Global Composites Market report is a professional and in-depth research report on the world’s major regional market conditions, focusing on the main regions (North America, Europe and Asia-Pacific). It covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the Key Vendors operating in this Global market.
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The global composites market witnessed significant growth and is estimated to reach USD 134.93 billion by 2023 at a CAGR of 8.59% during the review period 2017-2023. Rising expenditure on the construction projects such smart city and architectural buildings along with escalating defense budgets are anticipated to drive the market growth. Moreover, the subsequent shift of automotive industry towards lightweight components to increase fuel efficiency is propelling the global composites market growth. Aforementioned factors are likely to exhibit an exponential CAGR of 8.59% during the assessment period. Aerospace and defense sectors are likely to exhibit a considerable growth over the years due to growing use of composites to reduce the weight along with low maintenance costs compared to traditional materials. For instance, consumption of composites for Airbus aircraft is more than 50% as compared to 2%-3% usage of composites previously. However, increasing demand for glass fiber composites in the aerospace industry is likely to provide a positive impact on this market. Over the years, the market is expected to witness a high development in downstream derivative and innovation to meet regulations and broaden application spectrum in different regions. Composites are extensively used in roofs, infill panels, tank liners, and load-bearing structures. Increasing penetration of fiber reinforced polymer composites (FRP) in rail and road building projects owing to durability, aesthetic appeal, and low maintenance are anticipated to influence market demand positively. Carbon and fiberglass composites are used in wind turbine blades for material strength and stiffness, which, in turn, raised the level of energy. Thus, growing awareness to reduce fossil fuel dependence and increasing renewable energy production are likely to provide a lucrative opportunity to market players.
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Regional Analysis
The global composites market is segregated into five different regions namely, North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Among the regions, North America emerges as leading region with 35% of market share in 2016. North American region witnessed the high growth in the aviation industry due to increasing use of commercial aircraft to link small cities, and regional capacity expansion of key market players in the aerospace industry are some of the factors leading the growth of the composites market in this region.
Asia Pacific region is projected to experience a substantial growth owing to growing production of the automobile industry, especially in China and India and rising government initiatives such as 100% FDI in the automobile industry are likely to boost the market growth. Moreover, Thailand, Malaysia, and Indonesia have emerged as manufacturing hubs for different industry players, which, in turn, is anticipated to drive the market growth. Moreover, the presence of market players such as Toray Industries and Owen Corning are likely to foster the market growth. Major players are entering a strategic alliance with small regional players to capture the market share. For instance, Owens Corning signed an agreement with China-based composite player namely, Taishan Fiberglass and Xingtai Jinniu to meet the regional demand for composite material across end-user industries.
Segmentation
The global composite market is classified based on types, resin, technology, application, and region. Based on the type, the composites market is segmented as polymer matrix composites, metal matrix composites, ceramic matrix composites. On the basis of the resin type, thermoset composites and thermoplastic composites are major resin available on the market.
On the basis of the technology, the composite is produced by layup process, an extrusion process, filament winding, injection molding, automated fiber replacement, compression molding, automated tape lying, and resin transfer molding. Lastly, based on application, the market is segmented as automotive and transportation, aerospace and defense, electrical and electronics, wind energy, construction and infrastructure, marine and oil and gas, and others. According to the region, the market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.
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Key Players
Some of the key players operating in the global specialty amine market are BASF SE, Owens Corning, Toray Industries Inc., TEIJIN Limited, SGL Carbon Company, Solvay, Mitsubishi Chemical Holding, Koninklijke Ten Cate bv, Hexcel Corporation, DuPont, Honeywell International Inc., Nippon Electric Glass Co. Ltd., Dowaska, Chongqing Polycomp, and Huntsman International LLC among others.
Geographic Analysis
The report covers brief analysis of geographical region such as:North America o The U.S.o CanadaEuropeo Germanyo Franceo Italyo Spaino U.K.o Russiao Polando Rest of EuropeAsia Pacifico Chinao Indiao Japano South Koreao Rest of Asia PacificLatin Americao Brazilo Argentinao Rest of Latin AmericaMiddle East and Africao Turkeyo IranKey Findings
As per analysis, the global composites market has witnessed an exponential volume of 8.5% CAGR over the years. Increasing usage of composites in the oil and gas industry along with rising wind power installation in countries such as China, the U.S., Germany, and India are expected to provide a lucrative opportunity to the composite market players. The global composite market is expected to reach USD 134.93 billion by 2023. Based on the technology, layup process segment accounted for over 30% of the overall market revenue in 2016 followed by filament winding. Subsequent shift in the demand for renewable materials across numerous end-use industry such as automotive, aerospace and wind energy industry is expected to drive the market demand.
Intended Audience
Composites manufacturersAutomotive manufacturersPotential investorsComposite suppliersNationalized laboratoryComposite Research Associations
Key Features of Composites Market Research Report:
Lastly, this report covers the market landscape and its growth prospects over the coming years, the Report also brief deals with the product life cycle, comparing it to the relevant products from across industries that had already been commercialized details the potential for various applications, discussing about recent product innovations and gives an overview on potential regional market shares.
Total Chapters in Composites Market Report are:
Chapter 1 Overview of Composites Market
Chapter 2 Global Market Status and Forecast by Regions
Chapter 3 Global Market Status and Forecast by Types
Chapter 4 Global Market Status and Forecast by Downstream Industry
Chapter 5 North America Market Status by Countries, Type, Manufacturers and Downstream Industry
Chapter 6 Europe Market Status by Countries, Type, Manufacturers and Downstream Industry
Chapter 7 Asia Pacific Market Status by Countries, Type, Manufacturers and Downstream Industry
Chapter 8 Latin America Market Status by Countries, Type, Manufacturers and Downstream Industry
Chapter 9 Middle East and Africa Market Status by Countries, Type, Manufacturers and Downstream Industry
Chapter 10 Market Driving Factor Analysis of Low End Servers
Chapter 11 Composites Market Competition Status by Major Manufacturers
Chapter 12 Composites Major Manufacturers Introduction and Market Data
Chapter 13 Upstream and Downstream Market Analysis of Composites Market
Chapter 14 Cost and Gross Margin Analysis of Composites Market
And Continued…
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To view the original version on The Express Wire visit Global Composites Market 2019 Analysis, Growth, Drivers, Vendors Landscape, Shares, Size, Trends, Challenges, Segmentation with Opportunity Analysis, Player Landscape, Growth, Developments & Forecast till 2023