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.
Browse 39 market data tables and 241 figures spread through 383 pages and in-depth TOC on “Global Composites Market”
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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.
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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.
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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)
- Transportation
- Marine
- Wind Energy
- Aerospace
- Pipe & Tank
- Construction
- Electrical and Electronics
- Consumer Goods
- Others
By Manufacturing Process ($ Million and Million Pounds)
- Hand Lay-up
- Spray-up
- Resin Infusion (RRIM, RTM, VARTM)
- Filament Winding
- Pultrusion
- Injection Molding
- Compression Molding
- Prepreg Lay-up
- Other
By Molding Compound ($ Million and Million Pounds)
- SMC
- BMC
- Thermoplastic Compounds ( SFT, LFT, GMT, CFT and Other)
By Resin Type ($ Million and Million Pounds)
- Polyester
- Epoxy
- Vinyl ester
- Phenolic
- Thermoplastics
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
- Fabrics
- Chopped Strand Mat
- Continuous Filament Mat
- Others
By Carbon Fiber Type ($ Million and Million Pounds)
- PAN Based Carbon Fiber
- PITCH Based Carbon Fiber
By Region ($ Million and Million Pounds)
- North America
- Europe
- Asia Pacific
- ROW
By Country (Million Pounds)
- USA
- Canada
- Mexico
- Germany
- UK
- France
- Italy
- Spain
- Netherland
- China
- India
- Japan
- South Korea
- Brazil
- Russia
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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 click on this link https://www.lucintel.com/global-composites-market.aspx#/ or helpdesk@lucintel.com.
About Lucintel
Lucintel, the premier global management consulting and market research firm, creates winning strategies for growth. It offers market assessments, competitive analysis, opportunity analysis, growth consulting, M&A, and due diligence services to executives and key decision-makers in a variety of industries. For further information, visit www.lucintel.com.
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?
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