Albany, NY -- (SBWIRE) -- 09/14/2018 -- Growing demand for lightweight materials for automotive and aircraft components and escalating demand for wind energy is anticipated to drive the global composites market for the next few years. With the growing need for lightweight and high strength material in automotive, aerospace, and wind mill applications; demand for carbon fiber is constantly increasing. This is due to the exclusive properties of carbon fiber such as high tensile strength, stiffness, and temperature tolerance and low thermal expansion and weight. However, the expensive nature of carbon fiber is restricting its use in many applications. Carbon fiber composites currently cost nearly four times the cost of steel. Therefore, reducing the price of carbon fibers is likely to offer lucrative opportunities for composite manufacturers.
Owing to these reasons, the global composites market is expected to surge at a CAGR of 8.9% between 2017 and 2025 to reach a valuation of US$101.88 bn by the end of 2025 from US$47.32 bn in 2016.
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Polymer Matrix Composite to Remain Key Product in Global Market
Composites market is segmented on the basis of product as polymer matrix composite, metal matrix composite, and ceramic matrix composite. In terms of value and volume, polymer matrix composite segment dominated the global composites market in 2016. It accounted for more than 95% volume share in 2016. Metal matrix composites offer some advantages over the polymer matrix composites such as greater resistance to degradation by organic fluids and higher operating temperatures. These composites are also more expensive and therefore offer restricted usage. Ceramic materials are naturally resistant to oxidation and deterioration at raised temperatures.
Automotive and transportation, construction, aerospace and defense, electrical and electronics, marine and oil and gas, wind energy, and others. Of these, the automotive and transportation application segment held more than 25% volume share in the global composites market in 2016. On the other hand, the aerospace and defense is another application segment which held relatively significant share in the global composites market in 2016. Composites also provide greater flexibility because the material can be tailored to meet the design requirements and because they offer significant weight advantages. Composite materials used in aircrafts are generally reinforced fibers or filaments embedded in a resin matrix. In terms of technology, layup process segment generated high sales in 2016. However, it is anticipated to lose its market share by 2025 on account of the growing demand for low-cost manufacturing processes.
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North America to Lead the Pack as Region Shows Higher Adoption of Technological Advancements
North America dominated the global composites market and held nearly 40% volume share in 2016. Asia Pacific is the anticipated to witness a CAGR of 9.0% by volume and likely to remain an attractive market for composites. This is on account of rapidly developing technological advancements and the adaptation of composites in applications such as automotive and wind turbine blades. Europe being a major manufacturer of premium cars, is an attractive market for composites. On account of the increasing use of composites in next-generation aircrafts, the aerospace segment in Europe is predicted to offer lucrative opportunities witnessing a CAGR of 8.6%, during the forecast period.
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Some of the key players in the composites market include Toray Industries, Owens Corning, Teijin Limited, Hexcel Corporation, TPI Composites, Inc, Faurecia, Performance Composites Inc., Enduro Composites, Inc., KINECO, APPLIED POLERAMIC INC., Hexagon Composites, Creative Composites Ltd., and HITCO Carbon Composites, Inc.
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