A composite material is made by combining two or more materials – often ones that have very different properties. The major advantage of modern composite materials is that they are light and strong at the same time. By choosing an appropriate combination of matrix and reinforcement material, a new material can be made that exactly meets the requirements of a particular application. Composites also provide design flexibility because many of them can be molded into complex shapes. The downside is often the cost. Although the resulting product is more efficient, the raw materials are often expensive
The global Composites market is estimated to grow with a CAGR of 3.7% during the forecast period and will reach $30.63m in 2021. Backed by increased consumption of carbon fibers reinforced plastic materials in industries where quality id more important than price, the industry has registered a swift growth across the world over the past few years. Applications requiring a sturdy and rigid, yet lightweight substance are the applications most apt for CFRP, as these composite materials are exorbitantly prices when compared to other metals which can be utilized as matrix. With advent of technologies CFRP will become cost effective and hence competitive in the near future.
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Though composites market is well established and penetrated, the market has been providing new opportunities over time mainly driven by evolving needs of end use applications and advancing material sciences and research. R&D has become a vital phase in the industry delivering compounds according to the varying requirements of end users. However, the cost of these specialized materials remains high. Research is underway to develop and establish low cost manufacturing platforms that support mass production. Rising concern on hazardous materials and increasing adoption green building concepts provides opportunities for bio-based composites especially in developed nations. In addition, commitment of government of various countries to curb emissions and build energy efficient facilities acts as a major booster
The market has been segmented into Americas, Asia-Pacific, Europe and Rest of the World (RoW) on basis of geography. In 2015, APAC is the prominent region for Composites market. APAC is estimated to be the fastest growing region with CAGR of 6.7% during the forecasted period. India ranks second in terms of population and is one of the fastest growing economies in the world. With increasing demand for improved living conditions, India has become a hub for many industries such as construction, electrical and electronics and many others. Rise of such industries in any region would demand in an increase of enhanced consolidation methods; in this case composite material. The introduction of composites in the industry has resulted in improved results, especially in the construction and automobile sectors.
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The Prominent Players in this Market Include
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Mitsubishi Chemical Holdings Corporation
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SGL Carbon SE
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Toray Industries, Inc.
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Teijin Ltd.
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Solvay (Cytec)
Toray and Teijin are key players of the carbon fiber reinforced plastic material composites in 2015 with a share of 23.4% and 16.4% respectively. Some of the important players in the market include Mitsubishi Chemical Holdings Corporation, SGL Carbon SE and Solvay (Cytec) to name among a few others. With various product launches, mergers, acquisitions, collaborations and other strategies, these companies are obtaining market shares in the industry.
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