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Aerogel insulation market to amass remarkable proceeds from the building & construction sector by 2025, aerospace applications to boost industry demand

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Owing to considerable rise in sustainable construction trend, the aerogel insulation market is slated to witness remarkable growth in the forthcoming years. Aerogels have apparently been in existence for more than 80 years now, however, it was only through recent advancements in production techniques that the material has been able to attain commercialization on a substantially higher scale. While changes in manufacturing processes have made the material easier to produce, a key factor endorsing the product is its unique structure, which is made up of approximately 99.9% air by volume. This characteristic allows aerogels to provide thermal insulation against the three heat-transfer methods- conduction, radiation and convection.

North America Aerogel Insulation Market, By End Use, 2018 & 2025, (USD Million)

North America Aerogel Insulation Market, By End Use, 2018 & 2025, (USD Million)

Seemingly, NASA has long been using the material in its space exploration programs, with the most prominent example being its incorporation in the Mars Exploration Rover that was designed to withstand temperature fluctuations ranging from -96°C to 83°C. Driven by the insulating properties of the material and its increasing commercialization, the aerogel insulation market has gained immense traction across a plethora of industrial domains.

Impact of the expanding aerospace industry on the aerogel insulation market

In essence, aircrafts need both thermal and acoustical insulation to make the flight experience comfortable and safer for the passengers. When a commercial aircraft is flying at 35,000 feet, the outside temperature could drop to -51°C and without proper insulation, air travel would become a significantly more uncomfortable experience.

The Drivers: Traditionally, fiberglass batting filled in a plastic pillowcase had been used for insulation in aircrafts. However, since aerogel’s insulation capabilities are so robust, as proven by their use in the Mars Exploration Rover, besides the material being light weight, aerogel insulation solutions hold a significant advantage over conventional solutions. Undeniably, the aerogel insulation market is projected to witness substantial gains from its application in the aerospace sector over the forecast timeframe.

The Advancements: In 2018, Aerogel Technologies LLC reportedly invented a new manufacturing technology that allowed aerogel panels to be manufactured with plastic-like durability and having much bigger dimensions. The material was 15 times lighter than plastics, exhibited 34% better insulating ability as compared to Styrofoam and provided soundproofing capabilities a thousand times more effective, making them ideal for insulation in aircrafts.

The Numbers: According to Aerogel Technologies, by replacing approximately 10% of the plastics utilized in a Boeing 737, aerogel insulation could save an airline company such as Southwest approximately $500 million to $1 billion annually in fuel costs alone. Evidently, the aviation industry will account for a sizable chunk of the aerogel insulation market revenues in the imminent future.

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Impact of the growing sustainable construction trends on the aerogel insulation market

Encouraged by the goals set under the Paris Agreement, the sustainable development trend has gripped the global construction industry. Opportunities for growth in this sector are substantial, as construction and building maintenance accounts for a majority of the world’s power consumption and carbon emissions.

The Necessity : As reported by American Ceramic Society, over three-quarters of the electricity used across the United States goes towards making the nation’s commercial, residential as well as industrial areas functional and comfortable. With copious amounts of energy being expended on controlling the inside environment through heating and cooling applications, a significant amount of strain is being put on the outside environment as well.

The Solution: Insulation is one of the most effective ways to reduce the total energy consumption, allowing structures to maintain indoor temperatures more efficiently. To that end, researchers at the Swiss Federal Laboratories for Materials Science and Technology, Empa, have developed aerogel solutions like Aerobrick, which allegedly decrease thermal conductivity by nearly 35%.

The Projections: Prompted by the efficiency of aerogel products in reducing power consumption and their ability to boost sustainability across a rapidly expanding business vertical, the aerogel insulation market is projected to accrue over $950 million from the building and construction segment.

In a nutshell, fueled by the growing adoption in aircrafts and crucial applications in the construction sector, the aerogel insulation industry is anticipated to experience substantial demand over the next few years. Reports estimate that the global aerogel insulation market valuation would exceed the $2.5 billion renumeration mark by 2025.

Author Name : Akshay Kedari

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A brief insight of metallic stearate market in terms of the competitive landscape: increasing number of M&As to characterize the industry expansion

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The global metallic stearate market has been the recipient of several mergers and acquisitions lately, owing to the remarkable upsurge in the requirement of various metallic stearates. Companies partaking in this vertical, it has been observed, have now been looking forward to enhancing their regional reach by investing in capacity expansions as well. The overall growth of the metallic stearate industry however, can be aptly attributed to the rising product demand across the cosmetics, plastics & coatings, and food industries. In line with the surging product demand, companies have been adopting newer growth tactics to sustain in the competitive business space and consolidate their stance in the industry.

U.S. Calcium Stearate Market Size, By Application, 2017 & 2024, (Kilo Tons)
U.S. Calcium Stearate Market Size, By Application, 2017 & 2024, (Kilo Tons)

The increasing health hazards pertaining to the prevalence of a sedentary lifestyle have been resulting in the occurrence of numerous chronic diseases. Driven by the same, in tandem with the ever-changing diet consumption patterns and lifestyles, a rising trend of health consciousness has been observed among the masses. Consumers have found myriad ways to enhance their diet, one of which is consuming dietary supplements in the form of liquids, powders, capsules, and varieties of tablets. In this regard, many healthcare producers and food manufacturers have been formulating a new range of essential supplements. However, the increasing concerns about the shelf life and reducing nutrition value of the products a period of time have led to the requirement of metallic stearates. In fact, various forms of sucrose, glidant agents, starch derivatives, and lubricants comprising magnesium stearate and stearic acid have been used to hold nutrients and maintain uniformity in dietary supplements, which would gradually propel metallic stearate market share over the ensuing years.

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The competitive spectrum of metallic stearate market is indeed diverse, complete with a plethora of companies striving to augment the commercialization scope of this vertical. Enumerated below is a gist of the instances that have impacted metallic stearate industry in recent times:

  • In 2017, leading specialty chemical manufacturing company, Peter Greven disclosed its plan to extend its reach across U.S. with the acquisition of Norac Additives LLC. This acquisition will help the German oleochemical producer to strengthen its position in North America metallic stearate market pertaining to the value addition to its plastic additives and metallic soaps manufacturing portfolio. Reportedly, with the ever-increasing economic development and surge in the investment in healthcare infrastructure across U.S., this German company will gain commendable benefits ahead in metallic stearate market.
  • In another instance, a leading player in the metallic stearate market, Valtris Specialty Chemicals has acquired Akcros Holdings Limited in 2016. Akcros is one of the well-known suppliers of chemical additives for processing and production of paints, coatings, and polymers mainly across North America and Europe. This strategic acquisition has opened multiple new avenues for the company with the addition of different product ranges and a highly versatile customer base. In fact, this specialty chemical manufacturer, with this acquisition, is touted to strengthen its market position in North America as well as Europe metallic stearate industry. Moreover, Akcros is also well-known for its excellent R&D capabilities and product offerings that will also prove to be fruitful for Valtris to improve its future prospects.
  • In 2015, Univar USA Inc. purchased 100 percent stakes of Chemical Associates Inc., which prominently manufactures and distributes metallic stearates, calcium stearate, stearic acid, and many other chemical products. Through this acquisition, Univar had been touted to bring additional value to the firm’s pivotal markets such as food, personal care, sanitation, lubricants, adhesives, coatings, and cleaning.

The on-going strategic involvement of companies in the enhancement of the existing product portfolio and the extension of their regional reach is slated to generate profitable business opportunities over the years ahead. The rise in the manufacturing capabilities of the companies over the last few years will also remarkably fulfil the increasing product demand. For the record, the overall metallic stearate market size is anticipated to cross a respectable revenue collection of USD 7 billion by the end of 2024.

Author Name :Sunil Hebbalkar

Aviation sector to boost thermal spray coating market over 2017-2024, stringent regulatory framework to encourage innovative product development

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In recent times, it has been observed that most of the leading players in thermal spray coating market have been constantly striving to transform the business vertical by means of bringing forth a plethora of innovative spraying systems. These firms have also been looking forward to developing sustainable spraying solutions considering the adverse effect of conventional coatings material on the environment. In this regard, in 2008, the EPA deployed new air pollution regulation rules, which have been applied for the existing thermal spraying processes that emit Hazardous Air Pollutants (HAP). Prominent HAP elements comprise manganese, lead, chromium, cadmium, and nickel. The EPA has also framed the National Emission Standards for Hazardous Air Pollutants (NESHAP) to implement regulatory compliances over the use of HPA emitting spraying process. In order to comply with such regulatory norms, many shipbuilding and refurbishment companies are continuously adopting sustainable and eco-friendly coating technologies, which would have a massive impact on thermal spray coating industry trends over the years ahead.

U.S. Thermal Spray Coating Market, By End-Use Industry, 2013-2024, (USD Million)
U.S. Thermal Spray Coating Market, By End-Use Industry, 2013-2024, (USD Million)

It is rather overt that myriad thermal spray coating market giants have been investing considerably in facility expansions in order to capture more business space. For instance, a joint venture of a leading player in thermal spray coating market, Praxair Surface Technologies and GE Aviation, PG Technology has recently decided to expand its coating facility plant based in Singapore considering the growing requirement of the product across the enormously intensifying aerospace sector. At this new facility plant, the company plans to double the electron beam physical vapor deposition coating capacity and install other important aviation-related coating processes. The facility is likely to become operational by 2019. PG Technologies’ move has been projected to increase the competitiveness across Singapore thermal spray coating market. Indeed, this investment in the capacity expansion will also help other Singapore based small scale companies to enhance their capabilities.

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Jet engine manufacturers and companies in aviation sectors are looking forward to implementing next-generation coating technologies in order to enhance the capability of jet engines to withstand high stress and temperatures, which would propel thermal spray coating market outlook. Moreover, the versatility of thermal spraying technology, owing to which it can be used for any type of material including plastic, metal, and ceramic, is one the major benefits that can be credited for its rising preference. In order to maintain the cost-effectiveness and quality of coatings, leading aerospace companies have been signing long-term partnership agreements with pivotal participants in thermal spray coating industry. For instance, a year before, Praxair Surface Technologies, one of the notable thermal spray coating market firms, signed a 10-year contract with the well-known aero engine manufacturer, Rolls Royce. Praxair Surface Technologies’ humongous expertise in coating operations will help Rolls Royce improve its engine efficiency and lifecycle. Thus, pertaining to the surging requirement of spray coatings in the aviation sector, in 2016, aerospace and defense held a revenue of USD 2.5 billion in thermal spray coating industry share.

With the increasing adoption rate of thermal spray coating technologies, several contributors in thermal spray coating market are focusing on the development of innovative and advanced coating technologies incorporated with the benefits of less energy consumption, lesser downtime, improved productivity, high quality products, extended shelf life of products, and lower operating costs. Indeed, in the ensuing years, the growing demand for next-generation engines and high-quality components is slated to generate lucrative opportunities for giants in thermal spray coating industry, that would eventually impact the revenue generation of this business space.

Author Name : Sunil Hebbalkar

Polyoxymethylene (POM) market to gain massive proceeds via homopolymer demand over 2017-2024, automotive sector to prominently drive the application spectrum

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Over the recent years, the global polyoxymethylene market share has been flourishing on the cusp of rapidly expanding automobile and transportation industry. Owing to its exceptional dimensional stability, low friction rate, excellent rigidity, a high degree of yield strength and stiffness, polyoxymethylene is being widely utilized in manufacturing advanced lightweight materials for automobiles. Speaking in the similar context, the unprecedented upsurge in environmental and economic concerns in the current era have compelled the automotive industry to produce fuel-efficient and lightweight vehicles. Elaborating further, this semi-crystalline thermoplastic material has gradually acquired a dominant position in the range of high-performance plastics, which has, in turn, propelled the growth prospects of polyoxymethylene market. In fact, as per a study report collated by Global Market Insights, Inc., the overall polyoxymethylene (POM) industry is set to register a commendable CAGR of about 8.8 percent over 2017-2024.

U.S. polyoxymethylene market size, by grade, 2013 – 2024 (USD Million)
U.S. polyoxymethylene market size, by grade, 2013 - 2024 (USD Million)

Concurrently, it would be prudent to mention that high-performance plastics have played a crucial role in lowering the weight of vehicles currently being manufactured by the global automotive sector. The significance of developing lightweight vehicles can be deciphered from the fact that a mere 10 percent reduction in vehicle weight culminates into almost 7 percent cut down in fuel usage, as per reliable estimates. Apparently, polyoxymethylene has been proved to be one such effective thermoplastic that has the potential to replace the vital metal components and parts in various applications-courtesy its striking features mentioned above. In addition to this, the recent boom being witnessed in automobile manufacturing has resulted in increased demand for polymers and engineered materials along the likes of POM. Subsequently, all these declarations clearly demonstrate the colossal commercialization prospects of the polyoxymethylene industry that are bound to materialize over the ensuing years.

Speaking on similar lines, the global POM market is fragmented into two prominent types namely copolymer polyoxymethylene and homopolymer polyoxymethylene. Out of these, homopolymer polyoxymethylene commanded the largest revenue share of the overall polyoxymethylene industry in the year 2016 and is anticipated to retain its dominant place in the forthcoming years. Commonly known as Delrin, this polyoxymethylene material is being chiefly deployed in manufacturing automotive parts owing to its superior room temperature tolerance and high tensile strength.

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To cite an instance of the extensive efforts being undertaken by acclaimed POM market participants with regards to revamping the existing product range of homopolymers, DuPont and Regina have unveiled E-F.A.S.T. (ecological, friction abating sliding thermoplastic) in September 2017. Reports claim that the latest thermoplastic material has been strengthened with a new grade of DuPont’s Delrin® acetal homopolymer, which is likely to favorably influence the environmental performance and productivity while minimizing the use of lubricants. Moreover, one of the key traits of DuPont’s new homopolymer is its consistently low friction coefficient which assists automotive firms to design cost-efficient, eco-friendly, longer lifespan, and low maintenance auto components. Apparently, industry experts have been raving about this new homopolymer and have further stated that the launch of this homopolymer has been a major breakthrough of sorts in the overall POM market.

Additionally, the leading POM industry players are pooling expertise and resources to fortify their presence in this ever-evolving business space. Some of the other notable firms striving toward altering the POM market trends include Asahi Kasei Corporation, LG Chem, Mitsubishi Engineering Plastics Corporation, ChemChina, and A. Schulman Inc. In order to gain an edge over their competitors and expand their reach in myriad geographies, the aforementioned companies have also been involved in several R&D activities and collaborations, which would consequentially impel the polyoxymethylene industry size expansion.

The primary driving forces of POM industry are the swiftly progressing automotive sector and the growing involvement of firms in product innovation. Hence, it is quite obvious that the rapid pace of product penetration in myriad regions will further unlock lucrative growth opportunities for the stakeholders of this business space, eventually propelling the polyoxymethylene industry size over the forecast period. Apparently, it is undeniable that the overall POM market, which is projected to surpass a total valuation of USD 9 billion by 2024, is on its way to establishing itself as one of the most promising niche verticals of polymers and advanced materials industry.

Author Name : Saif Ali Bepari

Polyphthalamide resin market to amass extensive gains over 2017-2024 via massive product demand from the automotive and electronics sectors

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The growth of polyphthalamide resin market has indeed been exponential in the recent years – a trend that has been made possible on account of polyphthalamide (PPA) being used widely as a high performance, cost effective polyamide. Needless to say, PPA excels in durability, strength, and ease of processing, qualities which contribute to its widespread application in under-the bonnet automotive parts and various electrical and electronic devices. Fueled by technological advancements, polyphthalamide resin products are heavily deployed by automakers, who primarily aim to achieve weight reduction, increased thermal performance, chemical resistance and simplified processing methods in vehicles. Gradually, as polyphthalamide resin is being extensively used to replace conventional vehicle metals parts with the ones that can withstand high temperatures, moisture exposure and abrasive chemicals, PPA resin size market will witness a major rise. The use of this product is also expected to facilitate effective cost reduction of vehicles and contribute toward the lowering of carbon levels in the atmosphere – factors that will further stimulate PPA resin industry trends in the years ahead.

U.S. polyphthalamide resin market by end user, 2013 – 2024 (USD Million)
U.S. polyphthalamide resin market by end user, 2013 - 2024 (USD Million)

With initiatives such as the Paris Agreement battling against global warming and rising carbon emissions, the automotive industry has lately faced stringent challenge to reduce weight and increase fuel efficiency of vehicles. This has caused a paradigm shift from the use of metal parts to the use of high performance thermoplastics parts, gradually leading to a major upsurge in polyphthalamide resin market. Polyphthalamide has been observed to be very effective when constructing automotive parts like electronic connectors, lamp sockets, switches, and sensors, that have to withstand high temperatures. The application of this product across the automotive sector is indeed humongous – anti-lock braking components, fuel system components like fuel line connector, fuel rails and heating systems, components like turbo charger coolers, thermostat housing, and oil filter housings, are examples of automotive components manufactured from polyphthalamide. Inevitably, the massive demand for the aforementioned components is slated to heavily impel polyphthalamide resin market. Subject to the product’s temperature deflection property, low thermal expansion coefficient, easily paintable surface and light weight, polyphthalamide resin industry size is expected to grow at a CAGR of 6.6% over 2017-2024.

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The electronics sector is another profitable growth avenue for polyphthalamide resin market, since miniaturization of electronic components has emerged as the ongoing trend. Polyphthalamide resin is extensively used for stacking printed circuit boards where tighter tolerance and thinner walls are required, thus providing a boost to PPA resin market. With the increasing popularity of LEDs and growing demand for heat sinks, capacitors, chip carriers and switches, polyphthalamide resin market share from electronic applications has been forecast to witness a commendable rise in the years ahead. Polyphthalamide resin industry has also found a profitable impetus through the phenomenal surge of the cellular phone industry, as PPA resins are increasingly being used in cell phone connectors due to their compatibility to be injection molded in short cycle times and outstanding dimensional stability.

With the dwindling supply of fossil fuels and rise in waste products related to the use of oil derived plastics, extensive research and development activities are being carried out to develop more bio-based plastics. Arkema, one of the global leaders in the field of specialty chemistry, developed a bio-sourced polyphthalamide resin that finds application in under-the-hood automobile parts. The product’s launch created quite a stir in the regional polyphthalamide resin industry and has been adopted by automotive industry giants like Volvo, Maserati, Mahindra, Daimler and Ferrari that are looking to reduce the weight of their vehicles by using ecofriendly plastic parts.

With leading automotive OEMs like Audi, BMW, Hyundai, Toyota, and Honda, already having incorporated polyphthalamide resin parts in their automobiles, PPA resin market is on the verge of traversing an extremely profitable growth map in the years ahead. As fuel efficiency and decrease in carbon emissions are being prioritized, polyphthalamide resin industry has been projected to emerge as one of the most prominent verticals of the polymer space. As per a study compiled by Global Market Insights, Inc., polyphthalamide resin market size is likely to cross USD 1.8 billion by 2024, essentially driven by a favorable regulatory spectrum and the urgent need to reduce carbon footprints across the globe.

Author Name : Paroma Bhattacharya

Masterbatch market to accrue lucrative proceeds from automotive sector over 2018-2024, capacity expansion plans to drive the global industry progression

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The swift emergence of masterbatch market on the global business landscape can primarily be attributed to the ever-rising demand for masterbatches in a host of end-user sectors including automotive, agriculture, consumer goods, construction, and packaging among others. The rapid expansion of these end-user industries has, in turn, vigorously augmented the pace at which the masterbatch industry has been progressing in the recent times.

U.S. Masterbatch Market Size, By End-user, 2013 – 2024 (USD Million)
U.S. Masterbatch Market Size, By End-user, 2013 – 2024 (USD Million)

Moreover, in a bid to enhance the quality of the existing bio-degradable masterbatches, which are predominantly utilized to manufacture agricultural films, a range of prominent masterbatch industry participants have been initiating a sizeable number of research and development activities which has further embellished the growth potential of this business space. As a consequence of the aforementioned factors, the overall masterbatch market has, of late, been garnering considerable recognition as one of the most fledgling and promising verticals of the worldwide polymers and advanced materials industry.

The consistent research and development activities being undertaken to develop advanced tech has eventually improved the application of polymers as an alternative to traditional auto parts made of metal. This has necessitated the increased production of polymer auto parts in the automotive industry, given that they provide better durability and high strength. Moreover, the massive investments being made to develop electric vehicles would further drive the masterbatch market size expansion. Owing to the aforementioned factors, the automotive industry, out of all end-user industries, seized a commendable share of the masterbatch market revenue share in the year 2017. As per reliable reports, the masterbatch industry size from automotive sector is projected to record an appreciable y-o-y growth rate over 2018-2024.

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Concurrently, it is rather imperative to take note of the fact that the leading industry participants appear to be optimistic pertaining to the prospective growth of the global masterbatch market size. Apparently, as a result of the increased optimism, it is being observed that a number of preeminent market players have been investing heavily to expand their current production capacities to cater the growing product demand from the diverse end-use industries arena. Following are a few instances which demonstrate the growing prominence of expansion strategies that are being undertaken across the globe:

  • The U.S. based plastics material and resin manufacturing firm A. Schulman, for instance, has recently made it to the headlines for expanding its current capacity for color masterbatch production in Europe. The firm, regarded as one of the major masterbatch industry players, has reportedly announced to add three additional extruders to its manufacturing plants in Italy, Hungary, and Poland. This expansion, according to industry analysts would complement the firm’s existing manufacturing facilities and competence centers where customized color masterbatches are developed. Needless to say, this proactive move by A. Schulman would undoubtedly boost the masterbatch market size in Europe.
  • Switzerland headquartered specialty chemicals manufacturer, Clariant has recently inaugurated its new cutting-edge masterbatch production plant in Saudi Arabia. The facility, a joint venture between Clariant and the Kingdom’s leading plastic products manufacturer Rowad, is being built in Yanbu Industrial Zone and would chiefly focus on white masterbatches production. The additional capability would allow the firm to accentuate its profitability quotient and extend its masterbatch market share in the Middle East and Africa region.

Owing to the vast expanse of end-user industries coupled with the efforts that are being employed by the foremost masterbatch industry giants to expand their reach across the globe, it is anticipated that this business space would undergo remarkable alterations in the immediate future. According to a report collated by Global Market Insights, Inc., masterbatch market size is anticipated to surpass a total remuneration portfolio of USD 13 billion by 2024.

Author Name : Saif Ali Bepari

Carbon fibre composites market to gain massive proceeds via heavy product demand from the aerospace industry over 2017-2024

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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)
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