Transparency Market Research (TMR) observes that the
degree of competition in the global composites market is quite
fragmented. The strong presence of local and regional players in the
global market is expected to intensify the competition in the coming
years. The leading players operating in the global market are Hexcel
Corporation, TPI Composites, Inc., Toray Industries, and Owens
Corning. Strategic alliances and product innovation will be the two
key strategies adopted by companies in the global composites market
in the near future.
According to the research report, the global
composites market is expected to be worth US$ 101.88 bn by the end of
2025 from US$ 47.32 bn in 2016. Analysts state that the global
composites market will progress at a CAGR of 8.9% during the forecast
period. Out of the various products available in the global market,
the polymer matrix composite is expected to hold a major share in the
overall market. The report estimates that this product segment is
anticipated to progress at a CAGR of 9.9% during the forecast period.
From a geographic point of view, North America and Europe are
expected to lead the global market as both the regions are slated to
acquire similar shares in the near future.
This 206 page report gives readers a comprehensive
overview of the Composites market. Browse Market Research Report @
Improved Structure of Composites and Greater
Advantages Augment Demand
The demand for various types of composites has been
on the rise due to increasing number of manufacturing activities
across the globe. The soaring automotive production and increasing
focus on reducing the weight of vehicles is expected to provide the
global market a major boost. The dire need to bring out CO2 emissions
has been driving the demand for composites in recent years as they
offer several structural and weight advantages over conventional
materials.
Implementation of several norms, rules, and
regulations about carbon emissions has compelled automotive
manufacturers to bring look for efficient materials to achieve fuel
efficiency. This has had a positive influence on the demand for
polymer-reinforced composites that provide terrific crash
performance. Additionally they have better tensile strength, higher
stiffness, and improved temperature tolerance. On the other hand, the
global market also stands to benefit with the growth of the aerospace
industry. With dynamic changes the industry, introduction of
aerospace design and uptake of newer materials are expected to have a
positive impact on the overall market.
Availability of Substitutes to Hamper Sale of
Composites
On the flip side, the global composites market is
likely to be hampered by the wide availability of substitutes is
expected to hamper market growth. For instance, availability of TPOs,
TPUs, engineered plastics, aluminum, and other alloys are expected to
restrain the growth of global market in the coming years.
Furthermore, the high cost of composites due to expensive nature of
reinforcement and matrix is likely to hamper the overall market
growth in the coming years.
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This review is based on Transparency Market
Research’s report, titled “Composites Market (Product - Polymer
Matrix Composite (Carbon Fiber Reinforced Plastic, Glass Fiber
Reinforced Plastic, and Aramid Fiber Composites), Metal Matrix
Composites, and Ceramic Matrix Composites; Technology - Pultrusion
Process, Layup process, Filament Winding, Compression Molding,
Injection Molding, Resin Transfer Molding, Automated Fiber Placement,
and Automated Tape Laying; Application - Automotive &
Transportation (Interior, Exterior, Power Train Components, Brake
Pads, Chassis), Construction, Aerospace & Defense, Electrical &
Electronics, Marine & Oil & Gas (Pipes and Top Side
Application), Wind Energy, and Consumer Goods) - Global Industry
Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025.”
The report segments the global composites market
into:
- Composites Market – By Product Type
- Polymer Matrix Composites
- Carbon Fiber Reinforced Plastic
- Glass Fiber Reinforced Plastic
- Others (Aramid fiber composites, etc.)
- Metal Matrix Composites
- Ceramic Matrix Composites
Composites Market – By Technology
- Pultrusion Process
- Layup Process
- Filament Winding
- Compression Molding
- Injection Molding
- Resin Transfer Molding
- Others (Automated fiber placement, automated tape laying, etc.)
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