According to TechSci Research report, “Global Composites Market By Type, By Application, By Manufacturing Process, By Region, Competition Forecast & Opportunities, 2012-2022”, the global composites market is projected to surpass $ 42 billion by 2022.
Growing investment in the renewable energy sector coupled with the shift towards lightweight carbon fiber composites is expected to drive demand for composites across the globe in the coming years. Moreover, booming construction and transportation sectors across the globe are anticipated to further steer demand for composites, globally, through 2022.
On the basis of fiber type, glass fiber dominated the global composites market in 2016 and is anticipated to continue its market dominance during the forecast years as well. However, demand for carbon fiber is expected to surge at a rapid pace during the forecast period on account of rising preference for lightweight components across different end-use sectors.
A large demand for composites comes from the civil engineering sector, due to the rising construction activities across the globe, especially in major developing countries. The civil engineering sector is followed by the aerospace and automotive sectors, which require composites in the manufacturing of lightweight parts of aircraft and vehicles, respectively.
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‘Lay up’ is the most popular process for the manufacturing of composites. However, in the coming years, the use of the compression molding process for producing composites is anticipated to gain traction, as it is capable of manufacturing high-volume products while ensuring minimal wastage. Among regions, Europe is the largest demand generator for composites. However, in the coming years, Asia-Pacific is expected to generate high demand for composites on the back of substantial growth in various industries like transportation, construction, marine, etc., across the region. Toray Industries Inc. is the leading player in the global composites market valued at $28 Billion in 2016, followed by Hexcel Corporation, Teijin Limited, Mitsubishi Chemical, and Solvay.
“Rising demand for heat-resistant and lightweight components from the automotive sector would continue to boost demand for composites. Furthermore, rising infrastructural activities across the globe and increasing focus towards the renewable energy sector, especially wind energy projects, is further expected to add to the growing demand for composites in the coming years”, said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
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“Global Composites Market By Type, By Application, By Manufacturing Process, By Region, Competition Forecast & Opportunities, 2012-2022” has evaluated the future growth potential of the global composites market and provides statistics and information on market size, structure, and trends. The report intends to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global composites market.
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