The global structural power composite market achieved a size of USD 5.0 billion in 2022 and is poised to reach USD 11.04 billion by 2032, exhibiting a rapid revenue Compound Annual Growth Rate (CAGR) of 9.2% throughout the forecast period. The escalating demand for lightweight, robust, and high-strength materials across various industries such as construction, automotive, wind energy, aerospace, and transportation stands out as a pivotal factor propelling the growth of market revenue.
In these industries, the need for advanced materials, specifically structural power composites, has grown significantly. These composites, comprised of polymers, carbon fibers, and other cutting-edge materials, are valued for their exceptional characteristics, including high mechanical strength, resistance to fatigue, and low thermal expansion. The adoption of these materials addresses the demand for robust, energy-efficient solutions in sectors requiring both strength and the ability to store and transmit energy effectively. This synergy of properties positions structural power composites as essential components in the development and advancement of various industries, contributing to the impressive growth anticipated in the market during the forecast period.
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The aircraft industry is the primary end-user of structural power composites because these have a high strength-to-weight ratio, higher fuel efficiency, and reduced emissions. In addition, rising demand for lightweight and fuel-efficient aircraft in the aerospace sector is another key factor driving revenue growth of the market.
Moreover, increasing need for structural power composites in the automotive industry is also expected to drive market revenue growth during the forecast period. Structural power composites are being used more frequently in the production of electric and hybrid vehicles due to their ability to store and transfer energy while also reducing the overall weight of vehicle.
While the wider patterns discussed in the previous section apply to the entire sector, the complexities of the distinctions among the various players indicate the need to analyze trends by segment of the industry. As part of its multiverse series, Deloitte classified chemical sector stakeholders into three groups: natural owners, distinctive commodities, and solution providers. Each of these groups usually has its own strategic imperatives. It is common for vertically integrated natural owners to prioritize continuous improvement over innovation when operating their businesses. By focusing on supply chain efficiency, market innovation, and cost optimization, differentiated commodities flourish in a highly fragmented and complex industry. This is exactly what solution providers do: they focus on maximizing the value of their unique products as well as their application expertise and services.
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Strategic Development:
- In 2021, Teijin Limited announced a strategic partnership with Applied Electric Vehicles (Applied EV), a Canadian company that develops electric vehicles. The partnership aims to develop high-performance structural materials for use in electric vehicle battery enclosures and other structural applications.
- In 2020, Mitsubishi Chemical Corporation acquired Gelest, Inc., a U.S. company that specializes in silane, metal-organic, and silicone chemistries. The acquisition was aimed at expanding Mitsubishi Chemical’s product offerings in the high-performance materials market, including the structural power composite market.
- In 2019, Hexcel Corporation announced a merger with Woodward, Inc., a U.S. company that specializes in aerospace and industrial systems. The merger was aimed at creating a leading provider of integrated systems and components for the aerospace and industrial markets, including the structural power composite market.
Competitive Landscape:
- Teijin Limited
- SGL Carbon SE
- Toray Industries, Inc.
- Mitsubishi Chemical Corporation
- Hexcel Corporation
- Solvay S.A.
- Basaltex NV
- Koninklijke Ten Cate BV
- Gurit Holding AG
- Cytec Solvay Group
Segments Covered in Report:
| By Product Type Outlook |
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| By Application Outlook |
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Key Questions Answered in This report on the Structural Power Composite Market
The report provides detailed information about the Structural Power Composite market on the basis of comprehensive research on various factors that play a key role in accelerating the growth potential of the market. The information mentioned in the report answers path-breaking questions for companies that are currently functioning in the market and are looking for innovative ways to create a unique benchmark in the Structural Power Composite market, so as to help them formulate successful strategies and take target-driven decisions.
- How are key market players successfully earning revenue from the advantages of the product?
- What will be the Y-o-Y growth of the Structural Power Composite market between 2023 and 2032?
- What are the winning imperatives of market frontrunners in the Structural Power Composite market?
- Which end-user is expected to undertake maximum adoption of the product during the forecast period?
Research Methodology: Structural Power Composite Market
The research methodology adopted by analysts to compile the Structural Power Composite market report is based on detailed primary as well as secondary research. With the help of in-depth insights of industry-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts of the Structural Power Composite market.
During the primary research phase, analysts interviewed industry stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. On the basis of data obtained through interviews with genuine resources, analysts have emphasized the changing scenario of the Structural Power Composite market.
For secondary research, analysts scrutinized numerous annual report publications, white papers, import and export data of major countries around the world, industrial production index, industry association publications, and company websites to obtain the necessary understanding of the Structural Power Composite market.
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