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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