Market Insights
Advanced Composites is a product that offers exceptional strength to weight ratio and provides dimensional stability to various infrastructural manifestations. Due to its strong frame yet light weight, it has managed to work around all the demerits, its contenders come with. The global advanced composites market is spanned across five key regions in the world namely Asia Pacific, Europe, North America, Latin America and the Middle East & Africa. Asia Pacific is projected to rule the market in the world and is anticipated to continue its dominance during the forecast period owing to growing use of thermoset resins in major industries such as aeronautic, buildings and construction, energy, and others. China, Japan and India are the leading players in this region due to the growing investment and production of thermoset resins in heavy end industries.
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Segmentation
The Global Advanced Composites Market is segregated on the basis of resin type and application. On the basis of type, the market is further segmented into thermoset and thermoplastic resins. Among these, thermoset resins segment is set to grow at a high rate as they offer exceptional impact resistance and durability which has resulted in the increasing use of thermoset resins in aerospace, energy, sports, and other sectors and heavy end industries. On the basis of application, the market is further classified into aerospace, transport, electronics, sports, energy, construction and others. Of these, aerospace segment is predicted to hold the major share in the market during the forecast period.
Key Players
• The 3M company
• Axalta Coating Systems
• LLC
• PPG industries
• TEIJIN LIMITED
• Koninklijke Ten Cate
• Hexcel Corporation
• Toyota Motor Corporation
• Cytec Solvay Group
• Hexcel Corporation
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Regional Analysis
The Advanced Composites Market has witnessed an exceptional growth in the European region due to growing demand of low density materials in aviation, defense and automotive industries. Germany, the U.K. and Italy are projected to be the leading players in this region owing to an increasing use of epoxy and polyurethane resins in heavy end industries. It is predicted that the thermoset resin segment is set to grow at a higher CAGR during the forecast period.
An enormous growth has propelled the North American region to witness a rapid demand of epoxy and polyurethane resins in buildings and construction, oil & gas, energy, aviation, and others. It is projected that the U.S., Canada and Mexico are going to be the prominent players in this region during the forecast period. A surge in demand is predicted in the segment due to growing production of fiber composites in end use industries. The advanced composites market is predicted to witness a remarkable growth in the Latin American countries such as Brazil, Argentina and Uruguay due to growing penetration of thermoset resins in wind and turbine industry. Additionally, the U.A.E, Saudi Arabia, Qatar in the Middle East & Africa region are estimated to witness a remarkable growth in the market due to increasing consumption of thermoset resins in oil & gas industries.
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