LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global ballistic composites market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
The market is expected to grow at a CAGR of more than 7%. One of the key factors resulting in the growth of the ballistic composites market is the growing demand from aerospace and defense industry. Ballistic composites are extensively used in vehicle armors and body and engines of aircraft due to their superior properties over metals and alloys. Furthermore, these materials can withstand higher temperatures and are lighter than metals and alloys.
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The three emerging market trends driving the global ballistic composites market according to Technavio research analysts are:
- Use of nanocomposites
- Increasing LEAP engine demand in aerospace industry
- Demand from transmission and distribution industry
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Use of nanocomposites
Continuous improvements in nanotechnology have resulted in innovations in the nanocomposites market. Nanocomposites are gaining popularity as they are recyclable and can be processed at low costs for several applications ranging from drug delivery to corrosion prevention of metals. The thermal stability and mechanical properties of nanocomposites can be enhanced by controlling the nano-sized second phase dispersion and optimizing the fabrication process, which will result in an improved final product.
According to Kshama Upadhyay, a lead analyst at Technavio for textile, fiber, and composites, “Nanocomposite materials contain fillers on a nanometer scale dispersed in the resin. The dispersion of these fillers can improve flame retardancy and rigidity of the resin. Nanocomposites are increasingly being used in the aerospace and defense industries. Apart from this, they are also used for biomedical applications such as hip prostheses due to their lightweight and high tensile strength. They are also used to manufacture industrial equipment and electronic and automobile parts. Thus, the demand for nanocomposites technology in the global ballistic composites market is expected to increase during the forecast period.”
Increasing LEAP engine demand in aerospace industry
In the last two years, the LEAP engine manufactured by GE has set off the demand for ceramic matrix composite (CMCs) in the aerospace industry. The LEAP program involves the manufacturing and supplying of CMC-based jet engines by GE Aviation, a subsidiary of GE. The program has already attracted more than 5,100 orders and aims to achieve a target of 1,720 engines by 2018.
CFM International, a joint venture between Snecma and GE Aviation, is developing a high-bypass turbofan engine by using high-performance composite materials. The use of turbo engines can decrease the fuel consumption by 15%. For instance, COMAC has planned to use the LEAP engine in its new aircraft COMAC C919. This initiative has also benefited the key players in the aviation sector such as Boeing and Airbus.
Demand from transmission and distribution industry
Countries such as Brazil, Paraguay, and India are moving towards an industrialized economy. In 2014, India launched the "Make in India" campaign to boost industrialization. An increase in the number of industries will lead to an increase in the power demand. This demand for electricity will further create the demand for transmission and distribution cables made from metal matrix composite (MMCs).
“The global investment in the transmission and distribution industry is expected to be approximately USD 8.4 trillion by 2040. More than half of the transformers and transmission lines in North America are exceeding their useful life. Therefore, in 2016, the US planned to invest around USD 50 billion in replacements, expansion, and upgrading activities. The development of smart cities will also lead to major renovations. This will create a high demand for conductors and transmission cables. Thus, this growing demand for metal matrix composites will fuel the growth of the ballistic composites market during the forecast period,” says Kshama.
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