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.
U.S. composites market revenue by application, 2013 -
2024, (USD Billion)
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.
Access Press Release By Grand View Research: http://www.grandviewresearch.com/press-release/global-composites-market
About Grand View Research,
Inc:
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, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
For more information: http://www.grandviewresearch.com
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