Global Composites Market to Exhibit 8.59% CAGR During Review Period
Key Players-
Some of the key players in the global composites market, as profiled in the latest MRFR report include BASF SE, Owens Corning, Toray Industries Inc., TEIJIN Limited, SGL Carbon Company, Solvay, Mitsubishi Chemical Holding, Koninklijke Ten Cate bv, Hexcel Corporation, DuPont, Honeywell International Inc., Nippon Electric Glass Co. Ltd., Dowaska, Chongqing Polycomp, and Huntsman International LLC.
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Industry Updates-
May 2019: MT Aerospace and ArianeGroup recently signed contracts with European Space Agency in order to develop a Prototype of a Highly OptimisEd Black Upper Stage (Phoebus). The upper stages of an Ariane rocket are generally made from aluminum. However, the plan to switch to carbon composites is likely to lower costs and capitulate extra two metric tonnes of spare payload capacity.
Global Composites Market Overview-
Composites are a made by combining tow or more components. These components can be natural or artificial with different chemical and physical properties which are stronger together than as individual components.
The global composites market is estimated to garner a CAGR of 8.59% during the forecast period. The global composites market was valued at USD 76 billion in 2016. The market is expected to have many drivers through the assessment period.
Some of the factors causative of an upsurge in the global composites market include an escalation in the aerospace and defense budgets, rising demand for renewable energy, as well as, increasing construction spending.
Further, a rise in the consumption of plastic materials in the automotive industry is set to ascend the market for composites exponentially. Moreover, a wide scope of application of composites in different industries such as aerospace, automotive, electrical & electronics, marine, and oil & gas is estimated to fuel lucrative growth in the global composites market.
Segments-
Global Composites Market is segmented on the basis of type, resin type, application, technology, and region. On the basis of type, the global composites market is segmented into metal matrix composites, polymer matrix composites, and ceramic matrix composites. On the basis of resin type, the global composites market is segmented into thermoset composites and thermoplastic composites. On the basis of technology, the composites market is segmented into pultrusion process, filament winding, layup process, automated fiber replacement, injection molding, automated tape lying, compression molding, and resin transfer molding.
Based on application, the global composites market is segmented into aerospace & defense, automotive & transportation, electrical & electronics, construction & infrastructure, wind energy, and marine & oil & gas. The aerospace & defense segment is anticipated to expand at the highest rate during the forecast period. The aerospace & defense segment is projected to cross the valuation of USD 40,000 Mn during the forecast period. Whereas, the marine & oil & gas segment is expected to grow at a sluggish rate through the assessment period.
Regions-
On the basis of geography, the global composites market is studied for the segments of Latin America, North America, Asia Pacific, Europe, and the Middle East & Africa. North America is further segmented into the US and Canada. Europe is further sub-segmented into Russia, Germany, the U.K., Italy, France, Spain, Poland, and Rest of the World. Asia Pacific is studied for the sub-segments of India, Japan, China, South Korea, and Rest of the Asia Pacific.
Asia Pacific is estimated to lead the global composites market owing to a strong demand from end-user industries in the region such as construction, automotive, and electrical & electronics.
Furthermore, emergence of many Southeast Asian countries like Thailand, Indonesia, and Malaysia as major manufacturing hubs for composites is anticipated to boost market growth for composites to a great extent. Mexico is anticipated to emerge as the biggest export market for the U.S. Additionally, the comparative proximity of Mexico to the U.S. produces has enabled price competitiveness over other international players.
Lower logistics, communication costs, and lucrative service advantages such as shorter shipping times are the anticipated effects observed in the composites market due to such comparative proximity among the U.S. and Mexico. Restricted Mexican competition and the enhanced market access owing to the North America Free Trade Agreement (NAFTA) has also provided an impetus to the U.S. industry’s competitiveness in Mexico.
Intended Audience-
- Traders and Distributors of Composites
- Potential Investors
- Aerospace industry
- Construction industry
- Automotive industry
- Raw Material Suppliers
- Composites manufacturers
Table Of Contents
TABLE 1 GLOBAL COMPOSITES MARKET, BY TYPE 2015-2023 (USD MILLION)
TABLE 2 GLOBAL COMPOSITES MARKET, BY TYPE 2015-2023 (‘000 TONS)
TABLE 3 GLOBAL COMPOSITES MARKET FOR POLYMER MATRIX COMPOSITES, BY REGION 2015-2023 (USD MILLION)
TABLE 4 GLOBAL COMPOSITES MARKET FOR POLYMER MATRIX COMPOSITES, BY REGION 2015-2023 (‘000 TONS)
TABLE 5 GLOBAL COMPOSITES MARKET FOR METAL MATRIX COMPOSITES, BY REGION 2015-2023 (USD MILLION)
TABLE 6 GLOBAL COMPOSITES MARKET FOR METAL MATRIX COMPOSITES, BY REGION 2015-2023 (‘000 TONS)
TABLE 7 GLOBAL COMPOSITES MARKET FOR CERAMICC MATRIX COMPOSITES, BY REGION 2015-2023 (USD MILLION)
TABLE 8 GLOBAL COMPOSITES MARKET FOR CERAMICC MATRIX COMPOSITES, BY REGION 2015-2023 (‘000 TONS)
TABLE 9 GLOBAL COMPOSITES MARKET FOR OTHERS, BY REGION 2015-2023 (USD MILLION)
TABLE 10 GLOBAL COMPOSITES MARKET FOR OTHERS, BY REGION 2015-2023 (‘000 TONS)
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