Opportunities for the global composite materials market to reach $38.0 billion by 2023
According to a new market report published by Lucintel, the future of the global composites market looks attractive with opportunities in the transportation, construction, wind energy, pipe & tank, marine, consumer goods, electrical and electronics, aerospace, and others. The global composite materials market is expected to reach an estimated $38.0 billion by 2023 and it is forecast to grow at a CAGR of 4.1% from 2018 to 2023. The global composites end product market is expected to reach an estimated $107.4 billion by 2023. The major drivers for growth in this market are increasing demand for lightweight materials in the aerospace & defense and automotive industry; corrosion and chemical resistance materials demand in construction and pipe & tank industry; electrical resistivity and high flame retardant materials demand in electrical and electronics industry.
In this market, transportation, construction, pipe and tank, electrical and electronics, consumer goods and wind energy are the major end use industries. On the basis of its comprehensive research, Lucintel forecasts that the aerospace and wind energy segments are expected to show average growth during the forecast period from 2018 to 2023.
Within the global composites market, injection molding, hand layup, compression molding, spray up, filament winding, resin infusion, and prepreg layup are some of the major processes utilized to manufacture composite parts. Injection molding is expected to be the largest process in terms of value and volume in composite manufacturing because of high-output production rate, low labor cost, and design flexibility.
By fiber type, glass fiber, carbon fiber, and aramid fiber are the major fibers utilized to manufacture composites parts for various end use industries. Carbon fiber is expected to show above average growth during the forecast period. Increasing penetration of carbon composites in commercial aircraft and automotive are expected to spur growth for carbon fiber over the forecast period from 2018 to 2023.
By resin type, thermoset and thermoplastic resins are used to make composites parts. In thermoset, polyester composite is expected to remain the largest market by value and volume consumption. In thermoplastic resins, polyamide (PA) is expected to remain the largest market by value and volume consumption because it is widely used in transportation, construction and consumer goods applications.
Asia Pacific is expected to remain the largest region by value and volume; this region is also expected to experience the highest growth over the forecast period because of growth in construction, transportation, and the electrical and electronics segments. The major drivers for growth are increasing automotive production, high growth in construction, and infrastructure development.
Emerging trends, which have a direct impact on the dynamics of the industry, include development of low-cost carbon fibers, high performance glass fiber, and rapid cure resin system.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities for the global composites market and has come up with a comprehensive research report entitled “Growth Opportunities in the Global Composites Market 2018-2023.” The Lucintel report serves as a catalyst for growth strategy, as it provides a comprehensive data and analysis on trends, key drivers, and directions.
The study includes a forecast for the global composites market by application, fiber type, resin type, manufacturing process, molding compound, country, and region, as follows:
By End Use Industry ($ Million and Million Pounds):
• Wind Energy
• Pipe & Tank
• Electrical and Electronics
• Consumer Goods
By Manufacturing Process ($ Million and Million Pounds):
• Hand Lay-up
• Resin Infusion (RRIM, RTM, VARTM)
• Filament Winding
• Injection Molding
• Compression Molding
• Prepreg Lay-up
By Molding Compound ($ Million and Million Pounds):
• Thermoplastic Compounds ( SFT, LFT, GMT, CFT and Other)
By Resin Type ($ Million and Million Pounds):
• Vinyl ester
By Fiber Type ($ Million and Million Pounds):
• Glass fiber
• Carbon fiber
• Aramid fiber
By Fiber Glass Type ($ Million and Million Pounds):
• Single End Roving
• Multi End Roving
• Chopped Strands
• Woven Roving
• Chopped Strand Mat
• Continuous Filament Mat
By Carbon Fiber Type ($ Million and Million Pounds):
• PAN Based Carbon Fiber
• PITCH Based Carbon Fiber
By Region ($ Million and Million Pounds):
• North America
• Asia Pacific
By Country (Million Pounds):
• South Korea
Some of the features of the “Growth Opportunities in the Global Composites Industry 2017-2022” report include:
• Market size and growth rates of the global composites market.
• Composites and competing material markets (steel, aluminium, plastic, composites) in terms of volume.
• Market size estimates of glass fiber and by type of product form.
• Market size estimates of global carbon fiber market by tow size as well as by pan and pitch type in terms of volume and value.
• Market for fiber type (glass composites, carbon composites, aramid composites).
• Analysis of the global composites industry size in terms of value and volume.
• Trends (2011-2016) and forecast (2017-2022) for the global composites industry in terms of value and volume by region, such as North America, Europe, Asia Pacific, and ROW.
• Global composites industry trends (2011-2016) and forecast (2017-2022) in terms of value and volume by application, such as Transportation, Marine, Wind energy, Aerospace, Pipe and tank, Construction, Electrical & Electronics, Consumer goods, and Others.
• Market size estimates for reinforcements and resins.
• Market size estimates for global commodity composites and advanced composites.
• Market size estimates of global composites by molding compound.
• Market breakdown by applications and key regions of North America, Europe, Asia Pacific, and the Rest of the World.
• Market size estimates of global composites by end product market for 2016 and 2022.
• Composites market by country, including China, India, the US, and Germany.
• Competitive analysis of steel, aluminum, plastics and the composites industries.
• Market breakdown by manufacturing technology, manufacturing process, market segment, and material type.
• Thermoset and thermoplastic composites market size.
• Market outlook and global trends in automotive, marine, construction, aerospace and other important market segments with the needs and challenges of each.
• Value chain analysis: Dollar and gross profit flow through various nodes of the value chain (from raw material to final application).
• Company profiles of material and end product manufacturers.
• Current innovations in the global composites industry.
This 383-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or firstname.lastname@example.org. Lucintel offerings include Advanced Materials Reports, Composite Materials Market Report, Opportunity Screening and Analysis, Capital Investment Feasibility and SWOT Analysis.
This report answers following 11 key questions:
Q. 1. What are some of the most promising, high-growth segments in the global composites market by application type (transportation, marine, wind energy, aerospace, pipe & tank, construction, electrical & electronics, consumer goods, and others), raw material (glass fiber, carbon fiber, aramid fiber, polyester resin, vinyl ester, phenolic, polyurethane, thermoplastic resin, filler, and others), fiber type (glass fiber composites, carbon fiber composites, and aramid fiber composites), resin type (polyester composites, epoxy composites, vinyl ester composites, phenolic composites, other thermosets, and thermoplastic composites), by molding compound (SMC, BMC, SFT, LFT, and other composites), and region (North America, Europe, APAC, and ROW)?
Q.2.Which segments will grow at a faster pace and why?
Q.3.Which region will grow at a faster pace and why?
Q.4.What are the key factors affecting market dynamics? What are the drivers, challenges, and business risks in this market?
Q.5.What are the business risks and competitive threats in this market?
Q.6.What are the emerging trends in this market and the reasons behind them?
Q.7.What are some of the changing demands of customers in the market?
Q.8.What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10.What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q. 11.What M & A activity has occurred in the last 5 years?