Composites Market size is
anticipated to reach USD 130.83 billion by 2024. It is also projected to grow
at a CAGR of 7.8% over the forecast period on account of its increasing demand
from numerous application sectors which consist of wind energy, electrical
& electronics, automotive interiors, pipes & tanks, marine and
aerospace & defense.
The expansion of numerous end-user application segments is
expected to augment the industry growth. In addition, the market of composites
is estimated to observe a substantial growth on account of its strength,
thermal conductivity performance properties and high corrosion resistance.
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The product is majorly produced by layup process, which
accounted for 30.90% of the total composites market share in the year 2015. The
layup process is presumed to witness a significant growth in the near future on
account of its versatility in manufacturing a wide range of products and low
operational expenditure. In layup process, resin is applied by hand or spray
technique onto a suitable mold surface which causes in curing the laminate
without requiring any additional treatment. The layup process is expected to
grow at a CAGR of 9.70% over the forecast period.
In terms of volume, Asia Pacific was the major market in
2015. Emerging economies such as India, China, South Africa and Brazil are
anticipated to lead the market on account of the increasing demand from
numerous application sectors including aerospace & defense, transportation,
automotive and wind energy. Mergers and acquisitions and R&D activities
together with new product development by major companies are projected to
augment the market growth. In addition, superior features provided by these
products particularly in CFRP i.e. carbon fiber reinforced plastics on account
of technological innovations and new high-value applications will fuel the
market expansion.
Application Insights
Aerospace & defense sector was estimated for 13.10% of
the total market share in the year 2015. The application of composites in the
production of aircrafts has a benefit over the traditional materials due to its
high performance properties. Decrease in the weight coupled with high corrosion
resistance are few of the crucial factors enhancing the growth of composites
market in this sector.
Wind energy application sector is expected to witness a
rapid growth with a CAGR of 10% over the next eight years owing to its wide
application as clean energy materials in this industry. Infrastructure
development for public transport and growing automobile industry is anticipated
to augment the further expansion of composites market in the near future. The
improvement in road networks, particularly in Asia Pacific, is anticipated to
result in stimulating the growth of the composites market over the forecast
period.
Carbon fibers market accounted for over 33.9% of the total
international volume in the year 2015 and is anticipated to witness a steady
growth at a rate of 10.40% CAGR over the forecast period. The segment is
expected to create new opportunities in the automobile industry on account of
the high value application.
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Market Segment:
Product Outlook
(Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)
• Carbon Fiber
• Glass Fiber
• Others
Resin Outlook
(Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)
• Thermosetting
• Thermoplastic
• Others
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