Asia-Pacific Advanced Composites Market, By Type (Carbon Fiber Composites, S-Glass Composites, Aramid Fiber Composites, Others), Resin (Advanced Thermosetting, Advanced Thermoplastic), Manufacturing Process (Automated Tape Laying (ATL) and Automated Fiber Placement (AFP), Hand Layup/Spray Layup, Filament Winding, Pultrusion, Resin Transfer Molding (RTM), Compression Molding, Injection Molding, Others), End-User (Aerospace and Defense, Automotive, Energy and Power, Sports Equipment, Civil Engineering, Electrical and Electronics, Healthcare, Others), Country (Japan, China, South Korea, India, Australia and New Zealand, Singapore, Thailand, Malaysia, Indonesia, Philippines, Rest of Asia Pacific) Industry Trends and Forecast to 2028
The advanced composites market is expected to gain market growth in the forecast period of 2021 to 2028. Data Bridge Market Research analyses that the market is growing at a CAGR of 8.2% in the forecast period of 2021 to 2028 and expected to reach USD 6,687.07 million by 2028. An escalation in demand for lightweight and exceedingly durable materials in the aerospace and automotive industries is the factor growing the demand for advanced composites market in the forecast period.
Advanced composites are the mixtures of the several components which have high specific strength and stiffness and advanced composite material are combined with automatic manufacturing processes. Advanced composite materials (ACM) in comparison to the composite materials commonly used in reinforced concrete. The structures which are manufactured from the advanced composites have high strength and are light weight in nature.
The growing demand for intricate and compact designs, ever-increasing material requirements and cost constraints might even push the requirement of advanced composites material even further and thereby invariably driving the advanced composites market growth. The climate change and its associated stress on eco-friendly lifestyles and production rules could restrain the growth of the advanced composites market. The renewable energy is the need of the hour and the development in the market would be a good opportunity for the advanced composites market to achieve its true potential as the composites are required to manufacture and produce the gadgets or equipment necessary to generate and store the carbon-neutral energy. The hardship experienced in recycling is a challenge for the advanced composites market as the fact results in some restriction being exerted by government which could stun the growth of the advanced composites market.
This advanced composites market report provides details of market share, new developments, and product pipeline analysis, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. To understand the analysis and the market scenario contact us for an Analyst Brief, our team will help you create a revenue impact solution to achieve your desired goal.
The advanced composites market is segmented into four notable segments which are based on the type, resin, manufacturing process and end-user. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of type, the advanced composites market is segmented into carbon fiber composites, S-glass composites, aramid fiber composites and others. In 2021, the carbon fiber composites segment is dominating as carbon fiber composites has great strength and high resistance with helps to increasing demand in automotive structure products.
- On the basis of resin, the advanced composites market is segmented into advanced thermoplastic and advanced thermosetting. In 2021, the advanced thermoplastic segment is dominating as in Europe, due to increasing demand for the carbon fiber which have high strength and high resistance to cracking which increases its demand in the manufacturing of the automotive structure products.
- On the basis of manufacturing process, the advanced composites market is segmented into automated tape laying (ATL) and automated fiber placement (AFP), hand layup/spray layup, compression molding, resin transfer molding (RTM), injection molding, filament winding and others. In 2021, the automated tape laying (ATL) and automated fiber placement (AFP) segment is dominating due to its manufacturing process has helps to increasing for the impregnated of plastics and fibers to make the composites material.
- On the basis of end-user, the advanced composites market is segmented into aerospace and defense, energy and power, automotive, sports equipment, civil engineering, electrical and electronics, healthcare and others. In 2021, the aerospace and defense segment is dominating as the increasing demand of security jet planes and fighter planes makes aerospace and defense to dominate.
Advanced Composites Market Country Level Analysis
The advanced composites market is analysed and market size information is provided by the country, type, resin, manufacturing process and end-user as referenced above.
The countries covered in Asia-Pacific advanced composites market report are Japan, China, South Korea, India, Singapore, Thailand, Indonesia, Malaysia, Philippines, Australia and New Zealand, Hong Kong, Taiwan and Rest of Asia-Pacific.
China in Asia-Pacific advanced composites market is dominating the market due to high demand in automotive industry in the region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.
Strategic Initiatives by Manufacturers is Creating New Opportunities for Players in the Advanced Composites Market
The advanced composites market also provides you with detailed market analysis for every country growth in aesthetic industry with advanced composites sales, impact of advancement in the advanced composites and changes in regulatory scenarios with their support for the advanced composites market. The data is available for historic period 2010 to 2019.
Competitive Landscape and Advanced Composites Market Share Analysis
The advanced composites market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, company strengths and weaknesses, product launch, clinical trials pipelines, brand analysis, product approvals, patents, product width and breadth, application dominance, technology lifeline curve. The above data points provided are only related to the company’s focus related to advanced composites market.
The major players covered in the report are TORAY INDUSTRIES, INC, TEIJIN LIMITED, Mitsubishi Chemical Holdings Corporation, Huntsman International LLC, Hexcel Corporation, Hexion, BASF SE, DuPont, Honeywell International Inc, Henkel AG & Co. KGaA, SGL Carbon, HYOSUNG CHEMICAL, Owens Corning, Formosa Plastics Corporation, RECAERO S.A.S., SMI Composites, LLC, 3A Composites Holding AG (A Subsidiary of Schweiter Technologies), STS Group AG, Plastic Omnium, LyondellBasell Industries Holdings B.V., Hanwha Solutions, Georg Fritzmeier GmbH & Co. KG, TERMA, among other players domestic and global. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
Many product launches and agreements are also initiated by the companies’ worldwide which are also accelerating the advanced composites market.
- In November 2020, BASF SE announced that the joint venture between it and PETRONAS chemicals group Berhad is pointing towards long term growth. This development helps the company to increase the revenue and production capacity.
Collaboration, joint ventures and other strategies by the market players is enhancing the company market in the advanced composites market which also provides the benefit for organisation to improve their offering for advanced composites.