According to an IndustryARC report, the global Composites market was valued at $82,725 in 2018, and the demand is estimated to grow at a profitable CAGR of 5.6 % during the forecast period 2019-2025. Increasing demand for composites in the construction industry to help the builders erect a wide variety of infrastructures is driving the growth of the composites market. Due to their properties such as high strength, long term resistance, little maintenance, and non-corrosiveness, composites are invaluable for this industry. Additionally, they are progressively selected for bridge renovation because of their attributes to offer design flexibility.
Browse 89 Market Tables, 179 Figures spread through 136 slides and an in-depth TOC “Composites Market(2018 - 2023)”
The analyst of the report has identified that the construction & infrastructure application is holding a major share in the composites market, estimating its value to increment at a CAGR of 6.3% during the aforementioned forecast period. Composite materials are used by diverse industries to provide significant advantages over traditional building materials. Composites formulate a wide range of products for building industry, such as core materials, reinforcements, and fire retardant resins and additives.
The profitability of the composites marketplace is lucrative as the products consume less energy and perform efficiently, which leads to greater sustainability. The builders are relentlessly eyeing opportunities to add robustness and creativity to their structures and composites are a boon for them. Additionally, revolutionary composites are the reinforced materials used in the art, commercial construction, and residential buildings. In order to make commercial and residential buildings sustainable, designers and builders are increasingly relying on the benefits of composites.
Trucking Industry Fueling Composites Demand
Composites are allowing bus and truck manufacturers to increase fuel efficiency, improve performance, and to carry larger payloads. From traditional heavy-duty patrons like UPS and Wabash to high-tech OEMs like Proterra and Tesla, the market is moving toward innovative materials.
In the current world, engineers are preferring products from the composites marketplace to manufacture steel and aluminum as well as upgrade wood products due to their distinctive benefits and excellent rustproofing and molding. Fiber Reinforced Polymers (FRP) composites are formed with a combination of two or more materials which exhibit unique properties like an alloy. Pultrusion, resin transfer molding, large scale filament winding, hot mould process, and pulsed infusion are the most commonly used methods for the manufacturing of composite materials in the composite industry.
Based on the geographical analysis provided in the IndustryARC report, Asia-Pacific holds a major share of more than 37% among other regions during the global composites market. The importance of the composites is mounting because of their attributes to offer unique properties. The information is based on a recent business intelligence report from IndustryARC, titled “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(2019-2025).”
Global Composites Market: Key Drivers and Disruptive Trends
- Composites market steps forward with its wide use in a variety of residential and commercial construction applications. People choice of using light-weighted materials such as plastic laminated beams and trusses instead of traditional wood framing in the entire homes.
- Increasing demand for epoxy based polymer matrix composites (PMCs), which are used for manufacturing tires, printed circuit boards, and windshield glass in automotive sectors.
- Each generation of new aircraft built by Boeing has had an increased percentage of composite material usage. OEMs such as Airbus and Boeing have robust composites manufacturing operations, which are acute to the success of their signature aircraft lines. More than half of the Airbus A350XWB and Boeing 787 are made from CFRP composites. Today, for most commercial aircraft applications carbon fiber-based composites. This trend is expected to continue and regularly expand composites market size.
- Growing usage of glass fiber composite blades in the wind turbines produces enough wind energy to handle the electrical needs of the restaurants and souvenir shop. Additionally, the electrical industry predominantly depends on electrical composite materials for productive outputs, as they emphasize processing into smaller parts which leads to be cost effective and illustrates better performance.
- Due to the properties such as high strength to weight ratio, long term durability, dimensional stability, low maintenance, rapid installation, radar-transparent, and corrosion resistant, composites are used in many sectors including aerospace, marine, and transportation to design lightweight parts.
Global Composites Market: Competitive Landscape
Hexcel is one of the leading manufacturers of composite materials and carbon fiber. It has become the most collaborative participant of the Northern Ireland Advanced Composites and Engineering association (NIACE) in 2019. By joining in this association, the company has aspired for the growth of composites in industries targeted by NIACE including aerospace, space and defense, renewables and automotive.
HexMC Molding Composite by the company is a high performance molding material, which provides better mechanical properties than other fiber molding compounds. HexMC in aerospace grade enables complex shapes to be manufactured in cost-effective series production which provides weight savings that are comparable to aerospace carbon prepregs. This weight-savings reduces fuel consumption and increases aircraft payload.
Hexcel has the acquisition with ARC Technologies, lnc., a leading supplier of custom RF/EMI and microwave absorbing composite materials for military and other industrial applications. This strengthens Hexcel’s advanced materials portfolio in thermoplastics and structural composites and provide new opportunities for growth and market penetration.
- Owens Corning
In 2018, Owens Corning, another prominent name in the global composites marketplace, recently announced an agreement with Chongqing Polycomp International Corp. (CPIC) for joint investment, to manufacture high-modulus glass fiber products in a new facility at China. It is more focused on proliferating the use of composites in supporting alternative energy applications and to deliver the most advanced glass fiber technologies to serve growing industry demand for high-modulus glass.
Owens Corning composite products deliver performance and productivity benefits. Its products make engineered composite material systems as highly durable, energy-efficient, and lightweight compared to traditional materials such as steel, wood, or concrete.
Composites are momentous materials with unique properties, which are booming due to their applications in the construction and infrastructure industry. Rising adoption of composites from OEM’s due to the increasing return on investments and growing demand for these materials from aviation industry and aerospace will further fuel the growth of composites market in the near future.
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Functional Composites Market: By Type (Metal Matrix Composites, Polymer Matrix Composites, Ceramic Matrix Composites, Epoxy Resin Matrix Composites, Hybrid Matrix Composites), By Function (Thermally Conductive, Electrically Conductive), By Application (Sensors, Body Panels, Valve Covers, Truck Beds, Storage Tanks, Electrical Components, Others), By End-User Industry (Aerospace, Defense, Wind Energy, Transportation, Building & Construction, Storage & Piping, Consumer Goods, Electrical & Electronics, Others), By Geography (North America, Europe, Asia Pacific, South America, Middle East & Africa) - Forecast (2018-2023)
Construction Composites Market: By Type( Natural Composites, Fiber Reinforced Composites, Particulate Reinforced Composites );By Resin type (Polyester, Vinyl Ester, Phenolic); By End Users(Commercial Properties, Civil Housing and Industrial Construction Structure )By Geography - Forecast(2018-2022)
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