Albany, NY -- (SBWIRE) -- 05/18/2018 -- The global composites market is dominated by multinational corporations having large shares, observes Transparency Market Research in a recently published report. Despite their stronghold, several small players are expected to establish themselves during upcoming years owing to the rising applications of composites.
With a high commercial potential for composite materials existing in this market, most companies look forth for a positive future and a healthy competitive scenario. Some of the leading players in the global composites market are HITCO Carbon Composites, Inc., KINECO, Creative Composites Ltd., Owens Corning, APPLIED POLERAMIC INC., Toray Industries, TPI Composites Inc., Teijin Limited, and Hexcel Corporation.
According to our expert analysts at TMR, the global composites market was valued at US$47.3 bn in 2016, and is expected to reach a valuation of US$102 bn by 2025 at a healthy CAGR of 8.9%. This rise is being prophesized to occur during the forecast period from 2017 and 2025.
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Prominent Businesses in North America Retain Leading Positions
The global composites market is segmented on the basis of product type, application, technology, and geographical reach. With respect to the revenue generated, the polymer matrix segment held the top spot under the 'product type' criteria, due its lightness and user-friendliness. As far as applications go, the automation and transportation segment accounted for maximum shares in 2016. Under the 'technology' criteria, the layup process segment generated exceptional sales in 2016. Based on regions, North America and Europe are anticipated to hold leading regional revenues in the global composite market in future. This is expected mainly as a result of a stable presence of prominent businesses in the technological domain, which have a crucial role to play in the market.
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Controlling Fuel Emissions and Improving Engine Performance to Boost Sales
Among the number of industries that have mushroomed and flourished in the last few decades, the automotive industry has emerged as a winner with respect to revenue generated and consistency. Such a growth of this industry is a vital factor leading towards improvement in the global composites market's sales. This is mainly as a result of frequently using composites during designing of automotive components and while working on associated processes. With a high preference for lightweight parts in automobiles, composites are being tapped into increasingly by manufacturing companies, thus serving as a prime growth driver for the market. This characteristic is highly preferred to efficiently control fuel emissions and improve engine performance and upkeep. Product innovation is expected to remain the most prominent trend in case of the global composites in the near future. The market is also expected to show a definite progress towards a consolidated set up, as many players are anticipated to get involved in mergers and acquisitions.
High initial costs is a major restraint in the global market, especially in case of metal composite polymer composite materials. However, intense product innovation is going on all over the globe, which is expected to decrease these costs in future.
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