Composite Materials Market: rise in demand for automotive industry by 2020
A composite material is basically a material made from two or more constituent materials with significantly different physical or chemical properties that, when combined, produce a material with characteristics different from the individual components. Owing to characteristics like stronger, lighter, or less expensive when compared to traditional materials, composite supplies will only progress in terms of both quality and quantity in the future.
Quantitative Analysis of Composite Materials Market by IndustryARC:
The global market is expected to touch and cross $35 Billion market by end of 2020 with CAGR growth rate of around 7% during the next 6 years.
The GFRP composites by raw material type are projected to grow at a CAGR of 7.1% through 2014-2020. Within the aerospace market segment, demand for composite materials was noted to have grown by 10.7% in 2014. Also, the demand in the U.S Composites Market is slated to grow at a CAGR of 6.6% and to be $12 Billion by 2020.
Geographical Brief of the Market:
Asia Pacific has emerged as the leading region, and will further lead the market with a contribution of 50%, followed by North America with a share of 29% in volume by 2020.
APAC and North America were noted to be the dominating regions in 2013 accounting for almost 67% of the overall market (APAC held 50% and North America owned the rest of the share.)
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Applications and Segments Outlook of the Composite Materials Market:
Having spread across a variety of applications, composite materials are most widely used in the construction and transportation sectors. Among the flourishing segments, aircraft models is projected to be the leading type in the coming few years according to IndustryARC. Increased production of advanced aircraft models will act as a primary driver for the overall growth in the demand and supply of aircraft composite materials.
Out of all the advanced composites, carbon fiber composite i.e. Carbon Fibre Reinforced Polymers are largest section costing to nearly 90% of the total composite materials market. The trend is expected to grow at healthy CAGRs in the years of forecast. The overall composites manufacturing is sure set to grow.
IndustryARC suggested that in 2014, the top three market segments in 2014 were Transportation, Construction and Pipe and Tank which together represented a huge 69% of the total volume in the market out of which the Pipe and Tank Segment grew by 5.2% in the same year.
The Composite Materials Market is broadly classified into 5 types based on certain factors like:
1. By Type: FRP Composites (Fiber Reinforcement Polymers), Matrices, Resins and Others.
2. By Method: Open and Closed Molding.
3. By Application: Aerospace, Wind Energy, Automotive, Construction and Others.
4. By Form: Fiber Tow, Unidirectional Tape and Cloth.
5. By Geography: Americas, Europe, APAC and ROW.
Top Vendors of Composite Materials Market:
Carbon fiber manufacturing has risen swiftly in the past sometime which will enhance the overall market sales. This report on Composite Materials Market includes more than 40 industries studied in depth with few mentioned below.
• Arkema, Inc
• Owens Corning
• Huntsman Corporation
• DIAB International
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