The global composites market is expected to reach USD 130.84 billion by 2024, according to a new report by Grand View Research, Inc. Growing demand for composites in various applications including transportation, aerospace & defense, electrical & electronics, wind energy, construction & infrastructure, pipes & tanks, and marine is expected to drive market growth over the forecast period. The development of these end-user application segments is projected to fuel the industry expansion further.
Electrical & electronics accounted for 16.4% of the global volume market share in 2015. These materials are being increasingly used in electrical & electronics owing to their high arc resistance properties and dielectric strength. Growing demand for electronic gadgets, particularly wearable electronics, is expected to augment growth.
Transportation was the largest application of composites and is projected to witness significant gains at a CAGR of 7.5% from 2016 to 2024. The increase in road networks, especially in Asia Pacific, is expected to result in stimulating the growth of the market over the forecast period.
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summary of this report @ http://www.grandviewresearch.com/industry-analysis/composites-market
Further key findings from the report suggest:
·
The glass fiber market was estimated at USD
41.88 billion in 2015 and is projected to dominate the global composites market
over the forecast period. Owing to its weather-resistant, surface texture
varieties and lightweight properties, the global market for GFRP is projected
to account for the largest share. Key market players are investing in the
production of glass fibers especially in emerging countries such as India,
Brazil and China owing to the growing demand from various application
industries such as automotive, aerospace & defense, wind energy, and
transportation.
·
North America is expected to witness a
significant growth at a CAGR of 6.8% from 2016 to 2024 in terms of value. The
automotive industry in this region has witnessed a significant growth in the
recent years in terms of profitability and growth which has attributed to
increasing the production of the auto sector. Furthermore, growing production
of light commercial vehicles is expected to propel the growth of composites
market over the forecast period.
·
Carbon fiber composites segment is supposed to
create an avenue in the automotive industry owing to the high-value application
and technological advancements. The segment accounted for 34.3% of the global
market size in 2015. The major composites manufacturers are emphasizing on the
expansion of production capacities and R&D activities to reduce the cost of
CFRP.
·
Key industry players include Owens Corning,
Toray Industries Inc., TenCate NV, SGL Carbon, Cytec Industries, Compagnie De
Saint-Gobain, and Jushi Group Co. Ltd. These companies are focused on R&D
activities to launch innovative products to strengthen their composites product
portfolio and enhance their market presence.
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Grand View Research has segmented the global composites market on the basis of product, resin type, manufacturing process, and application:
Global Composites Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 – 2024)
·
Carbon Fiber Composites
·
Glass Fiber Composites
·
Others
Global Composites Resin Outlook (Volume, Kilo Tons; Revenue, USD
Million; 2013 - 2024)
·
Thermosetting Composites
·
Thermoplastic Composites
Global Composites Manufacturing Process Outlook (Volume, Kilo Tons;
Revenue, USD Million; 2013 - 2024)
·
Layup Process
·
Filament Winding Process
·
Injection Molding Process
·
Pultrusion Process
·
Compression Molding Process
·
Resin Transfer Molding Process
·
Others
Global Composites Application Outlook (Volume, Kilo Tons; Revenue,
USD Million; 2013 - 2024)
·
Automotive &Transportation
·
Aerospace & Defense
·
Electrical & Electronics
·
Construction & Infrastructure
·
Pipes & Tanks
·
Marine
·
Others
Global Composites Regional Outlook (Volume, Kilo Tons; Revenue, USD
Million; 2013 - 2024)
·
North America
·
U.S.
·
Others
·
Europe
·
Germany
·
France
·
Others
·
Asia Pacific
·
China
·
India
·
Others
·
Latin America
·
Brazil
·
Others
·
MEA
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more reports of this category by Grand View Research: http://www.grandviewresearch.com/industry/specialty-glass-ceramic-and-fiber
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