The global composites market is expected to reach USD 130.84
billion by 2024, according to a new report by Grand View Research, Inc. Growing
demand for composites in various applications including transportation,
aerospace & defense, electrical & electronics, wind energy,
construction & infrastructure, pipes & tanks, and marine is expected to
drive market growth over the forecast period. The development of these end-user
application segments is projected to fuel the industry expansion further.
Electrical & electronics
accounted for 16.4% of the global volume market share in 2015. These materials
are being increasingly used in electrical & electronics owing to their high
arc resistance properties and dielectric strength. Growing demand for
electronic gadgets, particularly wearable electronics, is expected to augment
growth.
Transportation was the largest
application of composites and is projected to witness significant gains at a
CAGR of 7.5% from 2016 to 2024. The increase in road networks, especially in
Asia Pacific, is expected to result in stimulating the growth of the market
over the forecast period.
Browse full research report on Composites
Market: http://www.grandviewresearch.com/industry-analysis/composites-market
Further key findings from the
report suggest:
- The
glass fiber market was estimated at USD 41.88 billion in 2015 and is
projected to dominate the global composites market over the forecast
period. Owing to its weather-resistant, surface texture varieties and
lightweight properties, the global market for GFRP is projected to account
for the largest share. Key market players are investing in the production
of glass fibers especially in emerging countries such as India, Brazil and
China owing to the growing demand from various application industries such
as automotive, aerospace & defense, wind energy, and transportation.
- North
America is expected to witness a significant growth at a CAGR of 6.8% from
2016 to 2024 in terms of value. The automotive industry in this region has
witnessed a significant growth in the recent years in terms of
profitability and growth which has attributed to increasing the production
of the auto sector. Furthermore, growing production of light commercial
vehicles is expected to propel the growth of composites market over the
forecast period.
- Carbon
fiber composites segment is supposed to create an avenue in the automotive
industry owing to the high-value application and technological
advancements. The segment accounted for 34.3% of the global market size in
2015. The major composites manufacturers are emphasizing on the expansion
of production capacities and R&D activities to reduce the cost of
CFRP.
- Key
industry players include Owens Corning, Toray Industries Inc., TenCate NV,
SGL Carbon, Cytec Industries, Compagnie De Saint-Gobain, and Jushi Group
Co. Ltd. These companies are focused on R&D activities to launch
innovative products to strengthen their composites product portfolio and
enhance their market presence.
Browse more reports of this
category by Grand View Research: http://www.grandviewresearch.com/industry/specialty-glass-ceramic-and-fiber
Grand View Research has segmented
the global composites market on the basis of product, resin type, manufacturing
process, and application:
Global Composites Product
Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 – 2024)
- Carbon
Fiber Composites
- Glass
Fiber Composites
- Others
Global Composites Resin Outlook
(Volume, Kilo Tons; Revenue, USD Million; 2013 - 2024)
- Thermosetting
Composites
- Thermoplastic
Composites
Global Composites Manufacturing
Process Outlook (Volume, Kilo Tons; Revenue, USD Million; 2013 - 2024)
- Layup
Process
- Filament
Winding Process
- Injection
Molding Process
- Pultrusion
Process
- Compression
Molding Process
- Resin
Transfer Molding Process
- Others
Global Composites Application
Outlook (Volume, Kilo Tons; Revenue, USD Million; 2013 - 2024)
- Automotive
&Transportation
- Aerospace
& Defense
- Electrical
& Electronics
- Construction
& Infrastructure
- Pipes
& Tanks
- Marine
- Others
Global Composites Regional
Outlook (Volume, Kilo Tons; Revenue, USD Million; 2013 - 2024)
- North
America
- U.S.
- Others
- Europe
- Germany
- France
- Others
- Asia
Pacific
- China
- India
- Others
- Latin
America
- Brazil
- Others
- MEA
Access press release of this research report by Grand View Research: http://www.grandviewresearch.com/press-release/global-composites-market
About Grand View Research
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
For more information: www.grandviewresearch.com
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