According to the experts, the composites market will grow from $ 69.5 billion in 2015 to $ 105.26 billion by 2021 at a CAGR of 7.04% between 2016 and 2021.
First and utmost, a shift in the trend from traditional materials towards composites is witnessed due to the physical and chemical properties of the latter. In the first place, this is corrosion resistance, high strength, high thermal conductivity, and others. High strength-to-weight ratio, heat resistance, and a light weight of composite materials increase fuel efficiency in vehicles and give structural stability to aircrafts. No wonder, the aerospace & defense is the biggest application and is driving the growth of the market during the forecast period.
In addition to aerospace & defense, the major applications of composites involve wind energy, transportation, construction & infrastructure, pipes & tanks, marine, electricals & electronics, and others. Wind energy is the fastest-growing application in the composites market during the forecast period. The properties offered by composites, such as shape stability, strength, damage resistance, and longitudinal stiffness, encourage its use in high-performance wind energy applications.
The layup process dominated the composites market in 2015 due to the increased demand from the wind, marine, and aerospace & defense industries. The layup process is preferred by composite manufacturers due to its low cost and it is mostly used for manufacturing composites parts for wind energy and marine applications.
Currently, Asia-Pacific is the largest consumer of composites. The growth of the construction & infrastructure, electricals & electronics, and improved transportation facilities in the region has led to an increase in the demand for composites. China, India, Sweden, the U.K., the U.S., Brazil, and Malaysia are among the major markets of composites. The Brazilian market for composites in Latin America is projected to register the highest CAGR during the forecast period.
The high cost of raw materials required for manufacturing composites is acting as a barrier for its use in various applications. Recyclability issues of composites are also posing a threat to its market. However, companies are adopting various strategies to build a strong foothold in the market through several developmental activities. Toray Industries (Japan), Teijin Limited (Japan) Owens Corning (U.S.), and Hexcel Corporation (U.S.) are few of the major manufacturers of composites. These companies have been able to hold a leading position by tapping various global markets. They have undertaken strategic alliances, such as expansions & investments, agreements, to accommodate the increase in demand as well as to increase their market share and customer base.
These companies have shown a positive growth in the composites market for the last few years due to innovative and technologically advanced product portfolio. The target end users for these companies can be categorized as automotive, aerospace, construction, and wind energy related companies such as BMW (Germany), Ford (U.S.), Bell Helicopter (U.S.), Boeing (U.S.), Mercedes-Benz (Germany), and Vestas (Denmark) among others.
The study of MarketsandMarkets answers several questions for stakeholders, primarily which market segments to focus on in the next two to five years for prioritizing their efforts and investments.
The research report segments the composites market into the following segments: fiber and resins types, manufacturing process, application, and regions.