Composites Market 2018 : Global Industry Analysis with Manufacturers, Region and 2023 Forecasts | BASF SE, Owens Corning, Toray Industries Inc., TEIJIN Limited, SGL Carbon Company, Solvay, Mitsubishi Chemical Holding

Composites Market, 2018-2023 Industry Research Report is an exhaustive study on the present market scenario of the global Composites industry with a special focus on the International market of this industry. The report summarizes key statistics of the Composites Market and the overall status of the Composites manufacturers.

Synopsis of Composites Market

The global composites market was valued at over USD 76 billion in 2016. The market is anticipated to be driven by factors such as escalating aerospace & defense budgets, increasing construction spending, and rising demand for renewable energy such as wind power. A significant increase in consumption of plastic material in the automotive industry is set to uplift the market growth, specifically in developing economies. Owing to these factors the global market is anticipated to exhibit exponential CAGR of 8.59% over the forecast period.

Composites are extensively utilized in a number of applications including electrical & electronics, aerospace, automotive, marine, and oil & gas. Among these applications, aerospace & defense, and electrical & electronics are estimated to be the leading application segments of the global market. The market is expected to foresee rigorous innovations over the coming years to abide by residing standards and widen the current spectrum of application areas.

The continued light weighting of components in the transportation industry is a key factor set to propel the industry growth over the forecast period. The transformation of plastic inculcation in the automotive industry was sparked way back in 1950’s and has galloped ever since. Thermoplastics were the first material to penetrate in the automotive industry, opening with ABS and followed by polyacetal, polycarbonate, and polyamide in combination with the introduction of alloys and blends of varied polymers.

Key Players Analysis of Composites Market 2018:

BASF SE

Owens Corning

TEIJIN Limited

SGL Carbon Company

Solvay

Mitsubishi Chemical Holding

Hexcel Corporation

DuPont

Honeywell International

Nippon Electric Glass

Huntsman International

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Regional Analysis:

For the purpose of this study, Market Research Future has segmented the global composites market in five different regions namely, North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The North American market is further divided into the U.S. and Canada while the European market is segmented into Germany, Russia, the U.K., France, Italy, Spain, Poland and Rest of Europe. The Asia Pacific market is sub-divided into China, India, Japan, South Korea, and Rest of Asia Pacific. Asia Pacific emerged as the leading regional market driven by the strong performance of the end-use industries such as construction, automotive, and electrical & electronics. Moreover, the emergence of Southeast Asian countries such as Thailand, Malaysia, and Indonesia as manufacturing hubs is anticipated to bolster the consumption of various composite matrix at a significant pace.

Mexico emerged as the largest export market for the U.S. The comparative proximity of Mexico to the U.S. producers enables price competitiveness over other foreign players, with low logistics, communication costs, and lucrative service advantages such as shorter shipping times. Restricted Mexican competition and enhanced market access due to the North America Free Trade Agreement (NAFTA) have also provided an impetus to the U.S. industry's competitiveness in Mexico

Key Findings:

Market Research Future concludes that over the past few years, the global composites market has witnessed substantial growth and is set to witness an exponential volume CAGR of over 8%. Besides, the increasing usage of composites in automotive and construction industry, novel application fields such as wind energy and oil & gas are driving the industry growth at a rapid pace. Global composites market is projected to reach USD 134.93 billion by 2023 at a CAGR of 8.59% during the review period 2017-2023. The layup process was the leading technology segment and accounted for over 30% of the overall revenue share in 2016. It is expected to witness steady growth of 8.11% owing to its usage in intricate application requirements. Increasing demand for renewable energy in developed as well as developing economies is slated to uplift the consumption of composites in wind energy applications.

Full report on Composites Market report spread across 238 pages, profiling 15 companies and supported with tables and figures available @ https://www.marketresearchfuture.com/reports/composites-market-5399

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