An outline of application spectrum of mixed reality headsets market, Global industry to record a phenomenal CAGR of 35% over 2017-2024
The phenomenally broadening application horizon of AR & VR technologies has had a massive impact on myriad verticals. Mixed reality headsets market, in this regard, has been rather a prominent vista of the smart technology domain, having enrolled its name in the billion-dollar fraternity in 2016. The paradigm shift in consumer preferences, particularly in the entertainment sector has been one of the topmost drivers fueling the mixed reality headsets industry demand. Gaming, which is a pronounced vertical of the entertainment industry, has had quite an impact on MR headsets market size over the years. The trend can be validated from the recorded disruption in the gaming industry, in terms of technological interferences – a rather commendable journey from the black and white 2D games to the much recent Pokemon Go, a vivid example of the incorporation of augmented reality platform in gaming. The success story of the MR headsets market from gaming applications can further be cited with some popular games incorporating this technology including Ingress, Geo AR, Real Strike, AR Invaders, and Invizimals: The Resistance. Not to mention, the gaming sector or rather the entertainment industry on the whole is certain to open synonymous growth opportunities for the mixed reality headsets industry players in the ensuing years. In fact, as per reliable estimates, in the coming seven years, the augmented reality headsets market is estimated to record a staggering CAGR of 70%.
Japan VR headsets market size, by application, 2016 & 2024 (USD Million)
However, speaking of the commercialization potential of mixed reality headsets industry, the other domains including the likes of healthcare, education, industrial, manufacturing, and retail, are also emerging as strong contenders in the application landscape of this fraternity. Below is a concise overview of the MR headsets industry trends in the healthcare and education verticals:
Mixed reality headsets industry trends | Education sector
The education sector has been one of the top-notch verticals having witnessed a disruptive digital transformation over the recent years. In fact, with the penetrating technological interferences in the education industry, mixed reality headsets, in all likelihood, may become a vital component of the learning process. In fact, as per experts, the incorporation of these technologies has significantly improved the interest and delivery quotients in teaching – a prime reason justifying the deployment of these headsets in the teaching, training, and tutorial programmes.
One of the prominent instances validating the potential of MR headsets in education industry is Microsoft’s arguable claim of positioning the HoloLens and Windows Mixed Reality as the future of education. In a recent turn of events, Microsoft collaborated with Liflique, a visual education company that delivers digital science curriculums for students by using the MR and AR technology, to introduce augmented learning to prep schools in California.
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Not only the private entities, the government as well as the education ministries are further introducing ample initiatives to harness the potential of mixed reality headsets in the education vertical. Citing an instance, the French Ministry of National Education, reportedly reviewed its national curriculum, to add in the use of these devices in the learning channels. Such efforts undertaken by the government and private bodies are overt to massively proliferate MR headsets industry growth from education applications.
Mixed reality headsets industry trends | Healthcare sector
Given the enhanced capabilities of these devices in diagnosis and medical treatment, healthcare sector has been another renewed application domain, massively swayed by the MR headsets incorporation. One of the major penetration areas where MR headsets market, as per experts, will unveil slew of opportunities is the precision medicine industry. Speaking along similar lines, in January, at the World Economic Forum in Davos, Bill McDermott, the CEO of SAP, quoted the personalized medicine with incorporation of MR technology to be the future of healthcare. Reportedly, these technologies are being incorporated in the medical fraternity to bring a shift from analog to digital, in terms of both patient care as well as the treatment models. The capability of this technology to visualize large data silos and enable a broadened research in the myriad medical fields such as gene sequencing, chronic disease treatment, has further provided a substantial impetus to MR headsets industry share.
In terms of competitive rivalry, both the established players such as Google, Apple as well as the start-ups are exploring their capabilities in the evolving MR headsets market. Citing a recent instance, in September, this year, NuEyes, a U.S. based startup proclaimed its plan to launch smart glasses, which would aid people with impaired vision. It is prudent to mention that the three billion-dollar healthcare sector is certain to unlock a range of opportunities for the mixed reality headsets market players over the ensuing years.
All in all, the vast portability potential of MR headsets industry players has just begun to unfold. The transformation in competitive hierarchy is anticipated to be the most intriguing trend to watch for in the coming years. Not to mention, technological interventions and cost will be the topmost parameters outlining the success dimensions of the market players.
Author Name : Ojaswita Kutepatil
High temperature insulation market to accrue commendable remuneration over 2017-2024, global industry landscape to be characterized by several R&D activities
High temperature insulation market, one of the most pivotal sub-spheres of polymers and advanced materials sector, is likely to witness lucrative growth prospects over the forthcoming years. The surging demand for insulating materials across abundant end-use domains such as cement, aluminum, petrochemical, ceramics, iron and steel, and glass among others has left a tremendous influence on the overall high temperature insulation industry share, which commanded a total valuation of USD 3 billion in 2016. Furthermore, the rising inclination toward utilizing temperature intensive applications which assist in energy conservation, heat transfer reduction, safeguarding materials from thermal impairment and need to constrain the detrimental impacts of global warming by lowering greenhouse gas emissions has, in turn, necessitated the incorporation of high temperature insulation products in these high temperature applications and systems. Apparently, as a consequence of all the aforementioned considerations, high temperature insulation market size is bound to expand at a rapid over the estimated time span.
Asia Pacific High Temperature Insulation Market Size, by Product, 2013 – 2024 (USD Million)
A spurt in research and development ventures to enthuse high temperature insulation industry size:
While elaborating further, it is quite imperative to take note of the recent research and development activities being undertaken across the globe to augment the existing product spectrum of high temperature insulation market. The persistent efforts being made by research scholars and scientists across various universities and research labs have provided a renewed vigor in accelerating the pace of product upgradation and enhancement, which has accentuated the swift expansion of high temperature insulation industry size worldwide. Following are a few instances of the vigorous initiatives pertaining to R&D in the worldwide high temperature insulation market:
- In an endeavor to pinpoint a solution to store surplus renewable power generated when the requirement is low, a team of researchers from the Massachusetts Institute of Technology (MIT) rediscovered the potential of firebricks. These firebricks are said to tolerate high temperatures and preserve heat for a longer duration when insulated. In what is being described as a reinvention of an ancient technology that can be utilized in the modern-era, the researchers have dubbed their latest finding as FIRES (Firebrick Resistance-heated Energy Storage). Reportedly, this new firebrick thermal storage system is said to be about fortieth of the cost of prevailing practice of storing electricity on a pumped hydroelectric system or in batteries. Furthermore, the researchers have been claimed that FIRES could increment the minimum price of electricity in the utility sector, which at present can depreciate to zero at times of low demand and high production. The team has set the deadline as 2020 to create large-scale firebrick storage systems to test it in real time conditions.
- If recent news reports are to be believed, the researchers at Tsinghua University in collaboration with subject experts of Brown University have developed a sponge-like material that has an extraordinary resilience to withstand a temperature of 800 degree Celsius and can rebound after straining up to 50 percent. It is being said that such the existing ceramic insulation materials are bereft of such unique properties. Furthermore, the material has demonstrated an excellent ability for high temperature insulation which makes it one of the most ideal products of high temperature insulation market.
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Speaking in the similar context, the leading high temperature insulation market players, of late, have been increasingly aiming to revamp the existing product landscape by launching upgraded and advanced versions of their insulation products. Concurrently, it would be prudent to mention the instance of the leading high temperature insulation industry giant, Johns Manville Industrial Insulation Group (IIG) which has recently unveiled the first water resistant, high temperature calcium silicate insulation material in North America, named as Thermo-1200™. The latest product, an updated variant of its predecessor, Thermo-12 Gold, would reportedly prove to be of immense benefit to the contractors as it will provide them with more time to install the insulation. Thermo-1200™ would prevent water to soak into the insulation and shield the freshly installed insulation from rainfall or moisture. Apparently, it goes without saying that such innovative products equipped with better performance and quality shall compel the other high temperature insulation industry players to release enhanced versions of their products which would, in turn, impel the high temperature insulation market size progression. As per a recent study collated by Global Market Insights, Inc., high temperature insulation market is estimated to surpass a valuation of USD 4 billion by 2024.
Author Name : Saif Ali Bepari
Monoethylene glycol (MEG) market to register an exponential growth rate over 2017-2024, propelled by the high product demand from PET and polyester fiber applications
The extensive application spectrum of monoethylene glycol (MEG) market is one of the pivotal drivers responsible for its extensive growth in recent years. Subject to the fact that it is a basic raw material endowed with outstanding properties such as tenacity, durability, and hydrophobicity, it is used extensively to develop polyester fiber, that is further deployed in the manufacturing of ropes, outwears, garments, rugs, carpets, and numerous other household products. It is prudent to mention that global polyester fiber sector revenue stood at a massive USD 85 billion in 2016, and has been anticipated to expend further in the years to come, which will substantially augment the commercialization potential of monoethylene glycol industry as well. The utilization range of this material spans myriad niche verticals, pertaining to which MEG market size was pegged at an appreciable USD 25 billion in 2016.
U.S. Monoethylene Glycol Market Size, by Application, 2013 – 2024 (USD Million)
Speaking along similar lines, it is imperative to elaborate on some of the vital pointers related to the expansion of MEG market via polyester fiber applications. As per statistics, 0.345 kg of MEG is used to produce 1 kg of polyester. The demand for new material in the fashion industry compounded with the polyester’s durable nature has led to polyester fiber gaining immense popularity in the last few years. Pertaining to its water-resistant quality and high tensile strength, the demand for polyester has considerably risen, which has indeed had a profound impact on MEG market outlook. As per estimates, polyester fiber accounted for 50% of the overall MEG market share in 2015.
With the growth of the packaged food and beverages domain, polyethylene terephthalate (PET) industry has witnessed an exponential growth in the recent years. The emerging economies characterized by rising population with growing population with increasing disposable incomes have been observed to lean toward using PET more extensively due to its low volatility and hygroscopic nature. As MEG is used in the production of PET, it would be arguably fair to state that MEG market size would be massively stimulated by the growing popularity of PET. In fact, as per Global Market Insights, Inc., PET is the fastest growing application segment of MEG market, and has been forecast to register a CAGR of 6.5% over 2017-2024.
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MEG market has also been forecast will also receive major stimulus from the antifreeze and industrial grade usage of MEG. MEG is mainly used in manufacturing antifreeze for cars, aircrafts and other vehicles. Mixed with water, it is also used as a coolant and works below freezing temperatures. Unarguably, antifreeze and coolants are rather important in the automotive sector, as they keep liquids from freezing within engines and prevent major damage to the vehicle parts. Industrial grade MEG will also generate notable revenue for the MEG market in the forecast time span as MEG is extensively used in paints and coatings and cleaners for its high boiling point and solvent features.
Asia Pacific monoethylene glycol industry has been projected to register a rather commendable growth rate of 7% over 2017-2024, driven by the extensive contribution of countries such as India and China and the robust demand for polyester fiber in the region. The fact that more than 90% of the global polyester fiber production of 2014 took place in Asia Pacific affirms the aforementioned analysis. Subject to the robust economic growth of the emerging nations, higher disposable incomes and relaxed regulations on the manufacturing of MEG, Asia Pacific will register the highest demand as well as supply for MEG, providing a major stimulus to the regional MEG market. North America MEG industry on the other hand, may register a slower growth rate due to the imposition of stringent regulations on the manufacturing of MEG in these regions. In consequence, it has even been observed that major MEG industry players have shifted their base to Middle East and Africa.
The chief factor hindering the growth of the MEG market will be the product’s toxic nature. In the process of de-icing, MEG seeps into the soil and affect not only the underground water but also the health and well-being of humans and wildlife in the area. In response, many countries have banned the production of MEG, which has undoubtedly hampered the growth of monoethylene glycol industry. Apart from the regulatory pressure, fluctuating crude oil prices have also affected the growth of the MEG market, as the product is derived from ethylene – a downstream product of crude oil. However, these factors have not reduced the demand for PET or polyester and countries like India and China with relaxed governmental regulations on the use of MEG have helped the MEG market to grow considerably. As per estimates, MEG industry size has been projected to cross USD 40 billion by 2024, with a CAGR anticipation of 6% between 2017 and 2024.
Author Name : Paroma Bhattacharya
Aerospace maintenance chemicals market to surpass 708 kilo tons by 2024, commercial flights to emerge as one of most lucrative revenue contributors
The robust expansion across global aviation sector can be aptly credited for aerospace maintenance chemicals market growth. Given the extensive requirement of rigorous maintenance in commercial, military, and business aircrafts, companies have been going the whole hog to brainstorm unique chemicals that would ease the aircraft maintenance process. As the aviation sector witnesses extensive growth, and the demand for maintenance, repair and overhauling of aircrafts increases with the rising volume of airline traffic, aerospace maintenance chemicals industry outlook is likely to observe a dynamic transformation in the years ahead. As per estimates, aerospace maintenance chemicals market size is estimated to surpass USD 8 billion by 2024. Increased global connectivity through airlines has raised the frequency of air travel – a trend has given a boost to the travel and tourism sector, indirectly stimulating aerospace maintenance chemicals industry.
U.S. Aerospace Maintenance Chemicals Market, By Aircraft, 2016 & 2024, (USD Million)
With the growth of the aerospace domain, aircraft maintenance has emerged as a niche vertical, essentially propelling aerospace maintenance chemicals market. This business space encompasses numerous products along the likes of aircraft leather cleaners, specialty solvents, aircraft cleaning chemicals, degreasers, aviation paint strippers, etc. Aircraft cleaning chemicals among these is estimated to be a major contributor toward aerospace maintenance chemicals market share, given their massive demand for thoroughly disinfecting and cleaning aircrafts. Aircraft cleaning service providers are required to deal with problems like limited service time due to enhanced flight frequencies, strictly abiding by ground time schedules and errant weather conditions. In consequence, these cleaning service providers prefer aerospace maintenance chemicals that are highly efficient and can perform better in lesser amount of time, which would undeniably propel aerospace maintenance chemicals industry outlook.
Aviation paint removers also has a considerable role to play in the growth of the aerospace maintenance chemicals market. It is prudent to mention that aircraft paint is removed and repainted every 5 to 6 years for elongating the shelf life of aircrafts as well as to make them more appealing, which would massively propel aerospace maintenance chemicals industry size from aviation paint removers, slated to register a 3% CAGR over 2017-2024. The advancement of laser coating remover technology, in which an essentially gigantic robot is used to remove paint from aircrafts, will also contribute substantially to the progress of the aerospace maintenance chemicals industry.
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Aerospace maintenance chemicals can either be organic or inorganic in nature. The former is slated to account for 60% of the overall aerospace maintenance chemicals market share by 2024, given that they are rather labor friendly and suitably viscous in nature. However, price competitiveness of inorganic aerospace maintenance chemicals along with their easy product compatibility and availability as per customization will also make customers lean toward these products propelling inorganic aerospace maintenance chemicals industry outlook.
The more an aircraft is used, the more maintenance it requires. Commercial flights, the most commonly deployed flights, would thus demand the maximum utilization of aerospace maintenance chemicals, thereby, directly stimulating the growth of the aerospace maintenance chemicals market. Statistics in fact, claim that commercial flights accounted for 40% of the overall aerospace maintenance chemicals market share in 2016 and would grow rapidly over 2017-2024. This growth can be credited to the fact that these flights make the highest number of trips and are faced with not only the largest amount of wear and tear but also necessitate robust interior cleaning and maintenance, degreasing, paint removal and application. Business aircrafts with high end interior parts and seats on the other hand, require specialized cleaning products, especially leather cleaners, to enhance the longevity of the leather seats of the aircrafts. Military aircrafts will also contribute towards stimulating the aerospace maintenance chemicals industry growth, as keeping military aircrafts clean and well maintained increases their efficiency and improves their service life.
The vast expanse of the aerospace industry in North America, especially in the US and the formidable fleet of aircrafts that the US military and defense sector encompasses, will provide a major push to North America aerospace maintenance chemicals market. In fact, as per estimates, North America held 31% of the overall aerospace maintenance chemicals market share in 2016, and is expected to cross USD 2.5 billion by 2024 in terms of revenue.
Reduced air travel costs, better air connectivity, greater affordability among the populace of the emerging economies and the rising popularity of the tourism sector have been the driving forces behind the growth of aerospace maintenance chemicals industry to an unprecedented extent in the last few decades. With greater demand for air travel, stringent governmental regulations have been placed on the importance of aircraft maintenance. For instance, the Federal Aviation Administration (FAA) and European Aviation Safety Agency (EASA) are making modifications in maintenance procedures. In consequence, these factors would have a commendable impact on aerospace maintenance chemicals market, the size of which is estimated to surpass 708 kilo tons by 2024 in terms of volume.
Author Name : Paroma Bhattacharya
APAC chlorinated paraffin market to register a substantial growth rate over 2017-2024, fueled by the expansion of the manufacturing and textile sectors
Chlorinated Paraffin Market size is expected surpass the USD 2 billion frontier by 2024, owing to the extensive and diverse utilization of chlorinated paraffin in a number of industries such as manufacturing, paint and coatings and textile. The product is compatible with oils and is viscous in nature, deeming it suitable to be used as a lubricant and coolant in metal forming and cutting. As a flame retardant and compound for increasing the flexibility of materials, chlorinated paraffin is also widely used in water resistant materials and chemicals such as coatings for swimming pools, industrial floor, underwater vessels and marine paints. This substantially massive application spectrum is one of the pivotal factors responsible for fueling the growth of chlorinated paraffin market, which is estimated to register a 3% CAGR over 2017-2024.
U.S. Chlorinated Paraffin Market Size, by Application, 2013 – 2024 (USD Million)
The use of this product in the manufacturing of metal work lubricants has considerably impelled chlorinated paraffin industry. Chlorinated paraffin is optimally efficient as an extreme pressure additive and hence is widely used for lubricants in the automotive and aerospace sectors. Furthermore, it also finds widespread usage in the paints industry for manufacturing fireproof and water-resistant paint. The usage of chlorinated paraffin in various adhesives, coatings, sealants and caulks as well as in impregnation textile and fabrics of all kinds will thus help drive the growth of chlorinated paraffin industry.
From end-user perspective, chlorinated paraffin market is driven by manufacturing, paints and coating, rubber, textile and leather sectors. Its flame retarding characteristic has made it an important additive in fabrics, paints and coatings and plastics. Furthermore, its rising use as a plasticizer in the preparation of solvents, emulsion paints and varnishes will positively boost chlorinated paraffin industry share. Due to its characteristics such as high stability, low volatility, non-inflammability and easy compatibility, its utilization in paints and varnishes increases their resistance to acids and improves the elasticity of the final products, thus expanding the scope of chlorinated paraffin market expansion.
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Subject to the growing manufacturing and textile sectors, Asia Pacific chlorinated paraffin industry has been forecast to record a CAGR of 3.5% over 2017-2024. China and India apparently, would chiefly propel the APAC industry, given that both these economies are heavily involved in the continuous production of all grades of chlorinated paraffin, pertaining to the product demand from the manufacturing sector. The India manufacturing sector alone contributed to over USD 310 billion to the GDP in 2016. However, North America chlorinated paraffin market will depict a slightly sluggish growth graph, subject to the stringent regulatory framework in the region and the rising demand for bio-based and green products.
Due to the absence of stringent norms across the Asia Pacific, chlorinated paraffin market enjoys quite a strong hold in the region. The cost-efficient labor resource in Asia Pacific and strict regulations in the developed nations has prompted foreign investors to pour in their coffers in APAC chlorinated paraffin market. In fact, estimates state that foreign direct investments (FDI) in India crossed USD 70 billion in 2017, as major multinational companies had begun to shift their focus from the advanced to the emerging economies, driven by the cost-efficient human resource. Thus, driven by the globally enforced legislations to use flame retardants in paints and coatings, electrical devices and buildings, and the robust rise of end-use domains such as the rubber, leather, and manufacturing sectors in countries like U.S., Singapore, Australia, Germany and Japan, chlorinated paraffin market is set to carve out a profitable growth map over 2017-2024.
Author Name : Paroma Bhattacharya
PESU-based sulfone polymers market to amass substantial proceeds over 2017-2024, global industry to surpass the 2-billion-dollar benchmark by 2024
Sulfone polymers market size has been forecast to be fueled by the product’s diverse utilization range in various end-use domains, mainly because of the combination of its characteristics that make it highly heat resistant, mechanically tough, resilient to hydrolysis and transparent in high temperatures. Sulfone polymers find widespread usage across the automotive and aerospace industries, that require the application of thermally stable and light weight but tough plastic components. The growth of sulfone polymers industry can also be attributed to the product’s demand from the medical sector, owing to the fact that various polymers including polysulfone (PSU) and polyphenylsulphone (PPSU) have found varied usage in healthcare. It is noteworthy to mention that polyethersulfone (PESU) has contributed greatly to the growth of the sulfone polymers market in the pharmaceutical and biotechnology sectors, as it is a basic ingredient for filtration membranes.
Europe Sulfone Polymers Market Size, 2013 – 2024 (USD Million)
The aerospace and automotive sectors, in recent times, have been moving away from using metals and leaning towards using engineering plastics to reduce weight and increase the fuel efficiency of aircrafts and vehicles. Sulfone polymers are widely used in these industries to manufacture vehicle and aircraft components that are highly creep resistant, register low mold shrinkage and remain stable at high temperatures. Automotive industry has a considerably huge share in the sulfone polymers market registering a CAGR close to 6% over 2017-2024. The application of sulfone polymers in aerospace industry has also been on a rise, as the demand for light but highly heat resistant material used to manufacture aircraft radomes, connectors and terminal blocks has been increasing lately. In consequence, this would have a commendable impact on sulfone polymers market share from the aerospace sector.
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The field of medicine has been revolutionized by the use of engineering plastics, making patients’ lives safer and bringing about a dynamic change in the development of innovative medical devices, which in the years ahead, will commendably influence sulfone polymers industry share. In terms of volume, the medical field has made rather appreciable contributions toward the growth of sulfone polymers market, as plastics made of sulfone polymer have helped reduce medical costs, simplified pain management and prevented infections.
Among various sulfone polymers, polyethersulfone (PESU) has been forecast to register the fastest growth in sulfone polymers industry, given its numerous applications across myriad verticals. Polyethersulfone has gained popularity in sulfone polymers market for its specific features such as light weight, low smoke emission and high impact resistance. When reinforced with glass fiber, it creates a composite that exhibits high tensile elasticity and strength, while otherwise, the product is also used to manufacture filtration membranes that can be used to remove salmonella, mycoplasma and mammalian cells from liquids. Its widespread application spectrum has thus led analysts to forecast that polyethersulfone-based sulfone polymers industry share will register a CAGR of 6% over 2017-2024. Sulfone polymers have proven to be the most apt choice for the manufacturing of filtration membranes as they have excellent biocompatibility, outstanding hydrolytic stability and impressive mechanical properties. The deployment of sulfone membranes has found widespread usage in food processing, water treatment and gas separation as well, providing sulfone polymers industry with the much-needed stimulus.
Asia Pacific has been projected to witness the fastest growth in sulfone polymers market over the forthcoming seven years, driven by the growing automotive and aerospace industries in the emerging economies of China and India. The multibillion-dollar sulfone polymers market firm, Solvay has recently invested heavily in India to expand its plant capacity at Panoli. Solvay alone has projected the increase of its global sulfone polymer production by 35% in the next 5 years, with significant investments in Asia and USA. Speaking of which, North America accounts for a major share in the production of leading medical instruments and automobiles. Driven by the demand for high performance engineering plastic in these industries, North America sulfone polymers market will witness a CAGR of 6.2% over 2017-2024.
Sulfone polymers market has taken a hit in the food and medical industry, as these products are derived from a combination of Bisphenol A (BPA) and disphenol. Scientific studies have shown that consumption of BPA has been deemed harmful to human lives and the environment. Therefore, some countries around the world have banned the use of polycarbonates in baby bottles. However, the FDA, CDC and WHO have all confirmed that low levels of BPA contamination is inconsequential to the human body, which may contribute toward eliminating some of the restraints in sulfone polymers market. The concern about BPA may affect consumer opinion about the presence of sulfone polymers in food containers and can liners. However, sulfone polymers market as an entity will remain unaffected and will continue to grow despite government regulations, as chemically stable and light weight engineering plastics obtained from sulfone polymers have been used to great advantage in the aerospace, medical, biotechnical and automotive industries.
Author Name : Paroma Bhattacharya
Carbon fibre composites market to gain massive proceeds via heavy product demand from the aerospace industry over 2017-2024
Carbon fibre composites market is likely to carve out a successful growth path in the years to come, driven by the huge demand for these composites from the aerospace and automotive sectors. Carbon fibre composites are five times stronger than steel but only one third of its weight, making them viable candidates for building any structure that needs to be durable as well as lightweight. These composites are also used in robotics, defense instruments, race cars, aerospace vehicles, sports equipment and any other component that requires low weight combined with speed, thereby augmenting the already vast expanse of carbon fibre composites industry.
U.S. Carbon Fibre Composites Market, By End Use, 2016 & 2024, (USD Million)
The growth in the aerospace domain is directly proportional to the carbon fibre market expansion, given the widespread use of carbon fibre composites in widebody aircrafts that has proven to be rather profitable in terms of revenue generation in commercial flights. In essence, the deployment of these composites has profoundly benefitted the airline manufacturing sector, since using these products in airplane bodies reduces fuel consumption as well as emissions, reduces maintenance costs, extends the lifespan of airplane parts, and brings down assembly and tooling costs. It also adds value to the passenger experience by damping engine noise and by creating favorable cabin atmosphere to prevent dehydration. It is estimated that carbon fibre composites will be used in the manufacturing of around 9,000 widebody aircrafts in the next 20 years, which is a direct growth indicator of carbon fibre composites market in the next few years. The demand for narrow-body aircrafts will also drive the carbon fibre composites industry, while simultaneously contributing toward making air travel more popular and affordable in the emerging economies of Asia and the Middle East.
The notion of reducing weight to achieve better fuel efficiency is expected to propel carbon fibre composites market from the automotive sector. Renowned automotive manufacturers like BMW have promptly taken note of the benefits of using carbon fibre composites in aircraft. BMW has also partnered with Boeing to tap into the latter’s expertise in carbon fibre composites usage and is gearing up to become the largest carbon fibre reinforced plastics manufacturer in the automotive industry. It has been often argued that carbon fibre composites are too expensive to be produced and profitably used in the automotive industry. However, customers fond of high-end automobiles, it is observed, are willing enough to pay for the extended price, that can be mainly attributed to the use of carbon composites in automobiles. In consequence, this would have a commendable impact on carbon fibre composites industry share from the automotive domain. It is also prudent to mention that the use of carbon fibres can reduce the cost of production down the line, thus offsetting the upfront material cost of the raw material, which would prove to further provide an impetus to carbon fibre composites industry size.
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North America and Europe, with their large aerospace and automobile industries will be the key regions massively driving the growth of the overall carbon fibre composites market. While North America is forecast to account for nearly 35% of the carbon fibre composites market share 2024, the presence of reputed automobile manufacturers in Italy and Germany will contribute to Europe carbon fibre composites market growth. Asia Pacific carbon fibre composites market on the other hand, will register a 12% growth over 2017-2024, driven by the fact that major manufacturers and suppliers of carbon fibre composites have their base established across countries like China, Japan and Taiwan.
Fluctuation in prices of raw material has been a major hindrance for the growth of the carbon fibre composite industry, though the expanding supply chain has stabilized the prices of raw materials in recent times. For instance, in 2005 the carbon fibre composites market was dominated only by 3 suppliers. But at present almost 20 competitors are vying for the top position, which affirms the profitable growth path carbon fibre composites industry has traversed until now.
High production cost and lack of recyclable qualities may also be attributed for a slight hindrance in the growth graph of carbon fibre composites market. But high production cost can be offset by the fact that carbon fibre composites are extremely resistant to corrosion related maintenance. For instance, Boeing 777 uses composite floor beams and in the last 10 years, none of the floor beams of the 565 commercial aircrafts required replacements. As the operational benefits of using carbon fibre composites are becoming more and more evident in aerospace, automotive and defense sectors, the growth path of the carbon fibre composites market is certain to depict a positive curve. As per estimates, carbon fibre composites industry size is expected to surpass USD 31 billion by 2024.
Author Name : Paroma Bhattacharya