understand major competitors in the market and gain insights to enhance their competitive positions in the market. The competitive landscape section includes major industry players from different regions, contributing to the market. The landscape consists of the top 25 companies ranked and grouped, on the basis of their competency parameters, such as geographical presence, recent strategic developments, patents filed, and number of employees.
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