The global High-Performance Composites Market size is anticipated to reach $42.18 billion by 2026, growing at a CAGR of 7.3% during the forecast period, according to a report published by Polaris Market Research.
The high-performance composites market is primarily driven by the tremendously growing demand from a wide range of end-use applications. Considerable growth of the commercial aircraft manufacturing segment has crucially boosted the demand of high-performance composites. One another potential driver for the market includes utilization of these composites in the manufacturing of wind turbines and pressure vessels.
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The market is also subjected to some restraints including comparatively high production cost and labour-intensive operations. These restraints are anticipated to substantially affect the market in terms of volume especially during price sensitivity. High-performance composites are extensively used in the automobile sector, which is significantly a major goal for the carbon-fibre industry, however, the use of these composites in the production of motor vehicles has just reached an optimum level.
Aerospace industry has also been witnessed to be one of the most developed application segments for the market. This is due to the innovative mechanical properties, versatility, and most significantly the cost-effectiveness associated with these composite materials. Among the fibre-type, S-glass category includes the least cost and is also expected to witness a considerable growth in demand on account of crucial opportunities in aerospace, pressure vessels, wind energy, and manufacturing industry.
Commercial aerospace applications are the largest consumption sources for these products. These composites include a very high potential to meet the safety and power needs. Initially, boron-based graphite materials were used in the manufacturing of defence aircrafts wherein these are currently consumed in the manufacturing of commercial aircrafts only. High-performance composites are extensively used in automobile sector as these help in making the vehicles cleaner, lighter, safer and significantly cost-effective.
The report provides an extensive qualitative and quantitative analysis of the market trends and growth prospects of the Global High-Performance Composites Market, 2017-2026. This report comprises a detailed geographic distribution of the market across North America, Europe, APAC and South America, and MEA. North America is further segmented into U.S., Canada. Europe is divided into Germany, UK, Italy, and Rest of Europe. Asia-Pacific is bifurcated into China, India, Japan, and Rest of Asia-Pacific.
Competitive Landscape and Key Vendors
The global high-performance composite market constitutes numerous international and domestic players and is fairly concentrated. North America was the largest regional player in 2017. The U.S. has majorly contributed to the demand in the region for these high-performance composites and accounts for a maximum overall share concerning production & consumption especially in aerospace & defence industry. The automobile and construction industries are also potentially large application growth prospects for the market.
Some of the leading market plyers in the industry include BASF SE, Albany International Corporation, Teijin Ltd., Arkema SA, Owens Corning Corporation, Solvay S.A., TPI Composites, Inc., Hexcel Corporation, Koninklijke Ten Cate BV, Toray Industries Inc, and SLG Group – the Carbon Company.
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