According to Goldstein Research, “Rapidly growing applications in aerospace and automobile industries and the emergence of carbon fiber uses in wind energy are the key factors for the growth of the composites market across the globe.”Moreover, innovations are now focused on increasing performance, reducing cost and process time of the material and making the composite material more environmentally friendly, which is likely to propel the growth of composites market over the forecast period.
“Global Composites Market Outlook 2024”
The Composites Industry is segmented based on product, by resin type, by technology type, and by end users. The product type is further bifurcated into metal composites, polymer composites, and ceramic matrix composites. Polymer composites accounted for the largest revenue of 75% in the global composite market in 2016. Moreover, polymer composite is the most lucrative segment which is likely to provide immense opportunity owing to the use of advanced composites in the wind and other renewable power generation applications.
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Based on end users, automobile and aerospace industries accounted for the largest market share of the global composites market. Automobile industry accounted for 18% market share of the composite market and is expected to acquire 31% of the global composite market during the forecast period.
North America is the largest region for the composites market in 2016 and is expected to dominate the market during the forecast period of 2016-2024. North America composites market valued USD 10.9 billion in 2016 and is estimated to reach USD 14.7 billion by 2024. The United States is expected to dominate the composites market due to large composite manufacturing in these countries. While small-town production plants are centered in Asia, manufacturing in major supply chains includes precursor and carbon fiber nodes located in the United States.
Automotive Industry: Major Boost
The balanced growth of the automotive sector has emerged as a key driver for the global composites market owing to the extensive use of various composites in automotive design and the high commercial potential of the automotive sector attributed to its growing presence in emerging regions. The lightweight advantage provided by composites has become a major feature in automotive design, as lighter vehicle construction helps in reducing its fuel emissions as well as helping in the production of high-performance engines. These characteristics are probable to remain significant to the automotive industry due to stringent environmental regulations across the globe, enabling steady demand from the global composites market.
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“Global Composites Market Outlook 2024” contains a detailed overview of the global composites market in terms of market segmentation byproduct, by resin type, by technology type, and by end users.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.
Global Composites Market Report also provides a competitive outlook of some of the major players which includes profiling of companies such as Owen Corning, Solvay, SGL Group, Hexcel Corporation, Mitsubishi, Toray Industries, SGL, Toho Co. Ltd.etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments.
Overall, the report represents comprehensive synopsis on the global composite market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market-centric strategies according to the ongoing and expected trends in the future.
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