Growing Opportunities in the Composite Materials Market to Bolster Advancements for further Research and Development in this Sector
Global market of composite materials is well established and fairly mature market. However, growth opportunities still exists owing to immense potential of these materials to replace traditional materials as well as ever enhancing properties due to significant R&D. Regional markets of APAC, Eastern Europe and Africa holds significant scope to grow in the coming decade. Collaborative efforts of the industry are a favorable factor leading to enriched R&D activities. CROs have been playing a major role in offering solutions to the changing and complex needs of the end users. Though composites market
is well established and penetrated, the market has been providing new opportunities over time mainly driven by evolving needs of end use applications and advancing material sciences and research. R&D has become a vital phase in the industry delivering compounds according to the varying requirements of end users. However, the cost of these specialized materials remains high. Research is underway to develop and establish low cost manufacturing platforms that support mass production. Rising concern on hazardous materials and increasing adoption green building concepts provides opportunities for bio-based composites especially in developed nations. In addition, commitment of government of various countries to curb emissions and build energy efficient facilities acts as a major booster.
Emergence of India and other developing countries as a manufacturing hub offering low-cost platforms as compared to China offers opportunities as automotive and aerospace manufacturing is increasing shifting to these nations which also eventually helps the market players to tap the growing APAC market. The market is also witnessing a gradual shift from functional specific materials to multi-functional materials especially in Nano composites. Use of composites in marine is less penetrated mainly due to the prevalence of traditional materials. This segment provides opportunities for light weight and fire retardant materials. Booming green energy applications of natural gas and wind provides investment opportunities for enhanced durable light weight pipes and blades. Growing demand has triggered the need for extended role of OEMs in the supply networks. Defining and implementing the R&D pipeline according to the market trends and future applications and establishing value chain frameworks accordingly has made the industry more agile.
Top players follow decentralized approach in production having their manufacturing presence in strategically important yet low cost countries in each region and serve the end users through local distribution networks. This scenario also boosts the international trade of finished products. Regulatory bodies approve active compounds, products, product extensions through thorough analysis on their chemical, physical and properties related to the safety and environmental impact while usage. In addition, they also establish and maintain regulations that provide guidelines for manufacturing, storage and distribution of raw materials and finished products. The competition is intensified with innovation and supply networks being the major focus areas and competitive strengths. Raw material prices still have a significant impact on the market dynamics; however, this scenario is set to change with the emergence of low cost and flexible manufacturing techniques. In most of the cases, end users and part manufacturers work closely with OEMs and play a vital role In market innovation.
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