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Advanced Composites Market Drivers Is Responsible For Increasing Market Share And Forecast 2023

Market Overview

Advanced Composites also known as polymer matrix composites are formed by blending of polymer materials embedded in a resin matrix. These composites are of two resin types namely thermoset and thermoplastic. They are known for exceptional thermal conductivity, light weight, dimensional ability, electrical properties, and others. Owing to these features, they are used in various application such as buildings and construction, aerospace, transport, sports, automotive, aviation, marine and others.

The Global Advanced Composites Market has been driven by the rising use of thermoset resins due to their extraordinary features such as reliability and durability. A significant growth has been predicted in the market owing to rising demand of advanced composites in heavy end industries.

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Market Segmentation

The global advanced composites market is differentiated into resin type and application.  By resin type, the market is further segmented into thermoset and thermoplastic. Thermoset resins are further segmented into epoxy, polyurethanes, phenolic and amino resins. Among these, epoxy resins segment hold the major share in the market due to its popularity and growing use in end-use industries such as aviation, sports, electronics, automotive, energy and others. They exhibit extraordinary features such as light weight, dimensional ability, transparent radar, durability and reliability.

The polyurethanes resin segment is set to witness a rapid growth in the market due to extraordinary features offered by the product such as reliable, durable nature and its growing consumption in furniture, bedding, elastomeric wheels and tires, carpet underlay, and others. The phenolic resin segment is estimated to observe a moderate growth in the market due to its complexity and high cost. Owing to these characteristics, it is predicted that thermoset resin segment is set to grow at a higher CAGR due to its endless use in heavy end industries.

Competitive Analysis

Key Players

  • The 3M company (U.S.A.)
  • Axalta Coating Systems LLC (U.S.A.)
  • PPG industries (U.S.A.)
  • TEIJIN LIMITED (Japan)
  • Koninklijke Ten Cate( the Netherlands)
  • Hexcel Corporation( U.S.A.)
  • Toyota Motor Corporation (Japan)
  • Cytec Solvay Group( U.S.A.)
  • Hexcel Corporation( U.S.A.)

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Segmental Analysis

On the basis of geography, the global advanced composites market is segregated into five key regions namely Asia Pacific, North America, Europe, Latin America and the Middle East & Africa. Among these, Asia Pacific holds a major share in the market due to rising demand of thermoset resins from heavy end industries such as aerospace, automotive, sports, energy, electronics, and others. The growing use of epoxy resins in conglomerate industries is estimated to drive the market during the forecast period.  Europe is also predicted to witness a massive growth in the advanced composites market due to their growing use in buildings and construction industries. The North American regions such as U.S.A and Canada have recognized a significant development in the market owing to growing demand of epoxy resins in various industries such as automotive, construction, polymer and petrochemical industries.

The Middle East & Africa has witnessed a massive growth in the market due to growing consumption of thermoset resins such as epoxy and polyurethanes in oil & gas industries. These resins are widely used in these industries due to extraordinary features offered by the product such as light weight, mechanical resistance, optimal performance and durable nature.

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