In a recent published report, Kenneth Research has updated the market report for Advanced Composites Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Advanced Composites Market products.
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On the other hand, it is estimated that every second, around 300kgs of toxic chemicals are released into water, land and air by the industrial facilities. Further, the market is projected to grow on account of the growing trade in chemicals worldwide. The European Union recorded to be the largest exporter of chemical products around the globe in the year 2019. The region was also the second largest importer of chemical products after the United States in the same year. The exports of chemicals in Europe, according to the statistics by Eurostat, grew from USD 323.49 billion in 2010 to USD 504.83 billion in 2020. Moreover, the imports of chemicals in the region grew from USD 205.64 billion in 2010 to USD 285.91 billion in 2020.
Global Advanced Composites Market was valued at USD 23.80 Billion in the year 2017. Global Advanced Composites Market is further estimated to grow at a CAGR of 8.95% from 2017 to reach USD 47.31 Billion by the year 2025. North America region holds the highest Market share in 2017 and European Market is considered to be the fastest growing Market in the forecasted period. At a country level, developed Market like the U.S. hold a notable Market share in 2016 and it is projected to grow at a gradual rate in the coming years.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
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The major players in advanced composites industry are Koninklijke Ten Cate BV., Mitsubishi Chemical Holdings Corporation, Toray Industries Inc., Teijin Limited, Huntsman International LLC., Hexcel Corporation, SGL Group also other 12 more companies detailed information is provide in research report. Rising research and development expenses to satisfy changing demands of end users, similarly, growth strategies such as acquisition, merger, and expansion of the distribution network were few techniques adopted by most of the top players in last 5 years.
SWOT Analysis of Advance Composite Market
Strength
Rising demand in Aerospace & Defense industry
Weakness
The high cost of raw materials used for manufacturing
Opportunities
Emerging Market pose an opportunity
Threats
Recycling products & reducing wastes
Segmentation done on the basis of the end-user industry includes Transportation, Aerospace & Defense, Civil Engineering, Electrical & Electronics segments. Aerospace & Defense segment is expected to hold the highest Market share during the forecast period.
Advanced Composites Market Outlook By End-Use Market
Transportation
Aerospace & Defense
Civil Engineering
Electrical & Electronics
Others
Advanced Composites Market Outlook By Manufacturing
Resin Transfer Molding Process
Compression Molding Process
Injection Molding Process
Filament Winding Process
Others
Advanced Composites Market Outlook By Fiber
Aramid
Glass
Carbon
Others
Advanced Composites Market Outlook By Region
North America
• USA
• Canada
Europe
• Germany
• U.K.
• France
• Italy
• Rest of Europe
APAC
• China
• India
• Japan
• Rest of Asia-Pacific
RoW
• Latin America
• Middle East & Africa
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