As per the corporate intelligence report by the Transparency Market Research, the global composites market is projected to rise from its latest evaluation of US$ 47315.6 million in the year 2016 to reach the valuation of US$ 54561.7 million at the end of the forecast period i.e. 2025. The report also predicts that the global composites market will expand at a brilliant growth rate of 8.9 % over the forecast period of 2017 to 2025. Key drivers for the growth of the global composites market include increasing demand for lightweight materials in various industries such as aerospace, defense, and automobile sectors. However, the high cost of products i.e. composite materials may restrain the growth in the global composites market in coming years.
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Moreover, with the stunning example of BMW i3, first mass produced car, made completely from composite materials, the demand in the global composites market in on the rise. Many automobile manufacturers are looking at the products in the global composites market as a viable way to produce cost efficient, fuel efficient, and lightweight vehicles or automobile components. This has resulted in increased demand in the global composites market from the automotive and transportation sector.
Types of products offered by the vendors and manufacturers in the global composites market include metal matrix composites, ceramic matrix composites, and polymer matrix composites (including carbon fiber reinforced plastic, aramid fiber composites, and glass fiber reinforced plastic, among others). Segments in the global composites market by the type of technology include pultrusion process, filament winding, injection molding, automated fiber placement, layup process, compression molding, resin transfer molding, and automated tape laying, among others.
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Application segments of the products in the global composites market include construction, electrical and electronics, wind energy, automotive and transportation (including interior, power train components, chassis, exterior, and brake pads, among others), aerospace and defense, marine and oil and gas (including pipes and top side applications, among others), and consumer goods, among others.
Major regions and leading countries covered in the business intelligence report on the global composites market include Europe (including the United Kingdom, Spain, France, Germany, Italy, and rest of the Europe), North America (including the United States and Canada), Asia Pacific (including ASEAN countries, Japan, China, India, and rest of the Asia Pacific), South America (including Brazil, Mexico, and rest of the South America), and Middle East and Africa (including South Africa, Gulf Cooperation Council countries, and rest of the Middle East and Africa).
Players in Composites Market Opt for Collaborations to Enable Efficient Use of Resources
Some of the key and major players and manufacturers assessed in the business intelligence study on the global composites market include TPI Composites, Inc., Teijin Limited, Performance Composites Inc., Toray Industries, Hexagon composites, Creative Composites Ltd., The Quadrant Group of Companies, BGF Industries, Inc., Premium Aerotec, COTESA GmbH, Wethje Carbon Composites, Fiberdur GmbH & Co. KG, Fill Gesellschaft M. B. H., Hexcel Corporation, Owens Corning, Faurecia, Enduro Composites, Inc., Applied Poleramic Inc., KINECO, HITCO Carbon Composites, Inc., Kangde Xin Composite Material Group Co., Ltd., FACC AG, Fokker Aerostructures, Plasan Carbon Composites, Vello Nordic AS, and Akiet B. V., among others.
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Players and manufacturers in the global composites market are investing in new technologies to cut down the time for production and developing new and advanced products to attract more consumers. For example, Teijin Limited has developed a new CFRP or thermoplastic carbon fiber reinforced technology that shortens the time required for molding significantly. This has allowed Teijin Limited to maintain its leading position in the global composites market as a top developer of advanced carbon reinforced polymers. Furthermore, many players and manufacturers in the global composites market are also opting for strategic collaborations as key inorganic growth strategy.