According to a new market report
The major growth drivers for this market are the rise in demand for lightweight materials and increasing demand for durable products for corrosive environments, such as in rebar and gratings applications. Increasing energy efficiency requirements from consumers and greater focus on total lifecycle cost of end products are further driving the market.
On the basis of comprehensive research, Lucintel forecasts that the demand for window profile will experience the highest growth in the forecast period, supported by increasing energy efficiency requirements from consumers and a higher degree of insulation than aluminum. These qualities save energy and add comfort and value in applications where temperature differentials are high.
During forecast period, the window profile is expected to emerge as the largest market by value and the second-largest market by volume consumption after ladder rail.
North America is expected to remain the largest market due to growth in end use applications and a wider acceptance of pultruded parts. Asia Pacific and Rest of the World are expected to witness significant growth over the forecast period because of the growing awareness of pultruded products.
For market expansion, the report suggests innovation and new product development, where the unique characteristics of pultrusion technology can be capitalized. The report further suggests the development of partnerships with customers to create win-win situations and development of low-cost solutions for end users.
Terms: Composite market