Advanced Composites Market Trends

Growth Drivers:

• Growing need for fuel efficiency: The growing need for fuel efficiency is a pivotal driving factor for the advanced composites market as industries are tending towards sustainable environmental approaches to reduce energy consumption and lower emissions. With the dynamic climatic pattern and strict government regulations, companies strive for innovative approaches to improve fuel efficiency. By combining strength with reduced weight and durability, advanced composites present a valuable solution for industries seeking innovation and improved performance.
• Rising demand for renewable energy: Advanced composite materials are highly used and preferred in the production of renewable energy systems such as wind turbines, hydrokinetic energy systems, and solar panels to enhance efficiency, strength, durability, and performance. The growing awareness and adoption of renewable resources clubbed with government policies and lowered costs is leading to a surge within the industry.
  
  Moreover, the world is witnessing a shift towards more sustainable energy-driven composites, therefore, demand for advanced composites material in renewable energy applications is expected to grow higher in coming years.

Challenges:

• Limited recycling capacity: The advanced composites have limited recycling capacity which poses a significant challenge, hampering the advanced composites market growth. Factors such as lack of suitable infrastructure, technical mishandling, high processing costs, and scarce economies of scale can affect the recycling capacity.
• Complex manufacturing process: The manufacturing process of advanced composites is complex in terms of distinct properties, strict control over chemical reactions, and multiple material handling which leads to higher cost of production, delayed production, variability in quality, and inappropriate handling of materials. Moreover, the manufacturing process requires highly skilled labor, and proper quality assurance and inspection. This is another factor expected to hamper overall advanced composites market growth during the forecast period.