(Aviation-NewsWire.Com, June 27, 2019 ) The report "Composites Market by Fiber Type (Glass, Carbon), Resin Type (Thermoset, Thermoplastic), Manufacturing Process (Layup, Filament Winding, Pultrusion), Application (Transportation, Aerospace & Defense, Wind Energy), Region - Global Forecast to 2027"The composites market is projected to reach USD 152.98 billion by 2027, at a CAGR of 8.05% from 2019 to 2027. The major factors fueling the growth of the composites market across the globe are the increasing use of composites in the wind energy, aerospace, and transportation applications.
Increasing use of composites in the aerospace & defense applications to drive the growth of the composites market from 2019 to 2027.
The use of composite materials and related core materials in the aerospace & defense applications has gained momentum in the past few decades. The latest Airbus aircraft, A350XWB is 53% made of composite materials as compared to old aircraft models, where only 2%–5% of composites were used in aircraft. The main reasons for the growing use of composites in aircraft is reduction in the weight of aircraft and high resistance offered by them to corrosion. Moreover, the maintenance costs of aircraft made from composites is lower in comparison to the aircraft made from traditional materials.
Among fiber types, the glass fiber composites segment is projected to lead the composites market during the forecast period in terms of value.
Glass fibers account for over 90% of the reinforcements that are used in the manufacturing of composites across the globe. There is an increased demand for glass fiber composites in the aerospace, automotive, wind energy, and construction & infrastructure applications, owing to their lightweight, high inherent strength, weather-resistant finish, and variety in surface textures offered by them. As the demand for glass fiber composites is increasing across the globe, several companies are investing in setting-up manufacturing plants of glass fiber composites in the emerging economies such as China, India, etc.
Browse in-depth TOC on "Composites Market 83 - Market Data Tables 55 - Figures 194 - Pages
The Asia-Pacific region is the largest market for composites across the globe.
The Asia-Pacific region is the largest consumer of composites across the globe. Moreover, the Asia-Pacific composites market is projected to grow at the highest CAGR in terms of volume during the forecast period 2019 to 2027. The increasing use of composites in the aerospace, wind energy, and transportation applications is the major factor driving the growth of the Asia-Pacific composites market. Moreover, the presence of major manufacturers of carbon fibers, growing economy, and rapid urbanization in the region are also driving the growth of the Asia-Pacific composites market. In addition, the use of glass fiber composites for manufacturing printed circuited boards (PCBs) and growing demand for light-weight solution in electric vehicles in the region is also fueling the growth of the Asia Pacific composites market.
Some of the leading manufacturers of composites include Owen Corning (U.S.), Solvay (Belgium), SGL Group (Germany), Hexcel Corporation (U.S.), Koninklijke Ten Cate bv (Netherland), Teijin Limited (Japan), Toray Industries, Inc. (Japan), Huntsman Corporation (U.S.), Jushi Group (China), Gurit (Switzerland), etc. These players adopted various organic and inorganic strategies to strengthen their foothold in the composites market.
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledge Store” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
We are pleased to offer you this exciting, new, and entirely free professional resource. Visit our Free Industry resource center today to browse our selection of 600+ complimentary Industry magazines, white papers, webinars, podcasts, and more. Get popular titles including: