The high performance composites market was valued at USD 23.50 billion in 2016 and is projected to reach USD 33.33 billion by 2022, at a CAGR of 6.0% from 2017 to 2022. High performance composites are manufactured by using a polymer resin.
They use fibers for reinforcements. These composites are used in the automotive, aerospace & defense, pressure vessels, wind turbines, medical, and construction applications, owing to their lightweight and high strength. They also offer increased corrosion resistance, high impact strength, improved design flexibility, excellent dimensional stability, low thermal conductivity, and high durability. They are non-conductive, non-magnetic, and radar transparent.
Increased use of high performance composites as a replacement for metallic components in the automotive, aerospace & defense, pressure vessels, and wind turbines applications in various countries, such as the US, Canada, Germany, Japan, etc., is expected to drive the demand for high performance composites, thereby leading to the growth of the high performance composites market across the globe.
However, increasing competition from high performance thermoplastic resins may hamper the growth of the high performance thermoset composites segment of the high performance composites market as thermoplastic resins can be reformed, reshaped, and reused. Moreover, thermoplastic resins also skip the lengthy curing process required by thermoset resins.
Based on the resin type, the thermoplastic segment of the high performance composites market is projected to grow at the highest CAGR during the forecast period. The growth of this segment of the high performance composites market can be attributed to various features offered by high performance thermoplastic composites, which include flexibility of remelting and reforming due to the absence of crosslinking in thermoplastic resins.
Moreover, these composites offer high impact strength and smooth surface finish. They can be molded easily on reheating. High performance thermoplastic composites are preferred over high performance thermosetting composites as they offer longer shelf-life, have faster manufacturing cycle, and are easier to recycle.
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Based on the fiber type, the S-glass composites segment of the high performance composites market is projected to grow at the highest CAGR during the forecast period from 2017 to 2022. As S-glass high performance composites can withstand the impact of force and have low flammability and high resistance to corrosion, they are widely used in military aircraft for fuselage skins, floor panels, and fire walls.
Moreover, these composites are light in weight and offer high strength and increased fatigue resistance, thereby making them suitable for manufacturing blades of helicopters. S-glass high performance composites also provide high strength, flexibility, and dimensional stability to robotic arms on space shuttles. Thus, the superior mechanical properties offered by S-glass high performance composites, along with their low prices are the factors contributing to the growth of the S-glass segment of the high performance composites market during the forecast period.
Increased demand for high performance composites from the Asia Pacific region can be attributed to the shifting of the manufacturing sector from the North American and European regions to the Asia Pacific region. Moreover, increased government spending on the aerospace & defense sector in the region is also fueling the growth of the Asia Pacific high performance composites market. Increasing investments in the automotive, aerospace & defense, wind turbines, and construction applications are also expected to drive the growth of the Asia Pacific high performance composites market during the forecast period.
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