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 Study 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.
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