What is the growth rate of composites market in upcoming year?

Summary:

“The composites market witnessed significant growth and is estimated to reach USD 134.93 billion by 2023 at a CAGR of 8.59% during the review period 2017-2023. Rising expenditure on the construction projects such smart city and architectural buildings along with escalating defense budgets are anticipated to drive the market growth. Moreover, the subsequent shift of automotive industry towards lightweight components to increase fuel efficiency is propelling the composites market growth. Aforementioned factors are likely to exhibit an exponential CAGR of 8.59% during the assessment period. “
Description:

Aerospace and defense sectors are likely to exhibit a considerable growth over the years due to growing use of composites to reduce the weight along with low maintenance costs compared to traditional materials. For instance, consumption of composites for Airbus aircraft is more than 50% as compared to 2%-3% usage of composites previously. However, increasing demand for glass fibre composites in the aerospace industry is likely to provide a positive impact on this market. Over the years, the market is expected to witness a high development in downstream derivative and innovation to meet regulations and broaden application spectrum in different regions.

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Composites are extensively used in roofs, infill panels, tank liners, and load-bearing structures. Increasing penetration of fiber reinforced polymer composites (FRP) in rail and road building projects owing to durability, aesthetic appeal, and low maintenance are anticipated to influence market demand positively. Carbon and fiberglass composites are used in wind turbine blades for material strength and stiffness, which, in turn, raised the level of energy. Thus, growing awareness to reduce fossil fuel dependence and increasing renewable energy production are likely to provide a lucrative opportunity to market players.
Key Players

Some of the key players operating in the specialty amine market are BASF SE, Owens Corning, Toray Industries Inc., TEIJIN Limited, SGL Carbon Company, Solvay, Mitsubishi Chemical Holding, Koninklijke Ten Cate bv, Hexcel Corporation, DuPont, Honeywell International Inc., Nippon Electric Glass Co. Ltd., Dowaska, Chongqing Polycomp, and Huntsman International LLC among others.

The composites market is segregated into five different regions namely, North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Among the regions, North America emerges as leading region with 35% of market share in 2016. North American region witnessed the high growth in the aviation industry due to increasing use of commercial aircraft to link small cities, and regional capacity expansion of key market players in the aerospace industry are some of the factors leading the growth of the composites market in this region. Asia Pacific region is projected to experience a substantial growth owing to growing production of the automobile industry, especially in China and India and rising government initiatives such as 100% FDI in the automobile industry are likely to boost the market growth. Moreover, Thailand, Malaysia, and Indonesia have emerged as manufacturing hubs for different industry players, which, in turn, is anticipated to drive the market growth. Moreover, the presence of market players such as Toray Industries and Owen Corning are likely to foster the market growth. Major players are entering a strategic alliance with small regional players to capture the market share. For instance, Owens Corning signed an agreement with China-based composite player namely, Taishan Fiberglass and Xingtai Jinniu to meet the regional demand for composite material across end-user industries.

The composite market is classified based on types, resin, technology, application, and region. Based on the type, the composites market is segmented as polymer matrix composites, metal matrix composites, ceramic matrix composites. On the basis of the resin type, thermoset composites & thermoplastic composites are major resin available on the market. On the basis of the technology, the composite is produced by layup process, an extrusion process, filament winding, injection molding, automated fiber replacement, compression molding, automated tape lying, and resin transfer molding. Lastly, based on application, the market is segmented as automotive & transportation, aerospace & defense, electrical & electronics, wind energy, construction & infrastructure, marine & oil & gas, and others. According to the region, the market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

As per MRFR analysis, the composites market has witnessed an exponential volume of 8.5% CAGR over the years. Increasing usage of composites in the oil & gas industry along with rising wind power installation in countries such as China, the U.S., Germany, and India are expected to provide a lucrative opportunity to the composite market players. The composite market is expected to reach USD 134.93 billion by 2023. Based on the technology, layup process segment accounted for over 30% of the overall market revenue in 2016 followed by filament winding. Subsequent shift in the demand for renewable materials across numerous end-use industry such as automotive, aerospace and wind energy industry is expected to drive the market demand.

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Market is changing rapidly with the ongoing expansion of the industry. Advancement in the technology has provided today’s businesses with multifaceted advantages resulting in daily economic shifts. Thus, it is very important for a company to comprehend the patterns of the market movements in order to strategize better. An efficient strategy offers the companies with a head start in planning and an edge over the competitors. Market Reports World is the credible source for gaining the market reports that will provide you with the lead your business needs.

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