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. Increasing use of S-glass and carbon fiber reinforced plastics in different aircraft of Boeing and Airbus is driving the growth of the high performance composites market in the aerospace & defense application. The growing use of high performance composites for manufacturing blades of wind turbines is also fueling the growth of the high performance composites market across the globe.
Expansions and acquisitions were the key strategies adopted by the leading players to enhance their presence in the high performance composites market between July 2012 and June 2017. This strategy accounted for a major share of all growth strategies adopted by the leading players in the high performance composites market between July 2012 and June 2017.
Toray Industries Inc. (Japan), Hexcel Corporation (US), Solvay S.A. (Belgium), SGL Group-The Carbon Company (Germany), Koninklijke TenCate NV (Netherlands), Owens Corning Corporation (US), Teijin Limited (Japan), and BASF SE (Germany) are some the leading players operating in the high performance composites market.
Besides expansions, new product launches, agreements, and mergers were other key strategies adopted by the leading players to enhance their market shares and strengthen their presence in the high performance composites market between July 2012 and June 2017.
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In May 2017, Toray Industries (Japan) started operations in its new facility at Ishikawa Plant (Japan) for supplying slit tapes made of TORAYCA carbon fiber prepreg to Boeing (France). This is expected to help the company to cater to the increased demand for high performance composites for the aerospace & defense application. In July 2015, SGL Group (Germany) acquired the HITCO carbon composites division of Avcorp Industries Inc. (Canada), excluding its material division.
In May 2016, Ten Cate Advanced Composites (Netherlands) BV segment of Koninklijke TenCate NV (Netherlands) opened its European center of excellence for thermoset composite materials. This expansion aimed at contributing to the growth of the automotive, Formula 1, and motorsports markets of the European region. In April 2017, TPI Composites, Inc. (US) signed an agreement with Vestas (Denmark) to supply wind turbine blades for its plants in the Latin American region.
In July 2016, Solvay S.A. (Belgium) and Mubadala Development Company (UAE) entered into a 50/50 joint venture to supply carbon fiber pre-impregnated composite materials and expand the supply of aerospace composites for 777x aircraft of Boeing.
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