The global Composites Market size is anticipated to reach USD 130.83 billion by 2024. It is also projected to grow at a CAGR of 7.8% over the forecast period on account of its increasing demand from numerous application sectors which consist of wind energy, electrical & electronics, automotive interiors, pipes & tanks, marine and aerospace & defense.
The
expansion of numerous end-user application segments is expected to augment the
industry growth. In addition, the market of composites is estimated to observe
a substantial growth on account of its strength, thermal conductivity
performance properties and high corrosion resistance.
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The
product is majorly produced by layup process, which accounted for 30.90% of the
total composites market share in the year 2015. The layup process is presumed
to witness a significant growth in the near future on account of its versatility
in manufacturing a wide range of products and low operational expenditure. In
layup process, resin is applied by hand or spray technique onto a suitable mold
surface which causes in curing the laminate without requiring any additional
treatment. The layup process is expected to grow at a CAGR of 9.70% over the
forecast period.
In
terms of volume, Asia Pacific was the major market in 2015. Emerging economies
such as India, China, South Africa and Brazil are anticipated to lead the
market on account of the increasing demand from numerous application sectors
including aerospace & defense, transportation, automotive and wind energy.
Mergers and acquisitions and R&D activities together with new product
development by major companies are projected to augment the market growth. In
addition, superior features provided by these products particularly in CFRP
i.e. carbon fiber reinforced plastics on account of technological innovations
and new high-value applications will fuel the market expansion.
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Aerospace
& defense sector was estimated for 13.10% of the total market share in the
year 2015. The application of composites in the production of aircrafts has a
benefit over the traditional materials due to its high performance properties.
Decrease in the weight coupled with high corrosion resistance are few of the
crucial factors enhancing the growth of composites market in this sector.
Wind
energy application sector is expected to witness a rapid growth with a CAGR of
10% over the next eight years owing to its wide application as clean energy
materials in this industry. Infrastructure development for public transport and
growing automobile industry is anticipated to augment the further expansion of
composites market in the near future. The improvement in road networks,
particularly in Asia Pacific, is anticipated to result in stimulating the
growth of the composites market over the forecast period.
Product Insights
Glass
fiber composites generated a revenue of USD 41.8 billion in the year 2015 on
account of its wide consumption globally. The glass fiber composites market has
been dominating the international composites market over the recent past on
account of its surface texture variety, inherent strength, lightweight
properties and weather resistant finish. In light of these properties, glass
fiber composites possess a great demand from numerous segments such as
transportation, automotive, wind energy, aerospace & defense and others.
Carbon
fibers market accounted for over 33.9% of the total international volume in the
year 2015 and is anticipated to witness a steady growth at a rate of 10.40%
CAGR over the forecast period. The segment is expected to create new opportunities
in the automobile industry on account of the high value application.
Regional Insights
Asia
Pacific accounted for 40% of the total market share in terms of revenue in the
year 2015. Increasing development of application industries such as transportation,
wind energy and aerospace & defense is enhancing the growth of the
composites market in this region. In addition, rapid metropolitan development
of the cities, the existence of major carbon fiber manufacturers in APAC are
the major factors that are propelling the growth.
North
America market of composites was estimated at USD 14.5 billion in the year
2015. The increase in manufacturing of light commercial vehicles is anticipated
to enhance the market growth. Germany is expected to witness a steady growth at
a CAGR of 8.8% over the forecast period. Advancements in lightweight car
manufacturing to decrease fuel emissions, thus reducing carbon emissions in the
atmosphere, is expected to fuel the market growth.
Competitive Insights
The
market is majorly driven by new product developments coupled with product
exhibitions, as key participants are competing to enlarge their customer base
over the forecast period. The global composites industry is highly fragmented
in nature with the presence of major players emphasizing on R&D activities
and advancements in technologies. The key players consist of Toray Industries
Inc., Jushi Group Co. Ltd., Compagnie De Saint-Gobain, TenCate NV and Owens
Corning.
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