“The advanced composites market size of end products in terms of value was $16.3 billion in 2014 and expected to grow at a CAGR of 7.2% between 2015 and 2020. North America held the largest share by volume in advanced composites market in 2014. Major growth in the North America region is expected from the growing aerospace & defense application industry.
The advanced composites market in Asia-Pacific region is growing fast as the application industries such as sporting goods, automotive, construction, aerospace and wind industry are expected to register a significant growth rate in next five years. Presence of emerging economies such as India and China are helping the advanced composite market to grow in the region. The freeing up and privatization of the industry, and massive foreign investment combined with low costs are factors in this growth.
Agreements & partnerships, collaborations and expansion of production capacity were the key strategies adopted by industry players in order to maintain growth in the advanced composites market. The advanced composites has wide industrial applications and new collaborations and agreements are paving the way for fulfilling the ever changing demand for new applications with better physical and mechanical properties. As a result of this, a diverse application base is developing for advanced composites. Market players are focusing on signing new agreements with end-user companies especially in automotive industry that can meet the growing demand from application industries.
The major players in the advanced composites market are Cytec Industries (U.S.), Tencate (The Netherlands), Owens Corning (U.S.), E.I. Dupont Nemours (U.S.), Toray Industries (Japan), Plasan carbon Composites (U.S.), AGY Holdings Corporation (U.S.), SGL- Group (Germany), and others.
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