Composites Market by Fiber Type (Glass, Carbon), Resin Type (Thermoset, Thermoplastic), Manufacturing Process (Layup, Filament Winding, Pultrusion), Application (Transportation, Aerospace & Defense, Wind Energy), Region - Global Forecast to 2022
The composites market is estimated to reach USD 115.43 billion by 2022, at a CAGR of 8.13% between 2017 and 2022. Increasing use of composites in the aerospace & defense, transportation, wind energy, construction & infrastructure, and pipes & tanks applications is driving the growth of the composites market across the globe. However, the high processing and manufacturing costs of composites and lack of standardization in the composite manufacturing technologies are some of the factors expected to restrain the growth of the composites market during the forecast period.
“In terms of value, the aerospace & defense application segment is projected to lead the composites market during the forecast period.”
The aerospace & defense application is projected to lead the composites market during the forecast period. The growth of this application segment of the composites market can be attributed to increased use of composites in the aircraft structures. Composites used in various aircraft structures such as wings, fuselage, aircraft interiors, etc. as they can survive extreme operating conditions such as high stress, shocks, and impact loads. Thus, there is an increase in the demand for composites for making new generation aircraft such as Airbus A350 XWB and A320neo and the Boeing 787 and 737 MAX.
“The Asia-Pacific composites market is projected to grow at the highest CAGR in terms of volume between 2017 and 2022.”
The Asia-Pacific region is the largest consumer of composites in the world, followed by the North American region. It is also expected to be the most promising market for composites in the next five years. Rapid industrialization and urbanization in the region have led to increased use of composites in the aerospace & defense, construction & infrastructure, wind, pipes & tanks, and transportation applications. China is the largest market for composites in the Asia-Pacific region due to the rapidly growing manufacturing sector in the country.
In the process of determining and verifying the sizes gathered through secondary research for the composites market, its segments and subsegments, extensive primary interviews have been conducted. The breakdown of these primary interviews has been given as follows:-
• By Company Type: Tier 1—10%, Tier 2—25%, and Tier 3—65%.
• By Designation: C-level—10%, Director Level—30%, and Others—60%
• By Region: North America—20%, Europe—15%, Asia-Pacific—45%, Latin America—11%, and the Middle East & Africa—9%
Composites are also being used in various other applications such as sporting goods, consumer goods, healthcare, etc. They are being used for manufacturing skis, snowboards, golf clubs, archery bows, fishing rods, racquets, stacking chairs, etc.
The various key players profiled in the report are as follows:
1. Solvay (Belgium)
2. Koninklijke Ten Cate bv (Netherlands)
3. Huntsman Corporation, LLC (U.S.)
4. Toray Industries, Inc. (Japan)
5. Teijin Limited (Japan)
6. Owens Corning (U.S.)
7. Hexcel Corporation (U.S.)
8. SGL Group (Germany)
9. Weyerhaeuser (U.S.)
10. Chongqing Polycomp International Corporation (China)
11. Jushi Group (China)
The report is expected to help the market leaders/new entrants in the composites market in the following ways:
1. This report segments the composites market comprehensively and provides the closest approximations of the revenue numbers for the overall market and its subsegments across different verticals and regions.
2. The report is expected to help the stakeholders to understand the pulse of the market and provides them information on the key market drivers, restraints, challenges, and opportunities.
3. This report is expected to help the stakeholders to understand the competitors and gain insights to enhance their positions in the composites market. The competitive landscape section includes the ecosystem of competitors, investments & expansions, new product launches, and agreements.
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