As per the MRFR analysis, the global composites market witnessed a healthy growth, and the market is likely to witness exponential growth over the next seven years. The market growth is attributed towards the continuously rising demand for lightweight automotive & aerospace components in order to reduce carbon emission and enhance fuel efficiency. The increasing usage of composites in construction applications coupled with a significant rise in construction output of developing economies is set to uplift the market growth.
Higher income levels in developing countries of Asia Pacific and Latin America is further expected to drive the end-use industries and in turn augment composite consumption. Advanced composites are gradually penetrating in several end-use industries replacing conventional metals such as steel and iron. Reduced cycle time, codes and standards to support new material are factors slated to positively influence global composites market over the forecast period.
With improving composite technology, its benefits are becoming more pronounced, and the costs of building materials are going down with added superior characteristics. However, strict regulatory environment related to polymers along with high capital expenditure are key challenges faced by industry participants and are touted to restrict market growth.
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Composites Market Top Key Players:
Some of the key players operating in the global specialty amine market are BASF SE, Owens Corning, Toray Industries Inc., TEIJIN Limited, SGL Carbon Company, Solvay, Mitsubishi Chemical Holding, Koninklijke Ten Cate bv, Hexcel Corporation, DuPont, Honeywell International Inc., Nippon Electric Glass Co. Ltd., Dowaska, Chongqing Polycomp, and Huntsman International LLC among others.
The global composites market is segmented by the type, technology, resin type, application, and region. Polymer matrix composites emerged as the leading type segment and accounted for over 85% of the overall market share in 2016. The material consists of a polymer (resin) matrix combined with a fibrous reinforcing dispersed phase. Simple fabrication methods and low cost are key factors determining the preference for polymer matrix over the forecast period. Increasing demand from automotive & aerospace industries along with the emergence of refractory matrix metals is anticipated to boost the market growth for metal matrix composites.
It is expected to witness a volume CAGR of 5.59% from 2017 to 2023. Thermoset composites were the largest resin segment with over 60% of the overall market share in 2016 and are expected to continue its dominance over the next seven years. Major benefits associated with composites include superior strength, lightweight, excellent modulus of elasticity, and extraordinary corrosion resistance. Injection molding is expected to be the fastest growing technology segment with demand driven by factors such as increasing penetration in electrical & electronics industry. The segment accounted for 13% of the overall market in 2016 and is expected to witness a CAGR of 10.98% from 2017 to 2023.
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.
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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
Table Of Contents:
TABLE 1 MAJOR COMPOSITE REGULATIONS 35
TABLE 2 GLOBAL COMPOSITES MARKET, BY TYPE 2015-2023 (USD MILLION) 40
TABLE 3 GLOBAL COMPOSITES MARKET, BY TYPE 2015-2023 (‘000 TONS) 41
TABLE 4 GLOBAL COMPOSITES MARKET FOR POLYMER MATRIX COMPOSITES, BY REGION 2015-2023 (USD MILLION) 41
TABLE 5 GLOBAL COMPOSITES MARKET FOR POLYMER MATRIX COMPOSITES, BY REGION 2015-2023 (‘000 TONS) 42
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