Composites Market Synopsis:
The global composites market was valued at over USD 76 billion in 2016. The market is anticipated to be driven by factors such as escalating aerospace & defense budgets, increasing construction spending, and rising demand for renewable energy such as wind power. A significant increase in consumption of plastic material in the automotive industry is set to uplift the market growth, specifically in developing economies. Owing to these factors the global market is anticipated to exhibit exponential CAGR of 8.59% over the forecast period.
The continued light weighting of components in the transportation industry is a key factor set to propel the industry growth over the forecast period. The transformation of plastic inculcation in the automotive industry was sparked way back in 1950’s and has galloped ever since. Thermoplastics were the first material to penetrate in the automotive industry, opening with ABS and followed by polyacetal, polycarbonate, and polyamide in combination with the introduction of alloys and blends of varied polymers.
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Composites Market Top Key Players:
BASF SE
TEIJIN Limited
SGL Carbon Company
Solvay
Hexcel Corporation
DuPont
Honeywell International
Chongqing Polycomp
Huntsman International LLC
Global Composites Market 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.
Composites Market Regional Analysis:
For the purpose of this study, Market Research Future has segmented the global composites market in five different regions namely, North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The North American market is further divided into the U.S. and Canada while the European market is segmented into Germany, Russia, the U.K., France, Italy, Spain, Poland and Rest of Europe. The Asia Pacific market is sub-divided into China, India, Japan, South Korea, and Rest of Asia Pacific. Asia Pacific emerged as the leading regional market driven by the strong performance of the end-use industries such as construction, automotive, and electrical & electronics. Moreover, the emergence of Southeast Asian countries such as Thailand, Malaysia, and Indonesia as manufacturing hubs is anticipated to bolster the consumption of various composite matrix at a significant pace.
Mexico emerged as the largest export market for the U.S. The comparative proximity of Mexico to the U.S. producers enables price competitiveness over other foreign players, with low logistics, communication costs, and lucrative service advantages such as shorter shipping times. Restricted Mexican competition and enhanced market access due to the North America Free Trade Agreement (NAFTA) have also provided an impetus to the U.S. industry’s competitiveness in Mexico
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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.
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)
TABLE 6 GLOBAL COMPOSITES MARKET FOR METAL MATRIX COMPOSITES, BY REGION 2015-2023 (USD MILLION)
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