The report "Composites Market by Type (Carbon Composites, Glass Composites and Aramid Composites), by Manufacturing technology (Layup, Filament winding, Injection molding, Pultrusion, Compression Molding etc.) , by Resin Type (Thermoplastics Composites and Thermosets Composites), by Application (Automotive, Aerospace & Defense, Electronics & Semiconductor, Wind, Construction, Pipe & Tanks, Marine and others), and by Region - Global Trends and Forecasts to 2020",The global composites market in terms of value is projected to reach USD 89.4 Billion by 2020, growing at a CAGR of 6.4% from 2015 to 2020.
Browse 74 market data tables and 58 figures spread through 159 pages and in-depth TOC on “Composites Market - Global Trends and Forecasts to 2020"
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A composite is a material made by physically combining two or more materials) to produce a combination of structural properties not present in any individual component. Composite materials have better properties such as high strength, low weight, and extreme ductility, excellent resistance to corrosion, moisture, impact and heat. The composite market is majorly dominated by glass composites and carbon composites.
The overall composites market is projected to grow in terms of value at a CAGR of 6.4% from 2015 to 2020. This growth is due to the increasing commercial use of composites in various applications such as automotive, aerospace & defense, electronics & semiconductor, and wind industry. There are many drivers which are forcing the composite market to grow at a high CAGR including increase in demand of lightweight materials in transportation industry to increase the fuel efficiency, growing demand of wind energy and increasing use of composites by Boeing and Airbus in aerospace industry. In 2014 the global wind energy market increased by around 45% due to the adoption of green energy in all over the world. China added 23,350 MW of wind power capacity in 2014 which contributes almost 90% of addition took place in Asia-Pacific region which helped to drive the composites market in Asia-Pacific region. The growing use of composites in transportation industry including rail, high end cars, medium and heavy duty vehicles etc. also helped to grow the market at good pace. Both Boeing and Airbus are projecting multibillion dollar markets for new airplanes where use of composites is increased over the next 20 years. Traditionally used composites such as glass composites and carbon fiber composites are widely used in aerospace & defense, wind and automotive industry and now increasing their area of commercial applications in sporting goods, marine, construction, healthcare and oil & gas applications.
Composites have already recognized for their worth as reduced weight materials with high strength and stiffness but the only current challenge is to make them cost effective. Moreover, from last five years many leading companies collaborated with the research institutes to develop new cost effective faster processing and reduced composite parts production cycles. Huntsman developed new epoxy based process that meets demands for mass production and improve structural part production time to 1’30 minute or less. Also the development of newer polymer resin matrix materials and high performance reinforcement fibers such as S-glass fiber helped to penetrate the materials market. Composite leaders helping automotive manufacturers to meet strict environmental standards like Corporate Average Fuel Economy (CAFE) in U.S., supporting responsible development and progress.
North America, Europe and Asia-Pacific are the major markets for composites market. The growing automotive, wind and aerospace & defense in these regions are expected to further push the growth of composites market. This report identifies the driving and restraining factors for the polymer composites market with an analysis of trends, opportunities, burning issues, and winning imperatives. The market is segmented and volume & value are forecasted on the basis of major regions such as North America, Europe, Asia-Pacific, and Rest of the World (RoW). Further, the market is segmented and the values are forecasted on the basis of major applications of composites used in various industries such as automotive, aerospace & defense, electronics & semiconductor, wind, construction, pipe & tanks, marine and others.
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