Composite Manufactures Market Size, Share Analysis report, And Forecast 2018 – 2027
Market
Highlights:
As
per the MRFR analysis, the global Composite Manufactures 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.
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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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