Global Composites Analysis Business Prospects, Growth Opportunities, Regional Analysis ,Statistics and Forecast to 2027
Market Research Future (MRFR) recognizes the following
companies as the key players in the global Composites market: BASF SE, Owens
Corning, Toray Industries Inc., TEIJIN Limited, SGL Carbon Company, Solvay,
Mitsubishi Chemical Holding, Koninklijke Ten Cate bv, Hexcel Corporation,
DuPont, Honeywell International Inc., Nippon Electric Glass Co. Ltd., Dowaska,
Chongqing Polycomp, and Huntsman International LLC among others.
Segment Analysis:
The global composites market is segmented by the type,
technology, resin type, application, and region. Polymer matrix composites
emerged as the leading type segment and accounted for over 85% of the overall
market share in 2016. The material consists of a polymer (resin) matrix
combined with a fibrous reinforcing dispersed phase. Simple fabrication methods
and low cost are key factors determining the preference for polymer matrix over
the forecast period. Increasing demand from automotive & aerospace
industries along with the emergence of refractory matrix metals is anticipated
to boost the market growth for metal matrix composites. It is expected to
witness a volume CAGR of 5.59% from 2017 to 2023. Thermoset composites were the
largest resin segment with over 60% of the overall market share in 2016 and are
expected to continue its dominance over the next seven years. Major benefits
associated with composites include superior strength, lightweight, excellent
modulus of elasticity, and extraordinary corrosion resistance. Injection
molding is expected to be the fastest growing technology segment with demand
driven by factors such as increasing penetration in electrical &
electronics industry. The segment accounted for 13% of the overall market in
2016 and is expected to witness a CAGR of 10.98% from 2017 to 2023.
Geographically, North America dominated the global
composites market, accounting for more than one-third of the value share of the
overall market. A significant increase in aerospace manufacturing coupled with
continuous innovation to widen the application scope is driving regional market
growth. Revitalization of the automotive industry with an increase in production
and sales is another factor driving the North America composites demand. Asia
Pacific is set to emerge as the fastest growing regional market with a shift of
major automotive manufacturing facilities and rapid growth of electrical &
electronics and wind energy industries. The region is anticipated to witness an
estimated CAGR of 11.28% over the forecast period.
Access Report
Deatails @
https://www.marketresearchfuture.com/reports/composites-market-5399
Market Highlights:
As per the MRFR analysis, the global composites market
witnessed a healthy growth, and the market is likely to witness exponential
growth over the next seven years. The market growth is attributed towards the
continuously rising demand for lightweight automotive & aerospace
components in order to reduce carbon emission and enhance fuel efficiency. The
increasing usage of composites in construction applications coupled with a
significant rise in construction output of developing economies is set to
uplift the market growth. Higher income levels in developing countries of Asia
Pacific and Latin America is further expected to drive the end-use industries
and in turn augment composite consumption. Advanced composites are gradually
penetrating in several end-use industries replacing conventional metals such as
steel and iron. Reduced cycle time, codes and standards to support new material
are factors slated to positively influence global composites market over the
forecast period. With improving composite technology, its benefits are becoming
more pronounced, and the costs of building materials are going down with added
superior characteristics. However, strict regulatory environment related to
polymers along with high capital expenditure are key challenges faced by
industry participants and are touted to restrict market growth.
Request For Sample
Report Here @
https://www.marketresearchfuture.com/sample_request/5399
About Market Research Future:
At Market Research Future (MRFR), we
enable our customers to unravel the complexity of various industries through
our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), &
Consulting Services.
MRFR team have supreme objective to
provide the optimum quality market research and intelligence services to our
clients. Our market research studies by products, services, technologies,
applications, end users, and market players for global, regional, and country
level market segments, enable our clients to see more, know more, and do more,
which help to answer all their most important questions.
In order to stay updated with
technology and work process of the industry, MRFR often plans & conducts
meet with the industry experts and industrial visits for its research analyst
members.
Contact:
Market Research Future
Phone: +16468459312
Comments
Post a Comment