Composites Market 2017 Trends, Research, Analysis and Review Forecast 2025
Growing demand for lightweight materials for automotive and aircraft components and escalating demand for wind energy is anticipated to drive the global composites market for the next few years. With the growing need for lightweight and high strength material in automotive, aerospace, and wind mill applications; demand for carbon fiber is constantly increasing.
Growing demand for lightweight materials for automotive and aircraft components and escalating demand for wind energy is anticipated to drive the global composites market for the next few years. With the growing need for lightweight and high strength material in automotive, aerospace, and wind mill applications; demand for carbon fiber is constantly increasing.
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<strong>and</strong> defense is another application segment which held relatively significant share<br />
in the global composites market in 2016. <strong>Composites</strong> also provide greater flexibility<br />
because the material can be tailored to meet the design requirements <strong>and</strong> because<br />
they offer significant weight advantages. Composite materials used in aircrafts are<br />
generally reinforced fibers or filaments embedded in a resin matrix. In terms of<br />
technology, layup process segment generated high sales in 2016. However, it is<br />
anticipated to lose its market share by <strong>2025</strong> on account of the growing dem<strong>and</strong> for<br />
low-cost manufacturing processes.<br />
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North America to Lead the Pack as Region Shows Higher Adoption of<br />
Technological Advancements<br />
North America dominated the global composites market <strong>and</strong> held nearly 40%<br />
volume share in 2016. Asia Pacific is the anticipated to witness a CAGR of 9.0% by<br />
volume <strong>and</strong> likely to remain an attractive market for composites. This is on account<br />
of rapidly developing technological advancements <strong>and</strong> the adaptation of composites<br />
in applications such as automotive <strong>and</strong> wind turbine blades. Europe being a major<br />
manufacturer of premium cars, is an attractive market for composites. On account<br />
of the increasing use of composites in next-generation aircrafts, the aerospace<br />
segment in Europe is predicted to offer lucrative opportunities witnessing a CAGR of<br />
8.6%, during the forecast period.<br />
Some of the key players in the composites market include Toray Industries, Owens<br />
Corning, Teijin Limited, Hexcel Corporation, TPI <strong>Composites</strong>, Inc, Faurecia,<br />
Performance <strong>Composites</strong> Inc., Enduro <strong>Composites</strong>, Inc., KINECO, APPLIED<br />
POLERAMIC INC., Hexagon <strong>Composites</strong>, Creative <strong>Composites</strong> Ltd., <strong>and</strong> HITCO Carbon<br />
<strong>Composites</strong>, Inc.<br />
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