In a recent published report, Kenneth Research has updated the market report for High-Performance 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 High-Performance Composites Market products.
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According to the statistics by the Food and Agricultural Organization (FAO) of the United Nations, the total amount of pesticides used around the world grew from 3,089,827 tonnes in 2000 to 4,122,334 tonnes in 2018. Moreover, amongst all the continents that used pesticides, Asia registered as the largest user of pesticides by attaining a share of 52.4% in the year 2018. It was followed by the Americas, Europe, Africa and Oceania with 32.3%, 11.6%, 2% and 1.7% respectively. The statistics also stated that China was the largest user of pesticides amongst all the nations worldwide, utilizing 1,763,000 tonnes of pesticides for agricultural use.
The global high-performance composites market is expected to grow from USD 25.39 billion in 2017 to USD 42.18 billion by 2026, at a CAGR of 5.8% during the forecast period according to a study published by Polaris Market Research. Increasing demand for high-performance composites from a wide range of applications is expected to drive the market. Remarkable growth of the commercial aircraft manufacturing sector will boost product demand in the current industry scenario.
Moreover, application of these composites in manufacturing of pressure vessels and wind turbines is yet another potential factor expected to drive the market in the next few years. However, the labor intensive requirements along with relatively high production cost are some of the restrains anticipated to effect demand of high performance composites in terms of volume especially in the price sensitive markets. Widespread application of these products in automobiles, which is a primary goal for the carbon fibre industry, is still in a stage where use of these products in motor vehicles is still the minimum.
The growing aerospace industry is the major factor driving this product demand owing to their versatility, perfect balance of mechanical properties and most importantly its low cost compared to other composite materials. The S-glass category, the least costly of all these is also anticipated to witness a significant growth in demand owing to significant opportunities in wind energy, aerospace and pressure vessels manufacturing industry. Commercial aircraft applications are the largest source of applications for these products. These composites have enabled to satisfy the requirement for meeting power and safety needs. Boron graphite materials were used mainly in defence aircrafts but currently these are used in commercial aircrafts also. Automobiles are the next big source of application of high performance composite materials. It helps in making the vehicles lighter, cleaner, safety and more cost effective. Carbon fibres is the most used composite material owing to its high potential for cutting down of vehicle weight.
The report provides an extensive qualitative and quantitative analysis of the market trends and growth prospects of the Global High Performance CompositesMarket, 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 industry of high performance composite manufacturing is fairly concentrated with less number of companies operating compared to its counterparts in the current industry scenario. North America was the leading regional market in 2017. The U.S. has been the major contributor to the regional demand for these products accounting for a major share of the overall market in terms of production and even consumption especially for the aerospace and defence industry. The construction and automobile industry are also potential end use markets.
Some of the leading industry participants include Arkema SA, Albany International Corporation ,BASF SE, Teijin Ltd., Owens Corning Corporation, Hexcel Corporation, Solvay S.A., TPI Composites, Inc. , Koninklijke Ten Cate BV, SLG Group – the Carbon Company and Toray Industries Inc.
Key Segments Outlook
How does the report examine the growth drivers and restraints of the High Performance Composites Market ?
- The factors resulting in the expansion of the High Performance Composites Market are elaborated in the report after thorough primary and secondary research.
- Analytical strategies focused on gain indicators affecting the growth of the High Performance Composites Market are presented in graphical formats.
- The business-related trends driving the product consumption are discussed in detail in the report along with industry expertise to minimize the barriers to High Performance Composites Market growth.
What is the key information extracted from the report?
- Extensive information on factors estimated to affect the High Performance Composites Market growth and High Performance Composites Market share during the forecast period is presented in the report.
- The report offers the present scenario and future growth prospects of High Performance Composites Market in various geographical regions.
- The competitive landscape analysis on the High Performance Composites Market as well as the qualitative and quantitative information is delivered.
- The SWOT analysis is conducted along with Porter’s Five Force analysis.
- The in-depth analysis provides an insight into the High Performance Composites Market , underlining the growth rate and opportunities offered in the business.
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