Analyst of the report highlights reinforced polymers as the type segment of the market that is contributing 90% of the demand. This information is based on a recent market research report from IndustryARC, titled “Composite Materials Market: By Material (Fibre Reinforced Polymers, Resins, Matrices, Others) By Application (Aerospace, Construction, Wind Energy, Automotive, Others) By Method (Open Moulding & Closed Moulding); By Geography - Forecast (2018 - 2023).”
Nowadays, traditional materials such as steel and aluminum are getting replaced by evolving composite materials as they offer design flexibility opportunities for engineers. The composite material is a combination of matrix and reinforced material, which are distinct and identifiable. They are useful in many aspects, for example, from simple shelters to huge electronic devices. Composite materials offer weight reduction, smooth surface, and increased fuel efficiency, and consequently widely used in the manufacturing of Aircraft.
Additionally, fiber-reinforced polymer, fiberglass, reinforced plastics, ceramic matrix composites, and metal matrix composites are the different materials used in boat hulls, car bodies, building panels, sports equipment, military aircraft, and tennis rackets. They are corrosion resistant, dent-resistant, and flexible in nature, which makes body armor more resistant to bullets and enables turbine blades to withstand the opposing stress of high wind speeds. Owing to the high-temperature resistance, these products are used in compressors, turbines, and external systems for advanced lightweight transmission.
Browse 77 Market Tables, 178 Figures spread through 180 slides and an in-depth TOC on “Composite Materials Market (2018 - 2023)”
The adoption of composite materials is also expanding as they require less maintenance and provide a longer lifespan. The global composite materials market is anticipated to experience substantial growth and reach approximately $36 billion by 2020, with a CAGR of 7% during the period of (2014-2020). Geographically, Asia Pacific currently holds the position of the leading region in terms of demand and is projected to further dominate with a contribution of 50% of the overall demand by 2020, followed by North America, which will have a share of 29% in volume by 2020.
Composite Materials Market: Disruptive Trends and Drivers
- Integration of composite materials in making efficient wings and fuselage structures coupled with innovative designs
- Demand for high performance and multifunctional composite materials in aerostructures. The world’s largest passenger airliner, new Airbus A380, uses modern composites such as plastic reinforced with carbon fibers in its design. The material holds 20% in its whole design.
- Toray Industries, Inc., Hexcel Corporation, Safran, and Aishan Fiberglass Inc. are some of the key players ahead of the curve in the global composite materials market.
- In 2018, Toray Industries, Inc. acquired TenCate Advanced Composites Holding B.V., which is a leading carbon-fiber composite material manufacturer, for €930 million. Through this acquisition, Toray aspires to expand its existence into high services temperature applications such as componentry in the area of engines, which enables its presence in the space and defense
- In 2018, Hexcel Corporation formed a joint venture with Future Aerospace, which is a Chinese aerospace parts manufacturer. “Shanghai Future Aerospace Hexcel Commercial Composite Testing Limited”, provide composite materials testing. This collaboration is more helpful in the development of composite material applications in commercial aerospace industries especially in China
- In 2018, a new plant was opened in France to meet the increasing demand for composite materials from aerospace customers
- In 2018, Safran and Toray implemented an agreement to develop and supply high performances composite materials for the aerospace industry and tackle the issues associated with new generation engines
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Composites Market: By Organic (Blood Meal, Fish Meal, Manure, Granite Meal, Others); By Inorganic (Nitrogen, Potassium, Phosphate, Calcium, Sulfur, Others); By Bio-Composites (PSB, Azotobacter, Others); By Form (Solid, Liquid, Gaseous) By Crops (Wheat, Rice, Maize, Oil seeds & Others); By Geography - Forecast(2018-2023)
Glass Fiber Reinforced Plastics (GFRP) Composites Market: By Material Type (Epoxy, Fillers, Glass fibers, Polyester, others); By Form (Rebars, sheet, panels, Rolls, others); By Manufacturing process (Hand Layup, Injection Molding, Compression Molding, Pultrusion, RTM); By Application (Building and construction, Automotive, Electrical, Aerospace, Wind Power Turbines, Others); By Geography - Forecast(2018-2023)
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