Global Composites Research Business Prospects, Growth Opportunities, Regional Analysis ,Statistics and Forecast to 2027
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.
Table of Contents:
1 Report Prologue
2 Scope Of The Report
2.1
Market Definition 18
2.2
Scope Of The Study 18
2.2.1
Research Objectives 18
2.2.2
Assumptions 19
2.2.3
Limitations 19
2.3
Markets Structure 19
3 Research Methodology
3.1
Research Process 22
3.2
Primary Research 23
3.3
Secondary Research 23
3.4
Market Size Estimation 23
4 Market Dynamics
4.1
Introduction 26
4.2
Drivers 27
4.2.1
Rising Consumption Of Lightweight Materials In Transportation Industry 27
4.2.2
Growing Construction Industry 28
4.2.3
Increasing Wind Energy Penetration 29
4.3
Restraints 30
4.3.1
Relatively Slow Penetration In End-Use Industries 30
4.4
Trends 31
4.4.1
Increasing Plastics Usage In Automotive Manufacturing 31
4.5
Opportunity 31
4.5.1
Middle East & Africa And Asia Pacific Construction Industry Offers
Lucrative Opportunity For Composites 31
5 Market Factor Analysis
5.1
Supply Chain Analysis 32
5.1.1
Raw Material Producers 32
5.1.2
Composites Manufacturers 32
5.1.3
Distributors 33
5.1.4
End Use Industries 33
5.2
Porter’s 5 Analysis 33
5.2.1
Threat Of New Entrants 33
5.2.2
Threat Of Rivalry 33
5.2.3
Threat Of Substitute 34
5.2.4
Bargaining Power Of Supplier 34
5.2.5
Bargaining Power Of Buyer 34
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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.
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