Innovation in the field of composite materials to augment growth of composites market
Composite materials are produced by physically combining two or more components to produce a blended material that consists of structural properties not present in the individual components. Thus composite materials are preferred as they provide greater strength and rigidity than is found in any of the separate components while being as light as possible. Light components necessarily result in light end products and therefore, composite materials are in high demand in industries like aerospace, automotive, construction, civil infrastructure etc. as these end user industries continue to expand the composite market is also expected to witness exponential growth registering a CAGR of 8.59% over 2019-2025.
Segmentation:
The composites market size is segmented on the basis of type, resin type, production methods and end users.
On the basis of type, composites market categorization includes polymer matrix composites, metal matrix composites, ceramic matrix composites, and others. The polymer matrix composites segment is expected to lead with the largest share having held 86.3% share in 2018 as they exhibit excellent oxidation resistance, low density at high temperatures and corrosion resistance.
On the basis of resin type composites market segmentation includes, thermoplastic composites and thermoset composites. In 2018 thermoset composites held a major share of the market as they exhibit superior strength, chemical resistance, high-performance, thermal stability, and structural integrity.
Production methods based segmentation of composites market includes layup process, filament winding, pultrusion process, injection molding, compression molding, automated tape lying, automated fiber replacement, resin transfer molding and others. In 2018 layup process is the most widely used and accounted for a market value of USD 25,966.2 million.
According to end-use industry composites market is categorized into automotive transportation, aerospace defense, electrical electronics, wind energy, construction infrastructure, marine oil gas and others. Aerospace has been estimated to be the leading segment in 2018 as composites are expansively used in gas turbine engines, tail cones, engine nozzles, nose cap, body flaps, panels, leading edges, rudder, fins, and other engine components.
Regional Analysis:
Geographic segmentation of composites market has been done on the basis of North America, Europe, Asia-Pacific, Latin America and Middle East Africa.
North American region dominated the composites market in 2018 and the trend is expected to continue over the coming years. The expansion of the aerospace and defense industry in the region can be attributed for this growth. Innovations in composite materials have led to the development of stronger and damage resistant products, propelling further growth of composites market in the region.
The Asia-Pacific market is projected to register highest CAGR of 10.3% during the forecast period owing to rising industrialization and constructional activities in the region. Additionally, the increase use of composites in transportation sector owing to high mechanical and physical properties such as high strength, excellent wear corrosion resistance and weight reduction property coupled with expanding economies is expected to drive the regional market demand.
The European region is also expected to showcase a significant growth during the forecast period due to usage of composites in manufacturing light-weight automotive body components. The growth can be attributed to the expanding composite industries in the region.
The Latin American and Middle East Africa regions are expected to show a healthy growth during the forecast period owing to growing construction and increased disposable income in the region.
Competitive Landscape:
Some of the prominent names in the composites market report include BASF SE, Owens Corning, Toray Industries, Inc., TEIJIN Limited, SGL Carbon Company, Solvay, Mitsubishi Chemical Holding, Koninklijke Ten Cate, Hexcel Corporation, Du Pont, Honeywell International Inc., Nippon Electric Glass Co. Ltd, DowAksa, Chongqing Polycomp, Huntsman International LLC.
Industry News:
Composites market has found significant growth scope through the expanding automotive industry that has created a massive demand for lighter materials for more efficient vehicles. Drive System Design, an engineering consultancy and National Composites Centre have come together in a collaboration for a 12-month project to investigate the use of composites in the integrated electric drive unit. The project is aimed at producing more efficient electric vehicles with the application of composite materials in the drive system. Apparently composite materials will be used to reduce unit size as well as to increase power density thus offering vehicle manufacturers further packaging and efficiency benefits.
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