Composite Market to generate admirable revenue in the forecast period | key players are Hexcel Corporation, Huntsman Corporation, Tensar International Corporation, Toray Industries, Inc., Tenjin Limited, Owens Corning
Based on the resin type the Composite Market size is classified into; thermoplastics, thermosetting & others these are polymers used in fibre reinforced composites. Thermoplastic composites have low density, good toughness & strength and ability to remoulded. Thermoset composites are light in weight and have corrosion resistance making it suitable for the application in the marine, material handling, automobile & aerospace industry verticals.
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Global Composite Market size is witnessing a decent growth and is expected to follow the trend over the forecast spell. The major application of the composites is in the industries such as aerospace and defence, infrastructure, automobile, energy, pipe, and tank & marine.
Population growth attracts huge investments in the infrastructure, automobile, energy and aerospace and defence sector which will drive the Composite Market size in the forecast timeframe. Product possesses properties like high strength to weight ratio, high fatigue resistance, resistance to chemicals, thermal insulating properties, high impact strength which makes it suitable for the above-mentioned industries.
Composites are widely used in defence and aerospace sector for manufacturing aircraft, helicopter, spacecraft structural parts, personal armours, light weight bullet proof jackets, ballistic barriers, riot gears, etc. Improving economic conditions across the world and instability in some regions are the factors for the increase in defence spending. U.S. is one of the top suppliers of military aircraft, leader in manufacturing civil airplanes & spacecrafts; the value of exports by U.S. in the aerospace sector is $146.0 billion in 2017.
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Some of the Composite Market share players are SGL Group, Hexcel Corporation, Huntsman Corporation, Tensar International Corporation, Toray Industries, Inc., Tenjin Limited, Owens Corning, Jushi Group, Oray Industries Inc., Kononklijke Ten cate. The global Composite Market is highly fragmented with the presence of large number of player.
Threat of new entrants in market is medium; as it requires technical expertise and high cost of raw material which signifies high initial investments. Companies are investing to tap the regional markets by adopting organic growth strategies of expansions and agreements. For instance, Toray industries Inc. has announced the opening of their subsidiary in India & they are positioning it as a base for their advanced material business; as they will have the capability to tap the South Asia market.
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