The global high performance composites market revenue is expected to expand at a lucrative CAGR over the forecast period. Low prices of high performance composites then iron and steel is expected to be major factor driving the market growth over the forecast period. Furthermore, growing demand for automotive in emerging economies is expected to propel market growth.
The global high performance composites market report has been segmented on the basis of material, application, and region.
On the basis of material, the global high performance composites market has been segmented into fibers and resins. Penetration of resins is expected to grow over the forecast period. Polyester, urethane, vinyl ester, epoxy, and phenolic are some of the majorly used thermosetting resins. Thermosetting resins are stronger than thermoplastic resins and are suitable for high temperature applications. Thermoset composite cannot be remolded or reshaped while thermoplastic resin can be remolded.
On the basis of applications, the global high performance composites market has been segmented into automotive & industrial, aerospace, construction, defense, consumer goods, electronics, and others (energy, medical, and pressure vessel). Aerospace application segment is expected to witness significant growth over the forecast period. High performance materials provide better sturdiness to aircraft and helicopters.
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On the basis of region, the global high performance composites market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is estimated to account for major revenue share in the global high performance composites market owing to the presence of major automobile manufacturers in the region.
Key players operating in the global high performance composites market include Toray Industries Inc., BASF SE, Arkema SA, Koninklijke Ten Cate BV, TPI Composites, Inc., E. I. Dupont De Nemours and Company, Momentive Performance Materials Inc., Mitsubishi Rayon Co. Ltd., Albany International Corporation, and Hexcel Corporation.