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.
Increasing use of S-glass and carbon fiber
reinforced plastics in different aircraft of Boeing and Airbus is driving the
growth of the high performance composites
market in the aerospace & defense application. The growing use of high performance composites for manufacturing
blades of wind turbines is also fuelling the growth of the high performance composites market across the
globe.
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Increased use of high performance composites as a replacement
for metallic components in the automotive, aerospace & defense, pressure
vessels, and wind turbines applications in various countries, such as the US,
Canada, Germany, Japan, etc., is expected to drive the demand for high
performance composites, thereby leading to the growth of the high-performance
composites market across the globe.
However, increasing competition from high performance thermoplastic resins may hamper the growth of the high performance thermoset composites segment
of the high performance composites market
as thermoplastic resins can be reformed, reshaped, and reused. Moreover, thermoplastic
resins also skip the lengthy curing process required by thermoset resins.
Based on the resin type, the thermoplastic segment of the high performance composites market is projected
to grow at the highest CAGR during the forecast period. The growth of this
segment of the high performance
composites market can be attributed to various features offered by high performance thermoplastic composites,
which include flexibility of remelting and reforming due to the absence of crosslinking
in thermoplastic resins. Moreover, these composites offer high impact strength
and smooth surface finish.
They can be molded easily
on reheating. High performance
thermoplastic composites are preferred over high
performance thermosetting composites as they offer longer shelf-life, have
faster manufacturing cycle, and are easier to recycle.
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Based on the fiber type, the S-glass composites segment of
the high performance composites market is
projected to grow at the highest CAGR during the forecast period from 2017 to
2022. As S-glass high performance
composites can withstand the impact of
force and have low flammability and high resistance to corrosion, they are
widely used in military aircraft for fuselage skins, floor panels, and fire
walls.
Moreover, these composites are light in weight and offer high
strength and increased fatigue resistance, thereby making them suitable for
manufacturing blades of helicopters. S-glass high
performance composites also provide high strength, flexibility, and
dimensional stability to robotic arms on space shuttles.
Thus, the superior mechanical properties offered by S-glass high performance composites, along with their low
prices are the factors contributing to the growth of the S-glass segment of the
high performance composites market during
the forecast period.
Increased demand for high
performance composites from the Asia Pacific region can be attributed to
the shifting of the manufacturing sector from the North American and European
regions to the Asia Pacific region. Moreover, increased government spending on
the aerospace & defense sector in the
region is also fueling the growth of the Asia Pacific high performance composites market.
Increasing investments in the automotive, aerospace &
defense, wind turbines, and construction applications are also expected to
drive the growth of the Asia Pacific high
performance composites market during the forecast period.
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Expansions and acquisitions were the key strategies adopted
by the leading players to enhance their presence in the high performance composites market between July 2012 and June 2017.
This strategy accounted for a major share of all growth strategies adopted by the
leading players in the high performance
composites market between July 2012 and June 2017.
Toray Industries Inc. (Japan), Hexcel Corporation (US),
Solvay S.A. (Belgium), SGL Group-The Carbon Company (Germany), Koninklijke
TenCate NV (Netherlands), Owens Corning Corporation (US), Teijin Limited
(Japan), and BASF SE (Germany) are some the leading players operating in the
high performance composites market.
Reference:
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