The global Composites Market is estimated to surpass 30 billion mark by 2022 growing at an estimated CAGR of more than 3.7% during 2018 to 2022. With the increase in demand for the production of lightweight transportation and aerospace vehicles the demand for composites is also increasing. Furthermore, development of low cost and high strength nano resins and bio resins for various applications is estimated to propel the composites market further.
What is Composites?
Composite material is made from two or more constituents with diverse physical and chemical properties, which when clubbed together produces a material with characteristics different from the individual materials. Composites like polymer and carbon has growth opportunities in the forecast years. Polymer and Carbon fiber are used under several applications owing to their properties such as low thermal expansion, weight, high rigidity, temperature lenience, and chemical resistance. Polymer segment held the highest revenue and size with 8,027.0m and 3,141.9 Kilo Tons respectively. The Composite market includes resin type segments, where thermoset resin is determined to be the largest market globally, with a share of 83.3% in forecast year. Thermoset composites are synthetic materials that get strengthened when heated. These diverse chemicals are mixed together to enhance the properties of the materials and to make them suitable for the various applications in the end user industries
What are the major applications of Composites?
The major application of Composites are appliances, electrical, aerospace, marine, sanitary, sporting, biomedical, oil & gas, renewable energy, construction, transportation and many others. The Carbon fiber utility has aid the manufacturers to reduce the logistics cost. Carbon Fiber Reinforced Plastic (CFRP) demand depend on grades levels and the quality of substance designed from other material. In CFRP application, aerospace and high-performance cars are manufactured as per client requests. This helps the manufacturers to showcase their own engineering technique to gain competitive advantage. Glass fiber estimated as the major product segment in the global composites market, with a share of 64% in 2017.
Market Research and Market Trends of Composites
- Innovations in Applications Over the past few years there has been a significant developments and innovations in the composites industry across various industries such as aerospace, automotive, energy, construction and others. Composite play a crucial role in aerospace industry and the recent move of aerospace industry towards automated tape laying (ATL) and automated fiber placement (AFP) is expected to drive the market during the forecast period. Moreover, more carbon and nano composites are expected to emerge in the market. Boeing 787 and Airbus 350 XB incorporated significant composites in structural parts.
- Trends in Fibers Companies are continuously investing in innovating and developing high strength natural fibers to improve both mechanical and chemical requirements. Additionally, the recent trend on developing green materials would give momentum to development of high strength natural fiber to increase penetration in Automotive, Construction, and various other industries
- Trends in Resins Companies are launching new resin types that focus on shorter cure time in the range of 1 – 2 minutes for mass volume applications. Companies such as Momentive and Huntsman have recently developed epoxy resin systems with short cycle times for High Pressure Resin Transfer Molding (HP-RTM) and Compression Molding.
Who are the Major Players in Composites Market?
The companies referred in the market research report include Toray, Tejin, MRC, SGL, Hexel, Cytec (Solvey) and more than 10 other companies.
What is our report scope?
The report incorporates in-depth assessment of the competitive landscape, product market sizing, product benchmarking, market trends, product developments, financial analysis, strategic analysis and so on to gauge the impact forces and potential opportunities of the market. Apart from this the report also includes a study of major developments in the market such as product launches, agreements, acquisitions, collaborations, mergers and so on to comprehend the prevailing market dynamics at present and its impact during the forecast period 2018-2024.
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Key Takeaways from this Report
- Evaluate market potential through analyzing growth rates (CAGR %), Volume (Units) and Value ($M) data given at country level – for product types, end use applications and by different industry verticals.
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