GFRP Composites Market by Resin Type (Polyester, Vinyl Ester, Polyurethane), Process (Manual Process, Compression Molding, Continuous Process, Injection Molding), Application (Wind Energy, Transportation, Marine, Pipe & Tanks) - Global Forecasts to 2021
The global market for composites is projected to grow from USD 69.50 billion in 2015 to USD 105.26 billion by 2021, at a CAGR of 7.04% between 2016 and 2021. This high growth is attributed to increasing use of composites in the aerospace & defense, wind, and transportation applications.
“The aerospace & defense application accounts for the largest share in the composites market by value”
The aerospace & defense application accounts for the largest share of the composites market. Composite structures are designed to survive extreme operating conditions such as high stress, shock, and impact loads. These requirements of complex aerospace structures are fulfilled by composites. There is an increase in the demand for composites due to new aircraft programs, including the Airbus A350 XWB and A320neo and the Boeing 787 and 737 MAX. This trend is expected to continue in the next five years due to the delivery backlog of aircrafts from major aerospace manufacturers.
“Asia-Pacific projected to be the fastest-growing composites market”
Asia-Pacific dominated the composites market, followed by North America. It is also the most promising market for composites in the next five years. Rapid industrialization and urbanization have led to increase in demand for composites from construction, wind, pipe & tank, automotive, electronics & semiconductor, and other industries in the region. China is expected to have the largest market share in the Asia-Pacific region due to its rapidly growing manufacturing sector in the country.
In the process of determining and verifying the market size gathered through secondary research for several segments and sub-segments, extensive primary interviews were conducted as follows:-
By Company Type: Tier 1 (70%), Tier 2 (25%) and Tier 3 (5%).
By Designation: C-level (31%), Director Level (23%) and others (46%)
By Region: North America (65%), Europe (24%), Asia-Pacific (9%), and RoW (2%)
Composites are finding its use in emerging applications such as sporting goods, consumer goods, healthcare, and so on. It is used in skis, snowboards, golf clubs, archery bows, fishing rods, racquets, stacking chairs, and so on.
The various key players profiled in the report are as follows:
1. Cytec-Solvay Group (U.S.)
2. E.I. DuPont Nemours & Co. (U.S.)
3. Huntsman Corporation (U.S.)
4. PPG Industries (U.S.)
5. Toray Industries (Japan)
6. Teijin Limited (Japan)
7. Owen Corning (U.S.)
8. Hexcel Corporation (U.S.)
9. Momentive Performance Materials, Inc. (U.S.)
10. SGL Group (Germany)
11. Saint-Gobain (France)
12. Weyerhaeuser (U.S.)
13. Chongqing Polycomp International Corporation (China)
14. Jushi Group (China)
The report will help the market leaders/new entrants in this 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 the sub-segments across different verticals and regions.
2. The report helps stakeholders to understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
3. This report will help stakeholders to better understand the competitors and gain more insights to enhance their position in the business. The competitive landscape section includes competitor ecosystem, new product developments, partnerships, and mergers & acquisitions.
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