Advanced composites, such as fiberglass and carbon fiber composites, play a pivotal role in the construction of wind turbine blades. These materials are chosen for their exceptional strength, lightweight properties, and resistance to environmental conditions. The use of advanced composites in wind turbine blades enhances their structural integrity, allowing for efficient energy capture from wind. The combination of fiberglass and carbon fiber ensures the blades can withstand dynamic loads and turbulent winds, leading to increased reliability and longevity.
According to Data Bridge Market Research analyses the Global Advanced Composites Market is expected to reach USD 40,574.57 million by 2030, which was USD 21,921.18 million in 2022, registering a CAGR of 8.00% during the forecast period of 2023 to 2030.
"Rise in demand of advanced composites in defense industry boosts the market growth"
The growing demand for advanced composites in the defense industry serves as a significant driver for the global advanced composites market. These materials offer superior strength-to-weight ratios, durability, and resistance to harsh environmental conditions, making them crucial for manufacturing lightweight and high-performance military components such as aircraft, armored vehicles, and naval vessels. The increasing emphasis on developing technologically advanced defense systems, coupled with the need for fuel efficiency and enhanced performance, fuels the adoption of advanced composites.
What restraints the growth of global advanced composites market?
“Stringent government regulations hinders the market growth”
Stringent government regulations act as a significant restraint for the global advanced composites market. These regulations impose rigorous standards and compliance requirements on the production, usage, and disposal of advanced composites. Compliance with environmental, safety, and quality standards increases operational complexities and costs for manufacturers. Additionally, navigating through complex regulatory frameworks can slow down the market's growth by limiting the speed of product development and innovation. Companies operating in the advanced composites sector may face challenges in meeting diverse global regulatory requirements, impacting their ability to swiftly adapt to market demands and stay competitive.
Segmentation: Global Advanced Composites Market
The global advanced composites market is segmented on the basis of fiber type, resin type, manufacturing process, and end-user.
- On the basis of fiber type, the global advanced composites market is segmented into carbon, s-glass, aramid, and others
- On the basis of resin type, the global advanced composites market is segmented into thermosetting, and thermoplastic
- On the basis of manufacturing process, the global advanced composites market is segmented into automated tape laying (ATL) and automated fiber placement (AFP), hand layup/spray layup, filament winding, pultrusion, resin transfer molding (RTM), compression molding, injection molding, and others
- On the basis of end-user, the global advanced composites market is segmented into aerospace and defense, automotive, energy and power, sports equipment, civil engineering, electrical and electronics, healthcare, and others
Regional Insights: North America dominates the Global Advanced Composites Market
North America dominates in the advanced composites market, driven by an escalating need for lightweight materials in automobile and aircraft manufacturing. The U.S. is poised to lead North America's advanced composites market growth, propelled by widespread adoption across various applications. The increased utilization of advanced composites in the region underscores their pivotal role in enhancing performance and fuel efficiency in both automotive and aerospace industries, contributing to the market supremacy.
The Asia-Pacific is expected to experience rapid development between 2023 and 2030, driven by extensive adoption of advanced composites across diverse sectors. Notably, industries such as aerospace and defense, civil engineering, electrical and electronics, energy and power, automotive, sports equipment, healthcare, and more are contributing to this growth. The heightened consumption of advanced composites underscores their versatility and importance in enhancing performance across a wide range of applications, solidifying the region's position as a key player in the evolving landscape of composite materials.
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Recent Developments in Global Advanced Composites Market
- In 2022, Insight Polymers and Compounding enhanced their Tennessee facility with a new twin-screw extrusion line, expanding capabilities for high-temperature processing and innovative extrusion methods. The addition facilitates processes such as nanoparticle dispersion, graft polymerization, and exfoliation
- In 2022, the Bioproduct Chemistry team achieved a milestone with an eco-friendly process for crafting robust and flexible cellulosic films. This breakthrough, incorporating biodegradable polymers and unmodified wood-based materials, ensures sustained strength even when wet. The inventive combination maximizes the inherent benefits of each component, marking a significant advancement in sustainable materials
The Prominent Key Players Operating in the Global Advanced Composites Market Include:
- TORAY INDUSTRIES, INC.(Japan)
- Teijin Aramid B.V. (Netherlands)
- Mitsubishi Chemical Group Corporation Japan)
- Huntsman International LLC. (U.S.)
- BASF SE (Germany)
- Solvay (Belgium)
- Akzo Nobel N.V. (Netherlands)
- DuPont (U.S.)
- Hexion (U.S.)
- Honeywell International Inc. (U.S.)
- Owens Corning (U.S.)
- Formosa Plastics Corporation (Taiwan)
- Henkel AG & Co. KgaA (Germany)
- Lyondellbasell Industries Holdings B.V. (Netherlands)
- Hanwha Solutions (South Korea)
- SGL Carbon (Germany)
- Kemira (Finland)
- H.B. Fuller (U.S.)
- Evonik Industries AG (Germany)
Above are the key players covered in the report, to know about more and exhaustive list of global advanced composites market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Advanced Composites Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
