The global composites market size is projected to reach USD 112.0 billion by 2027, exhibiting a CAGR of 6.88% during the forecast period. Increasing utilization of composite materials in 3D printing applications will broaden the horizons of this market, observes Fortune Business Insights™ in its report, titled “Composites Market Size, Share and Global Trend By Matrix (Polymer matrix, Ceramic matrix and Metal matrix), by Polymer matrix (Fiber {Glass, Carbon, Aramid} and Resin {Thermoset and Thermoplastics}) and by Application (Automotive & Transportation, Building & Construction, Electrical & Electronics goods, Pipes & tank manufacturing, Consumer goods, Wind power, Maritime, Defense & aviation and Others) and Regional Forecast, 2020-2027.”
3D printing
technology holds enormous potential for the manufacturing sector, allowing
producers to efficiently create parts, machineries, and equipment at relatively
low costs. Most of the 3D printers available today use Fused Filament
Fabrication (FFF), a polymer-extrusion process for composites. For example,
US-based additive manufacturer, Markforged, developed the continuous fiber 3D
printing method and currently offers a variety of industrial 3D printers, with the main focus on functional prototyping and end-use manufacturing. Another
US-based company, Desktop Metals, launched its Fiber 3D Printer in 2019, which
combines the traditional Automated Fiber Placement technology with FFF. These
advancements are expected to provide a solid push to the growth trajectory of
this market in the foreseeable future.
List of Key Companies Profiled in the Composites Market Report:
- Composite
Solutions
- Exel Group
- Huntsman
International LLC
- Hexcel
Corporation
- Teijin
Limited
- Owens
Corning
- Veplas d.d.
- Solvay
- SGL Carbon
- Mitsubishi
Chemical Holdings Corporation
- Toray
Industries, Inc.
- Deep
insights into the trends, drivers, opportunities, and challenges shaping the
market;
- Actionable
analysis of the market segments;
- Tangible
research into the regional developments impacting the market; and
- Thorough
evaluation of the key market players and their strategies.
Drivers & Restraints-
Rising Demand for Electric Vehicles to Surge
the Adoption of Composites
Electric
vehicles (EVs) are witnessing skyrocketing demand as consumers are actively
looking to reduce their spending on gasoline and lower emissions. According to
the International Energy Agency (IEA), 2.1 million EVs were sold in 2019. The
key to enhance the energy-efficiency of these vehicles is to bring down their
weight. Composite materials are expected to play an instrumental role in
facilitating these requirements and research has been conducted in this area
for over a decade now.
For example, in 2010, Imperial College London and its European partners engineered a carbon fiber composite to make lightweight and high-strength body panels and structural parts for hybrid EVs. More recently, the Fraunhofer Institute for Structural Durability and Systems Reliability in Germany initiated the Optimized Energy Management and Use (OPTEMUS) project in 2015. Funded by the European Union, the project has developed a composite that functions as a phase change material and effectively manages EV temperature and range. The vast potential of composites in EV manufacturing is, thus, foreseen to drive the global market in the upcoming years.
Read Detailed Summary of This Research Report:
https://www.fortunebusinessinsights.com/composites-market-102295
Regional Insights-
Prominent Presence of Industry Players to
Favor Growth in the Asia Pacific Market
Asia Pacific
dominated the composites market share with a size of USD 43.76 billion in 2019
on account of the strong presence and robust operations of some of the biggest
players in the composites industry such as Toray and Mitsubishi. These
companies have been injecting large amount of funds into research and
development to create new composite solutions and meet the rapidly rising
demand for these materials from diverse industries in the region.
The market
in North America is benefiting from the extensive utilization of composite
materials by the region’s well-established aerospace & defense industry. In
Europe, the market dynamics will be primarily shaped by the region’s massive
automotive industry, increasing uptake of EVs, and favorable governmental
policies promoting the adoption of lightweight materials in vehicle manufacturing.
Competitive Landscape-
Expansion & Acquisitions to be the
Mainstay Strategies of Key Players
Chief among
the strategies adopted by the key players in this market are the calculated
territorial expansion and tactical acquisition activities. These strategies are
aiding large companies in the market to widen their offerings, strengthen
global market foothold, and penetrate emerging markets.
Industry Developments:
- January 2020: Teijin Limited announced the establishment
of the Teijin Automotive Center Europe GmbH in Germany, which will serve as a
new base for technical operations for the company’s automotive composites
business.
- September 2019: INEOS Enterprises completed the acquisition
of the entire composites division of Ashland Global Holdings, including a BDO
facility in Germany. Ashland’s businesses in this domain boast combined annual
sales revenue of USD 1.1 billion, with sites in the Middle East, Europe, the
Americas, and Asia.
Read Press Release-
https://www.fortunebusinessinsights.com/press-release/composites-market-9620
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