Composite Manufactures Market Trends, Size, Share Analysis report, And Forecast 2020 – 2027
Market Highlights:
As per the MRFR
analysis, the global Composite
Manufactures Market Trends 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 trends 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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