Global Composite Repair Market - Segmented by Type, Process, End-User Industry and Geography - Growth, Trends and Forecasts (2018 - 2023)
The global composite repair market is expected to witness a high growth of 8%, owing to increase in the utilization of composite materials in the aerospace industry in various applications, such as aircraft airframe development, car body structure, pipelines, etc.
Composites Use in Aerospace Applications Driving the Market
Composite material is witnessing rapidly increasing demand from the aerospace industry. The use of composite materials in commercial transport aircraft is attractive because reduced airframe weight enables better fuel economy, and therefore lowers operating costs. Increasing composite content in new generation commercial aircraft, such as Boeing 787 Dreamliner and Airbus A350, is likely to drive the composite repair market in the coming years. In Boeing 787, composite materials constitute almost 50% by weight.
Automotive and Transportation Industry Expected to Witness High Growth
The global composite repair market is expected to witness huge demand from the automotive industry, owing to increasing penetration of composites into the passenger vehicle market. Therefore, automotive & transportation is expected to be the fastest end-user industry segment. Companies manufacturing electric vehicles’ body frames are the major consumers of composite repairs. increase in the manufacturing of electric vehicles is further likely to stimulate the market.
Focus on Wind Energy Making Asia-Pacific the Biggest Market
Asia-Pacific has been projected to lead the global composite repair market due to strong government initiatives focusing on a cleaner environment, thereby, implanting wind energy turbines. Asia-Pacific is likely to invest up to USD 250 billion on solar and wind energy projects by 2025. In Octber 2017, Enercon GmbH, the largest wind turbine supplier in Germany, opened its wind energy operational hub in Taiwan to boom the renewable energy market. This is likely to drive the composite repair market in the Asia-Pacific region during the forecast period. With multinational companies taking interest in the countries in Middle East & Africa, and the governments supporting the aerospace industry, the demand for composite repair is likely to flourish in this region also.
In July 2017, the University of Southern Queensland’s (USQ) center for future materials (CFM) partnered with Joinlox, to investigate a prefabricated composite repair system, with an easy-fit and self-locking mechanical joint, called PileJax.
Major Players: Citadel Technologies, HAECO, Lufthanasa Technik, Ag, Milliken Infrastructure Solutions, LLC, and T.D. Williamson, Inc. amongst others.
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