Composites Market to depict appreciable growth prospects over 2019-2025
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.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
o SGL Group
o Hexcel Corporation
o Huntsman Corporation
o Tensar International Corporation
o Toray Industries
o Tenjin Limited
o Owens Corning
o Jushi Group
o Oray Industries Inc.
o Kononklijke Ten cate
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Based on manufacturing process, the Composite Market is classified into five categories; layup, spray-up, filament winding, pultrusion, resin transfer moulding, and others. In layup process the reinforcements are cut into desired size and then impregnated with wet matrix material and laid over a mould with a releasing agent. Pre-impregnated reinforced material is also present which is primarily used in manufacturing process of composites in aerospace industry.
Asia Pacific constituted a major chunk of the overall Composite Market share in 2017. This is mainly attributed to strong product demand from aerospace & defence, infrastructure and automobile sector. Asia Pacific witnessed the largest infrastructure spending which was valued approximately over USD 40.0 billion i.e. 59% of the global infrastructure spending in 2017. Product is extensively used in infrastructure industry for retrofitting of structure and as reinforcing materials in repair. FRP (Fibre Reinforced Plastic) are now used in bridge decks.
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