(MENAFN- GetNews) Composites Market 2019 research report added by Market research future.com to its vast repository provides important statistics and analytical data to give a complete understanding of the market
Market Insight
The composites market was estimated at USD 76 billion in 2016 and will be depicting a lucrative growth trajectory at a striking CAGR of 8.59% over the forecast period (2017-2023).
Key Competitors
Some of the leading contenders functioning in the global composites market include Honeywell International Inc., Toray Industries Inc., TEIJIN Limited, Owens Corning, BASF SE, Hexcel Corporation, SGL Carbon Company, Koninklijke Ten Cate bv, Mitsubishi Chemical Holding, Nippon Electric Glass Co. Ltd., Solvay, DuPont, Chongqing Polycomp, Huntsman International LLC, Dowaska, among others.
Industry Update
February 2019 A USD 1 million composites layup facility has been set up in Brunswick Landing's TechPlace (U.S), which will make it easier for numerous manufacturers to now generate the amount of composites required for aircraft and boat production, in addition to other types of construction.
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Market Drivers and Top Challenges
Increasing concerns associated with the aircraft weight will fuel composite demand from the aviation industry. Commercial aviation is increasing the usage of composites to almost 50% of the total weight of the aircraft. Moreover, airbus A350 is built using at least 52% CFRP, whereas Boeing 787 Dreamliner is made by making use of 50% CFRP, weight-wise. Therefore, expansion of commercial aviation will elevate the market position of composites over the forecast period.
As per the World Bank Group, the International Financial Corporation (IFC) has estimated an investment opportunity of around USD 16 trillion by 2030, which will be useful for the development of green buildings in Paris. These statistics refer to the lavish opportunity for the composites market in the construction industry among other things. Moreover, the thriving aerospace industry, especially in Europe and North America will work in favor of the composites market at a global level. Accelerated demand for commercial aviation owing to the increased disposable income as well as globalization is set to bear good news for the composites market. This popular trend is expected to continue in the next few years as well.
Apart from this, the growing propylene production is escalating the demand for polyacrylonitrile, a primary raw material in the production of Carbon Fiber Reinforced Plastic (CFRP). Moreover, extensive research and development (R & D) activities in Europe and Japan have resulted in the emergence of a number of market players, which in turn, is set to be highly instrumental in the growth of the market. For instance, there are constant efforts made by prominent industry players, like Teijin Limited, Mitsubishi Rayon Co., Ltd. and Toray Industries Inc. in Japan, which have made a massive impact on the growth of the global market in the forthcoming years.
Industry Trends/Future Prospects
Massive efforts are already underway for the development of light-weight, high-temperature composite materials at National Aeronautics and Space Administration (NASA) to be used in aircraft parts. High temperatures of up to 1650°C are expected for the turbine inlets of a conceptual engine. For materials that are able to withstand such temperatures, Ceramic Matrix Composites (CMCs) are required.
Market Segmentation
The market for composites is segmented on the basis of type, resin type, technology, and application.
The market, based on type, is segmented into polymer matrix composites, metal matrix composites, ceramic matrix composites among others.
Depending on the resin type, the market caters to thermoset composites & thermoplastic composites.
Technology-wise, the market is considered for layup process, pultrusion process, filament winding, injection molding, automated fiber replacement, compression molding, automated tape lying, and resin transfer molding.
Composites find application in automotive & transportation, aerospace & defense, electrical & electronics, wind energy, construction & infrastructure, marine & oil & gas, and others.
Regional Insight
The global composites market, region-wise, is split into Europe, Asia Pacific, North America, Latin America, and the Middle East & Africa.
The market in North America is spread among the countries of the United States (U.S.) and Canada, with the market in Europe segmented into Russia, Germany, France, the U.K., Spain, Italy, Poland and the Rest of Europe. The market in North America is faring extremely well on account of the thriving sports industry, as it makes extensive use of composites for the production of various types of sporting equipment. Manufacturing of tennis, baseball bats, squash and badminton racquets, hockey sticks, fishing rods, as well as helmets is responsible for the composites market in the region.
The Asia Pacific market is sub-segmented into India, China, South Korea, Japan, and Rest of Asia Pacific. Based on the geographical distribution, Asia Pacific has emerged as the leading market, as a result of the tremendous performance of the end-use industries like automotive, construction, as well as electrical & electronics. In addition, the emergence of countries in Southeast Asia like Malaysia, Indonesia and Thailand as manufacturing hubs will most likely bolster the consumption of different composite matrix at a remarkable pace.
Furthermore, Mexico is developing into the largest export market for the U.S. The proximity factor between Mexico and U.S. producers leads to price competitiveness compared to other foreign players, with communication costs, low logistics, along with the positive service advantages such as shorter shipping times.
The flourishing construction and infrastructure industry will prove to be a major factor driving the composites market growth in Europe. The rapid construction of skyscrapers, swimming pools, buildings, countertops, bridges, storage tanks, and commercial landscapes throughout the various countries in the region will augment the growth in the composite market in the coming years.
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Key Findings:
Market Research Future concludes that over the past few years, the global composites market has witnessed substantial growth and is set to witness an exponential volume CAGR of over 8%. Besides, the increasing usage of composites in automotive and construction industry, novel application fields such as wind energy and oil & gas are driving the industry growth at a rapid pace. Global composites market is projected to reach USD 134.93 billion by 2023 at a CAGR of 8.59% during the review period 2017-2023. The layup process was the leading technology segment and accounted for over 30% of the overall revenue share in 2016. It is expected to witness steady growth of 8.11% owing to its usage in intricate application requirements. Increasing demand for renewable energy in developed as well as developing economies is slated to uplift the consumption of composites in wind energy applications.
List Of Tables
TABLE 1 MAJOR COMPOSITE REGULATIONS
TABLE 2 GLOBAL COMPOSITES MARKET, BY TYPE 2015-2023 (USD MILLION)
TABLE 3 GLOBAL COMPOSITES MARKET, BY TYPE 2015-2023 (‘000 TONS)
TABLE 4 GLOBAL COMPOSITES MARKET FOR POLYMER MATRIX COMPOSITES, BY REGION 2015-2023 (USD MILLION)
TABLE 5 GLOBAL COMPOSITES MARKET FOR POLYMER MATRIX COMPOSITES, BY REGION 2015-2023 (‘000 TONS)
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