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Composites Repair And Rehab Market Outlook, Insights, and Overview 2024-2033
Composites Repair And Rehab Market Outlook
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According to The Business Research Company's, The composites repair and rehab market size has grown strongly in recent years. It will grow from $1.76 billion in 2023 to $1.92 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The growth in the historic period can be attributed to aging infrastructure, increased use of composite materials, cost-effective repair solutions, stringent regulatory standards, environmental sustainability.
The composites repair and rehab market size is expected to see strong growth in the next few years. It will grow to $2.62 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The growth in the forecast period can be attributed to growing composite application areas, focus on infrastructure resilience, demand for lightweight structures, preventive maintenance practices. Major trends in the forecast period include integration of automation and robotics, development of sustainable composite repair solutions, increasing application in oil and gas pipelines, use of composite wraps for structural reinforcement, training and certification programs.
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Market Drivers and Trends:
The rapid expansion of the automotive industry is expected to propel the growth of the composite repair and rehab market going forward. The automobile industry refers to producing and distributing self-powered vehicles, such as automobiles, trucks, agricultural machinery, and other commercial vehicles. Composites repair and rehab services reduce the weight of vehicles, enhance strength, offer excellent physical characteristics for automobiles, and offer excellent mechanical resistance compared to traditional materials. For instance, according to the Bureau of Transportation Statistics (BTS), a US-based agency that publishes information on transportation systems, new vehicle sales increased to 11,741 (Thousands of vehicles) in 2021 from 11,041 (Thousands of vehicles) sales in 2020. Therefore, the rapid expansion of the automotive industry is driving the composite repair and rehab market.
Product Innovation is the key trend gaining popularity in the composite repair and rehab market. Major companies operating in the composite repair and rehab market are creating revolutionary products to improve their market share. For instance, in May 2022, Engineered Composite Solutions Limited, a Scotland-based company that creates, develops, and offers composite repair systems, launched FutureWrap Bio, an innovative and unique repair system produced from 70% plant oil. It is regarded as the pioneering product of its type, made with 70% plant-based oil for its epoxy structure, making it more ecologically sustainable than existing composite repair solutions.
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Major Key Players of the Market:
Hexcel Corporation, Sherwin-Williams Company, Fibrwrap Contractors S.A., 3M Company, Composite Technology Inc., Air France KLM S.A., Simpson Strong-Tie Company Inc., Aegion Corporation, Mapei, Gurit Services AG, The IKM Group, Sika AG, CSNRI Composites, WichiTech Industries Inc., The Boeing Company, TD Williamson Inc., Crawford Composites LLC, Hong Kong Aircraft Engineering Company Limited, Citadel Technologies, BASF SE, Team Inc., WR Composites, Milliken Infrastructure Solutions LLC., T.D. Williamson Inc., Henkel AG & Co KGaA.
Composites Repair And Rehab Market 2024 Key Insights:
• The composites repair and rehab market size is expected to see strong growth in the next few years. It will grow to $2.62 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%.
• Automotive Industry Expansion Fuels Growth In Composite Repair And Rehab Market
• Engineered Composite Solutions Launches Futurewrap Bio With 70% Plant-Based Oil
• Asia Pacific was the largest region in the composites repair and rehab market in 2023
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