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Advanced Composites Market To Witness Momentous Growth With CAGR of 8.3% By 2027 Owing To Growing Manufacturing of Electric Vehicles | Million Insights

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Advanced Composites Market To Witness Momentous Growth With CAGR of 8.3% By 2027 Owing To Growing Manufacturing of Electric Vehicles | Million Insights

June 08
08:05 2021
Advanced Composites Market To Witness Momentous Growth With CAGR of 8.3% By 2027 Owing To Growing Manufacturing of Electric Vehicles | Million Insights

Million Insights – World’s Fastest Growing Market Research Database
According to new report available with Million Insights, the global advanced composite industry research report offers thorough insights on product, application, scope, key players and global demand. This enables numerous opportunities for the market players to invest in research and development.

The global advanced composites market size is likely to account for USD 50.42 billion by 2027, witnessing 8.3% CAGR over the forecast duration, according to a new report published by Million Insights. Benefits of advanced composites such as lightweight, high strength and reduced weight are driving the product growth. Various end-use industries such as automotive, aerospace & defense, sporting goods and marine are emphasizing on the production of lightweight products, which, in turn, is driving the demand for advanced composites.

Governments across the globe have framed stringent regulation regarding the reduction of emission from automotive. Lightweight vehicles are crucial for emission control and efficiency. Advanced composites, owing to their lightweight and high strength, is one of the major materials used in the automotive industry. Growing manufacturing of electric vehicles is further estimated to drive the demand for advanced composites. 

To download the sample PDF of Advanced Composites Market Report “please” click here: https://www.millioninsights.com/industry-reports/advanced-composites-market/request-sample 

 

North America held the largest share in the market in 2019. Further, the region is projected to maintain its growth over the forecast duration. Increasing demand for advanced composites from the automotive and aerospace industries are driving the growth of the region. The United States is the home of some of the world’s major aerospace and automotive companies. 

Key players operating the advanced composites market are Hexcel Corporation, Teijin Limited, Toray Industries, Inc., SGL Group, Owens Corning and Cytec Solvay Group among others. These companies are focusing on increasing their product portfolio to cater to the increasing demand from the aerospace industry. Moreover, the rising demand for passenger aircraft owing to the increase in air traffic offers a lucrative opportunity for the manufacturers.   

To browse report summary & detailed TOC, “please” click the link below:
https://www.millioninsights.com/industry-reports/advanced-composites-market 

 

Further key findings from the report suggest:

• Carbon is projected to exhibit the fastest growth over the forecast duration due to its increasing use in the production of various aircraft components such as the cockpit, tail surfaces, fuselages and wings.

• S-glass advanced composites are gaining traction in the construction industry due to its long operational life and excellent stress resistance.

• North America held the highest share in the market in 2019. Further, the region is projected to continue its dominance over the forecast period.

• Key industry participants are Teijin Limited, Hexcel Corporation, SGL Group, Owens Corning, Toray Industries, Inc., and Cytec Solvay Group among others.

Million Insights segmented the global advanced composites market on the basis of product, application, and region:

Advanced Composites Product Outlook (Volume, Kilotons; Revenue, USD Million; 2016 – 2027)
    • Aramid
    • Carbon
    • Glass

Advanced Composites Application Outlook (Volume, Kilotons; Revenue, USD Million; 2016 – 2027)
    • Aramid
        • Aerospace & Defense
        • Automotive
        • Construction
        • Marine
        • Others
    • Carbon
        • Aerospace & Defense
        • Automotive
        • Construction
        • Marine
        • Pipes & Tanks
        • Sporting Goods
        • Wind Energy
        • Others
    • Glass
        • Aerospace & Defense
        • Automotive
        • Construction
        • Marine
        • Pipes & Tanks
        • Sporting Goods
        • Wind Energy
        • Others

Regional Outlook (Volume, Kilotons; Revenue, USD Million; 2016 – 2027)
    • North America
        • U.S.
    • Europe
        • Germany
        • The UK
    • Asia Pacific
        • China
        • India
        • Japan
    • Central & South America
        • Brazil
    • Middle East & Africa

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About Million Insights

Million Insights, is a distributor of market research reports, published by premium publishers only. We have a comprehensive marketplace that will enable you to compare data points, before you make a purchase. Enabling informed buying is our motto and we strive hard to ensure that our clients get to browse through multiple samples, prior to an investment. Service flexibility & the fastest response time are two pillars, on which our business model is founded. Our market research report store includes in-depth reports, from across various industry verticals, such as healthcare, technology, chemicals, food & beverages, consumer goods, material science & automotive.

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Contact Person: Ryan Manuel
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Website: https://www.millioninsights.com/industry-reports/advanced-composites-market

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