Composites Market to Grow on Account of Rising Demand From Wind Energy Sector From 2013 to 2024 - Million Insights

FELTON, California, November 15, 2017 /PRNewswire/ --

In 2015, the global composites market was valued at USD 66.61 billion and is anticipated to witness a significant growth over the forecast period on account of its increasing demand from numerous application sectors which consist of wind energy, electrical & electronics, automotive interiors, pipes & tanks, marine and aerospace & defense.

The expansion of numerous end-user application segments is expected to augment the industry growth. In addition, the market of composites is estimated to observe a substantial growth on account of its strength, thermal conductivity performance properties and high corrosion resistance.

The product is majorly produced by layup process, which accounted for 30.90% of the total composites market share in the year 2015. The layup process is presumed to witness a significant growth in the near future on account of its versatility in manufacturing a wide range of products and low operational expenditure. In layup process, resin is applied by hand or spray technique onto a suitable mold surface which causes in curing the laminate without requiring any additional treatment. The layup process is expected to grow at a CAGR of 9.70% over the forecast period.

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Aerospace & defense sector was estimated for 13.10% of the total market share in the year 2015. The application of composites in the production of aircrafts has a benefit over the traditional materials due to its high performance properties. Decrease in the weight coupled with high corrosion resistance are few of the crucial factors enhancing the growth of composites market in this sector. Wind energy application sector is expected to witness a rapid growth with a CAGR of 10% over the next eight years owing to its wide application as clean energy materials in this industry.

Glass fiber composites generated a revenue of USD 41.8 billion in the year 2015 on account of its wide consumption globally. The glass fiber composites market has been dominating the international composites market over the recent past on account of its surface texture variety, inherent strength, lightweight properties and weather resistant finish. In light of these properties, glass fiber composites possess a great demand from numerous segments such as transportation, automotive, wind energy, aerospace & defense and others.

Asia Pacific accounted for 40% of the total market share in terms of revenue in the year 2015. Increasing development of application industries such as transportation, wind energy and aerospace & defense is enhancing the growth of the composites market in this region. In addition, rapid metropolitan development of the cities, the existence of major carbon fiber manufacturers in APAC are the major factors that are propelling the growth.

The market is majorly driven by new product developments coupled with product exhibitions, as key participants are competing to enlarge their customer base over the forecast period. The global composites industry is highly fragmented in nature with the presence of major players emphasizing on R&D activities and advancements in technologies. The key players consist of Toray Industries Inc., Jushi Group Co. Ltd., Compagnie De Saint-Gobain, TenCate NV and Owens Corning.

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Market Segment:

Global Composites Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)

• Carbon Fiber Composites

• Glass Fiber Composites

• Others

Global Composites Resin Outlook (Volume, Kilo Tons; Revenue, USD Million; 2013 - 2024)

• Thermosetting Composites

• Thermoplastic Composites

Global Composites Manufacturing Process Outlook (Volume, Kilo Tons; Revenue, USD Million; 2013 - 2024)

• Layup Process

• Filament Winding Process

• Injection Molding Process

• Pultrusion Process

• Compression Molding Process

• Resin Transfer Molding Process

• Others

Global Composites Application Outlook (Volume, Kilo Tons; Revenue, USD Million; 2013 - 2024)

• Automotive &Transportation

• Aerospace & Defense

• Electrical & Electronics

• Construction & Infrastructure

• Pipes & Tanks

• Marine

• Others

Global Composites Regional Outlook (Volume, Kilo Tons; Revenue, USD Million; 2013 - 2024)

• North America

• U.S.

• Others

• Europe

• Germany

• France

• Others

• Asia Pacific

• China

• India

• Others

• Latin America

• Brazil

• Others

• MEA

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