Composites Market | Global Trends and Forecast by Regions, Types, Applications, Technology and Outlook 2018-2023
Global Composites Market: by Type (Polymer, Metal, Ceramic) Resin Type (Thermoset, Thermoplastic) Technology (Layup, Injection Molding, Pultrusion) Application (Automotive & Transportation, Aerospace & Defense, Wind Energy) Region – Forecast till 2023
Pune, India – April 12, 2018 /MarketersMedia/ —
Composites Market – Market Overview
Composites are incorporated in our day to day life and helped in the prospering global infrastructure as well as human evolution. Composite materials have vast engineering applications right from transportation to wind energy and oil & gas. Continuous R&D and innovation has played a key role in widening the scope of composite application and is expected to continue over the forecast period. The global composites market has witnessed substantial growth of USD 76 billion in 2016 with CAGR of 8.59% during the review period 2017-2023. Some of the protuberant factors and trends fostering growth of Global Composites Market are rising infrastructure projects in emerging economies and significant increase in consumption of plastic material in the automotive industry. Moreover, composite materials have emerged as new compound material as they play a vital role in current and prospective aerospace components due to superior strength and stiffness to density ratio. Prolific increase in defense budgets and rising air traffic has resulted in significant increase in a number of air fleets across the globe, in turn augmenting the demand for composites.
According to MRFR analysis, the Global Composite Market is segregated as type, resin type and application. Polymer matrix composites emerged as the leading type segment and accounted for over 85% of the overall market share in 2016. This is attributed to simple fabrication method and low-cost process leading to increase consumption in automotive and aerospace industry. Among resin, Thermoset composites were the largest resin segment with over 60% of the overall market share in 2016 owing to superior strength, lightweight, excellent modulus of elasticity, and extraordinary corrosion resistance. Moreover, rapid adoption of fiber-reinforced polymer composites (FRPs) in construction industry has effectively benefit composite structure due to high durability, aesthetic appeal, and low maintenance. Increasing development of composites such as fiber-reinforced composites in wind turbine blades has emerged as a key driving factor for market growth over the forecast period.
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North America is dominating in the Global Composites Market accounting for more than 35% of market share. Rising production of luxury cars and continuous innovation to widen application scope is driving the regional market growth. Increasing travelling through domestic airline and connecting smaller cities are further anticipated to drive product demand in aircraft industry. Moreover, easy market access due to North America Free Trade Agreement (NAFTA) are likely to open lucrative opportunities to market players. Asia Pacific is set to emerge as leading region with CAGR of 11.28% over the forecast period. Changing lifestyle and increase in disposable income has led to significant increase in a number of car owners. Thus, shift in automobile production especially in developing countries such as China and India are another factor driving the market growth.
Composites Market – Competitive Analysis
The Global Composites Market is highly competitive market with presence strong regional market leader as well as small enterprise players in regional market. Players in this market adopted various strategies to expand their footprint and augment their market share. Expansion and acquisition are key strategy adopted by numerous players in Global Composites Market. Rising expansion in ASEAN countries has resulted in increased domestic demand as well as overall rise in demand for composites across the globe. Huge expenditure on R&D for innovative solution of composite materials to meet growing application segment are encouraged among market participants. Some of the players also entered into long term partnership with distributors to easy process and meet growing demands of consumer. The key industry players had integrated across value chain to pose entry barriers for new players in the market. For instance, BASF SE, Owens Corning, Toray Industries, TEIJIN Limited, SGL Carbon, Cytec Solvay Group, Holdings Mitsubishi Chemical Corporation are major players in the market account for more than 45% of market share.
Industry/ Innovation/ Related News:
November 2017-BASF and DONG-IL CNE signed an agreement to developed polyurethane composites applications in building and infrastructure industries. These includes development of innovative, lightweight utility poles and oil & gas pipes. Under this agreement company also explore various technologies such as PU pultrusion, PU with carbon fiber filament winding.
September 2017 – Owens Corning plans to expand production capacity of composites by 25% of current capacity in Chambery, France. It also investing USD 50 million to rebuild a glass melter. This operation is expected to start in mid-2018
February 2017 – Toray Industries Inc. announced that its production of TORAYCA® Carbon Fiber Prepreg-based Slit Tape at Ishikawa Plant, Japan has received a clear certificate from Boeing Company to supply materials for Boeing 787 Aircraft.
January 2017 – Teijin Limited acquired the shares of Continental Structural Plastics Holding Corporation (CSP)-a leading producer in automotive lightweight composite technologies. This helped the company to capture market share in automotive composite material.
January 2017- SGL group focuses its carbon fiber production at two sites Moses Lake (U.S.) and Muir of Ord (UK). The production in Muir is capable to produce 24k carbon fiber which is manufactured solely in Evanston (U.S.). The group sold the production site to U.S. based subsidiary Mitsubishi Rayon Carbon-Fiber & Composites Inc.
June 2017-Solvay and GNK Aerospace Fokker business signed an agreement to adopt thermoplastic composite materials on aircraft. These will help solvay to become a leading supplier of thermoplastic composite material to the aerospace, oil & gas and automotive industries.
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