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Unmanned Composites Market Share, Overview And Forecast 2033
Unmanned Composites Market Share
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According to The Business Research Company's, The unmanned composites market size has grown rapidly in recent years. It will grow from $1.5 billion in 2023 to $1.71 billion in 2024 at a compound annual growth rate (CAGR) of 13.8%. The growth in the historic period can be attributed to research & development funding, aerospace & defense requirements, commercial drone market growth, telecommunications & connectivity, sustainability & green technology.
The unmanned composites market size is expected to see rapid growth in the next few years. It will grow to $2.94 billion in 2028 at a compound annual growth rate (CAGR) of 14.5%. The growth in the forecast period can be attributed to increased automation & autonomy, rise in urban air mobility (uam), space exploration & satellite development, medical & healthcare applications, hybrid energy & renewable system. Major trends in the forecast period include 3d printing & additive manufacturing, bio-inspired composite design, flexible & shape-memory composites, nanocomposites for enhanced properties, customizable & modular components.
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Market Drivers and Trends:
The increasing demand for unmanned aerial vehicles is expected to propel the growth of the unmanned composites market going forward. An unmanned aerial vehicle (UAV), commonly known as a drone, is an aircraft that works without a human operator or pilot. A UAV can fly autonomously or be remotely controlled. Drones can gain more excellent performance, larger payload capacities, longer flight endurance, superior aerodynamics, and enhanced durability by harnessing the benefits of unmanned composites. For instance, in June 2022, according to the Federal Aviation Administration, a US-based government agency, there will be 828,000 commercial drones (drones used in association with businesses) and 1.48 million recreational drones (drones used for personal fun) by 2024. Therefore, the increasing demand for unmanned aerial vehicles is driving the growth of the unmanned composites market.
Product innovations are a key trend gaining popularity in the unmanned composites market. Major companies operating in the unmanned composites market are focused on innovating new products to sustain their position in the market. For instance, in September 2022, Xenia Srl, an Italy-based plastic fabrication company, launched XECARB ST, a new family of super tough carbon fiber-reinforced composites. It identified a need for higher impact resistance by combining advanced lightweight with superior impact strength. Xenia's XECARB range's mechanical qualities are built upon in XECARB ST, which features significantly enhanced notched impact resistance, low-temperature flexibility, and tensile elongation at break. XECARB ST is believed to give more lightweight options due to its slightly reduced density.
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Major Key Players of the Market:
Mitsubishi Rayon, The Boeing Company, Lockheed Martin, Mitsubishi Chemical Corporation, NVIDIA, Evonic Industries AG, Toray Industries Inc., Solvay S.A., Dupont Inc., Owens Corning, Formosa Plastics Corporation, Teijin Limited, Elbit Systems, Teledyne Technologies Incorporated, Leonardo DRS, Aerojet Rocketdyne, Hexcel Corporation, Materion Corporation, SGL Carbon SE, Stratasys Ltd., Gurit Holding AG, AeroVironment, ZOLTEK Corp., Unitech Aerospace, Cytec Engineered Materials Inc., Quantum Composites Inc., DowAksa Advanced Composites Holdings B.V., Tencate Advanced Composites, Renegade Materials Corporation.
Unmanned Composites Market 2024 Key Insights:
• The unmanned composites market size is expected to see rapid growth in the next few years. It will grow to $2.94 billion in 2028 at a compound annual growth rate (CAGR) of 14.5%.
• Surging Demand For Unmanned Aerial Vehicles Drives Growth In The Unmanned Composites Market
• Breakthrough Innovation In The Unmanned Composites Market
• North America was the largest region in the unmanned composites market in 2023
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