Usage of Advanced Composites is becoming Crucial in the Aerospace & Defense and Wind Energy Industries
The advanced composites market is projected to grow from an estimated USD 22.91 Billion in 2017 to USD 38.41 Billion by 2022, at a CAGR of 10.89% between 2017 and 2022. The growth of the advanced composites market can be attributed to increased use of advanced composites in the aerospace & defense, sporting goods, and transportation industries, as these offer a high strength-to-weight ratio and increased heat resistance.
The use of advanced composites in the aerospace & defense applications has gained momentum during the past few decades. Up to 53% of the latest Airbus aircraft, A350XWB is made using advanced composite materials as compared to old aircraft models, which used only 2%–5% advanced composites. The main reasons for the growing use of advanced composites in aircraft are the reduction in the weight of aircraft and high resistance offered to corrosion.
Among fiber types, the carbon fiber composites segment is projected to lead the advanced composites market in terms of value and volume during the forecast period, as carbon fiber composites are lightweight and strong and are therefore used in a wide range of applications in various industries. Carbon fibers account for over 70% of the reinforcements used for the manufacture of advanced composites across the globe. There is an increasing demand for carbon fiber composites in the aerospace & defense, sporting goods, automotive, and wind energy industries, owing to their lightweight, high inherent strength, weather-resistant finish, and variety in surface textures offered.
Advanced thermosetting composites are also used in various other industries. These do not expand under high-heat and moist conditions, making them suitable for highly corrosive and high-temperature applications.
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The growth of the North America advanced composites market is driven by the increasing consumption of advanced composites in various applications such as aerospace & defense, wind energy, and transportation. The increasing use of advanced composites in the transportation, aerospace & defense, and wind energy industries is the major factor driving the growth of the Europe advanced composites market.