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  • Composites Market worth $152.98 billion by 2027

     



    (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.

    Request for PDF of Report @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=200051282

    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.

    Don't miss out on business opportunities in Composites Market. Speak to Our Analyst and gain crucial industry insights that will help your business grow. https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=200051282

    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.

    Get this report @ https://www.marketsandmarkets.com/Purchase/purchase_reportNew.asp?id=200051282

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