The Composites
Market report discusses the
primary market growth drivers and challenges that the vendors and the market as
a whole face and provides an overview of the key trends emerging in the market.
This study also shows about the industry size of different segments and their
growth aspects along with key leading countries in Americas, Asia-Pacific,
Europe, the Middle East, and Africa regions.
Industry Insights
The global 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.
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.
Download Free Sample Report Now @ https://www.millioninsights.com/industry-reports/composites-market/request-sample
Main features of the report:
·
To provide detailed analysis of
the market structure along with forecast of the various segments and
sub-segments of the global Composites Market.
·
A complete backdrop analysis,
which includes an assessment of the parent market
·
Important changes in market
dynamics
·
Market segmentation up to the
second or third level
·
To provide country level
analysis of the market for segment by application, product type and
sub-segments.
·
To provide strategic profiling
of key players in the market, comprehensively analyzing their core
competencies, and drawing a competitive landscape for the market.
·
Track and analyze competitive
developments such as joint ventures, strategic alliances, mergers and
acquisitions, new product developments, and research and developments in the
global Composites Market.
·
Emerging niche segments and
regional markets
·
An objective assessment of the
trajectory of the industry.
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.
Regional Insights
Asia Pacific accounted for 40% of the total market share in terms of
revenue in the year 2015. Increasing development of application industries such
as transportation, wind energy and aerospace & defense is enhancing the
growth of the composites market in this region. In addition, rapid metropolitan
development of the cities, the existence of major carbon fiber manufacturers in
APAC are the major factors that are propelling the growth.
North America market of composites was estimated at USD 14.5 billion in
the year 2015. The increase in manufacturing of light commercial vehicles is
anticipated to enhance the market growth. Germany is expected to witness a
steady growth at a CAGR of 8.8% over the forecast period. Advancements in
lightweight car manufacturing to decrease fuel emissions, thus reducing carbon
emissions in the atmosphere, is expected to fuel the market growth.
Competitive Insights
The market is majorly driven by new product developments coupled with
product exhibitions, as key participants are competing to enlarge their
customer base over the forecast period. The global composites industry is
highly fragmented in nature with the presence of major players emphasizing on
R&D activities and advancements in technologies. The key players consist of
Toray Industries Inc., Jushi Group Co. Ltd., Compagnie De Saint-Gobain, TenCate
NV and Owens Corning.
Know
More Insights @ https://newsonmarketblog.wordpress.com
No comments:
Post a Comment