Report : South America Advanced Composites Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Fiber Type (Carbon Fiber Composites, Aramid Fiber Composites, Glass Fiber Composites, and Others), Matrix Type [Epoxy Resin, Phenolics, Polyester Resin, Polyurethane Resin, Polyphenylene Sulfide (PPS), Polyetherimide (PEI), and Others], and End-Use Industry (Aerospace & Defense, Automotive, Wind Energy, Building & Construction, Electrical & Electronics, and Others)
At 8.0% CAGR, the South America Advanced Composites Market is speculated to be worth US$ 1,445.19 million by 2028, says The Business Market Insights
According to the Business Market Insights’ research, the South America advanced composites market was valued at US$ 911.83 million in 2022 and is expected to reach US$ 1,445.19 million by 2028, registering a CAGR of 8.0% from 2022 to 2028. Increasing demand for nanocomposites and rise in adoption of biocomposites are the critical factors attributed to the South America advanced composites market expansion.
Bio-based polymer matrices are environment-friendly and are the subject of extensive research in various fields. Bio-based matrices are also lightweight and exhibit long-term sustainability, which drives their use in commercial applications. Further, the easy availability of natural raw materials to produce bio-based resin is fueling its supply and demand. Bio-based matrices and biocomposites are employed in several secondary applications in the aerospace, automobiles, packaging, electronics, and construction sectors. In the construction industry, biocomposites are generally used to produce doors, windows, terrace decking, insulation material, and acoustic components. According to the report from the Global Alliance for Building and Construction, construction is one of the most harmful sectors to the environment. The study conducted by the alliance at the end of 2019 stated that the construction sector is responsible for 39% of the carbon dioxide emissions dispersed in the environment, 36% of the consumption of energy, and 50% of the extraction of raw materials. Conventional construction materials are highly resource- and energy-intensive. Hence, owing to the rising concern and awareness about the social and environmental impacts of conventional building materials, manufacturers of composites are shifting toward environment-friendly raw materials. Thus, the growing adoption of bio-based matrices or resins, sourced from carbohydrates, vegetable fats and oils, starch, bacteria, and other biological materials, over petroleum-derived plastic matrices is expected to emerge as an important trend in the South America advanced composites market during the forecast period.
On the contrary, high cost and recyclability issues of advanced composites hurdles the growth of South America advanced composites market.
Based on fiber type, the South America advanced composites market is segmented into carbon fiber composites, aramid fiber composites, glass fiber composites, and others. The carbon fiber composites segment held 56.4% share of South America advanced composites market in 2022, amassing US$ 514.19 million. It is projected to garner US$ 890.20 million by 2028 to expand at 9.6% CAGR during 2022–2028.
Based on matrix type, the South America advanced composites market is segmented into epoxy resin, phenolics, polyester resin, polyurethane resin, polyphenylene sulfide (PPS), polyetherimide (PEI), and others. The epoxy resin segment held 24.2% share of South America advanced composites market in 2022, amassing US$ 220.47 million. It is projected to garner US$ 391.64 million by 2028 to expand at 10.1% CAGR during 2022–2028.
Based on end-use industry, the South America advanced composites market is segmented into aerospace & defense, automotive, wind energy, building & construction, electrical & electronics, and others. The aerospace & defense segment held 24.5% share of South America advanced composites market in 2022, amassing US$ 222.98 million. It is projected to garner US$ 347.05 million by 2028 to expand at 7.7% CAGR during 2022–2028.
Based on country, the South America advanced composites market has been categorized into Brazil, Argentina, and the Rest of South America. Our regional analysis states that Brazil captured 72.4% share of South America advanced composites market in 2022. It was assessed at US$ 659.99 million in 2022 and is likely to hit US$ 1,118.08 million by 2028, exhibiting a CAGR of 9.2% during the forecast period.
Key players dominating the South America advanced composites market are Avient Corp, Ensinger GmbH, Johns Manville Corp, Mitsubishi Chemical Corp, Owens Corning, SGL Carbon SE, Solvay SA, Teijin Ltd, and Toray Industries Inc among others.
- In 2022, Ensinger GmbH acquired the StyLight thermoplastic composite business of INEOS Styrolution.
- In 2022, Avient Corporation acquired DSM Protective Materials (Dyneema brand) and announced its plan to explore sale option for its Avient Distribution business.
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