With 8.9% CAGR, Global Composites Market to Grow due to Rising Usage of Natural Fibers - TMR
ALBANY, New York, April 1, 2019 /PRNewswire/ --A recent report by Transparency Market Research (TMR) anticipates that the global composites market is likely to witness several growth opportunities during upcoming years. The composites market includes various big-scale companies across the globe, with major share of it. Nevertheless, the new entrants and small players are making efforts to enter into the competition in composites market in the forthcoming years.
On the basis of requirement and business model, the firms in composites market are foreseen to indulge in backward or forward integration activities. They are concentrating on providing raw material and in-house production in coming years. The makers are investing notably in the development of unique techniques for manufacturing. These practices are anticipated to provide them a competitive edge over their peers. The leading players leading in the global composites market are Toray Industries, Teijin Limited, Owens Corning, TPI Composites, Inc, and Hexcel Corporation.
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According to a report by TMR, the global composites market is prognosticated to expand at a steady CAGR of 8.9% within the forecast period during 2017 to 2025. Back in 2016, the market was valued to be around worth of US$47.32 bn, and is estimated to reach around US$101.88 bn by the end of forecast period.
As per the product the global composites market is classified as metal matrix composite, polymer matrix composite, and ceramic matrix composite. Among these, the segment of polymer matrix composite led the global composites market back in 20016, as per the volume and value. The segment accounted for over 95% of volume share in that year. Based on geography, Asia Pacific region is estimated to dominate the other region with a steady CAGR of 9.0% in terms of volume. The region is foreseen to sustain its lead during forecast period as well from 2017 to 2025 owing to rapid advancements in technologies, along with popularity of composites in various applications for example wind turbines blades and automobiles.
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Rising Applications in Automobile Sector to Augment Demand Globally
All over the globe, the composites are utilized to fix and develop various foundation applications ranging from scaffolds and buildings to railroads and streets. These applications are more long-lasting owing to anti-rust properties, high-quality, and long term resistance, and low maintenance requirement.
The global composites market is witnessing significant growth and improvements in past few years, along with technological advancements. Industries using composites are automobiles, aviation, construction, power, and so on. Composite play a significant role in aviation sector and current advancement in avionic sector towards automated fiber placement (AFP) and automated tape laying (ATL) to fuel the composites market in the forthcoming years.
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Growing Trend of Developing Green Material to Support Overall Growth
The firms are consistently investing resources in order to grow and enhance the quality of regular filaments to upgrade chemical and mechanical prerequisites, both. Moreover, the current trend of developing green materials are foreseen to provide improvement in the quality of regular fiber to improve the adoption of in the global composites market.
Composites also provide more significant adaptability due to the fact that the material can be personalized to meet the prerequisites of the plan. Moreover, they provide important weight preference as well. Owing to rising inclination towards light vehicles, the composites are being used to the advantage by the manufacturing companies. This fuel the surging demand for the global composites market. The trend is expected to significantly control the fuel emission and improves the engine performance and maintenance.
The data and information presented is based on the findings of a TMR 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:
- Product Type
- Polymer Matrix Composites
- Carbon Fiber Reinforced Plastic
- Glass Fiber Reinforced Plastic
- Others (Aramid fiber composites, etc.)
- Metal Matrix Composites
- Ceramic Matrix Composites
- Technology
- Pultrusion Process
- Layup Process
- Filament Winding
- Compression Molding
- Injection Molding
- Resin Transfer Molding
- Others (Automated fiber placement, automated tape laying, etc.)
- Application
- Automotive & Transportation
- Interior
- Exterior
- Power Train Components
- Others (Chassis, brake pads, etc.)
- Construction
- Aerospace & Defense
- Electrical & Electronics
- Marine & Oil & Gas
- Pipes
- Others (Top side applications, etc.)
- Wind Energy
- Others (consumer goods, etc.)
- Geography
- North America
- U.S.
- Canada
- Europe
- France
- U.K.
- Germany
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- ASEAN
- India
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East and Africa
- GCC
- South Africa
- Rest of Middle East and Africa
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