The Major Players Operating in the Advanced Composites Market Have Adopted Investments & Expansions Strategies to Increase Their Market Shares
Advanced composites are reinforced with high strength fibers used to fortify the polymer matrix, in terms of strength and stiffness. These high strength fibers offer advanced composites with high performance properties such as light weight, high stiffness, dimensional stability, temperature and chemical resistance, flex performance, and easy processing. The aforementioned properties of advanced composites are very crucial in various high-end use industries such as wind energy, aerospace & defense, sporting goods, transportation, civil engineering, sporting goods, and others. In terms of value, the advanced composites market is projected to reach USD 38.41 Billion by 2022, at a CAGR of 10.89% from 2017 to 2022.
Key players operating in the advanced composites market are Solvay, Hexcel Corporation, Huntsman Corporation, Owens Corning, Toray Industries, Inc., Teijin Limited, SGL Group, and Koninklijke Ten Cate bv, among others. These players have adopted various strategies to expand their global presence and increase their market shares. New product launches, investments & expansions, agreements & partnerships, and mergers & acquisitions are the major strategies adopted by these leading players to achieve growth in the advanced composites market.
Investments & expansions have been the principal strategies adopted by the key players to strengthen their positions in the composites market. Key players such as Hexcel Corporation, Toray Industries, Inc., and Teijin Limited, among others have undertaken a number of capacity expansions. These companies are also entering into supply agreements with leading aircraft manufacturers. The companies have a strong foothold in the Asian region and are now focusing on the North America market to cater the demand for advanced composites from the aerospace & defense industry. In addition, they have invested heavily in manufacturing and processing technologies to decrease the cost of advanced composites such as carbon fiber composites to meet the rising demand from next-generation aircraft such as Boeing Dreamliner 787 and Airbus A350XWB.
Toray is currently the largest producer of carbon fiber in the world, and of synthetic fiber in Japan. It operates in six business segments, namely, fibers & textiles, plastics & chemicals, IT-related products, carbon fiber composite materials, environment & engineering, and life sciences. The company maintains its leading market position through expansions and supply agreements with leading aircraft manufacturers. In February 2017 Toray Industries, Inc. established a new production facility for slit tape made of TORAYCA carbon fiber prepreg at its Ishikawa Plant to add significant prepreg capacity to its existing facility so as to meet the increased demand for advanced composites from Boeing 787 aircraft.
Solvay is engaged in the manufacture of advanced composites for aerospace and automotive applications. It is one of the major players that have established a strong foothold in the advanced composites market by adopting the acquisitions strategy and signing distribution agreements with various aircraft and automotive manufacturers to broaden its market presence and explore new opportunities in emerging economies. The company acquired Cytec in 2015, which allowed Solvay to set its footprint in the advanced composites market. For instance, Solvay extended its contract with Boeing to supply lightweight advanced composite materials for large passenger aircraft. These advanced composite materials are expected to be used in advanced aircraft programs such as 737, 747, and 777 as well as current and future platforms, including B787, 737MAX, and 777X.
Related Reports:
Advanced Composites Market by Fiber Type (Carbon, S-Glass, Aramid), Resin Type (Thermosetting, Thermoplastic), Manufacturing Process (Filament Winding, Injection Molding, Pultrusion), End-use Industry, Region - Global Forecast to 2022
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