Composite films are used in a variety of end-use industries, including aerospace & defense, and automotive, among others. Led by strong end-user demand, the composite film industry is growing at a rapid pace. The global composite film market size is expected to grow from ~USD 245 million in 2020 to ~USD 328 million by 2025, at a Compound Annual Growth Rate (CAGR) of 6.0% during the forecast period.
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Over the past few years, companies have strengthened their position in the global composite film market by adopting strategies such as expansions, contracts, agreements, new product launches, and acquisitions. From 2015 to 2020, expansions and contracts have been the key strategies adopted by market players to maintain growth in the global composite film market. For instance, in July 2018, Solvay signed a contract with Airbus to supply advanced materials such as prepregs, resin systems, adhesives, and surfacing films, carbon fiber, textiles, tooling, etc. till 2025.
Major manufacturers profiled in this report include 3M(US), Henkel AG Co. KGaA(Germany), Hexcel Corporation(US), Gurit (Switzerland), Solvay(Belgium), Toray Industries, Inc. (Japan), Socomore(France), Park Aerospace Corp.(US), Axiom Materials Inc.(US), among others. These companies adopted various organic and inorganic growth strategies. For instance, in March 2018, Toray acquired TenCate Advanced Composites to accelerate the growth of advanced composites for both companies. This acquisition increased the demand for composite films and thus helped Toray sustain in the composite film market.
3M (US), Henkel AG Co. KGaA(Germany), Hexcel Corporation(US), Gurit (Switzerland), Solvay(Belgium) are major players in the composite film market. These companies are the largest growth contributors of the global composite film industry. These companies specialize in manufacturing composite films that have sustainable properties. For instance, Hexcel Corporation (US) specializes in manufacturing composite films, namely HexBond, for the composite film industry, globally.
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Similarly, Solvay (Belgium) specializes in the manufacture of composite films for the composite film industry, globally. These companies are the key players present in the global composite film market and have a vast global presence.
North America boasts the largest market share in the composite film industry, primarily attributed to heightened demand within the aerospace and defense sectors across the region. Anticipated advancements and innovations in product technology further fuel the increasing demand for composite films in aerospace, defense, automotive, and other related industries. According to 24/7 Wall St., certain regions within the United States, such as parts of Florida, witness approximately 100 thunderstorm days annually, rendering Florida as the most susceptible area in the nation to lightning strikes. Additionally, along the US West Coast, an average of 10 thunderstorms occur each year. These environmental factors contribute significantly to the rising demand for composite films throughout the forecast period.
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