Composites Demand Estimated To Reach US$30.63 Mln In 2021

Composites demand estimated to reach US$30.63 mln in 2021

15-May-17

Composites are engineered materials and generally a mixture of two or more constituent materials with varying physical or chemical properties which are distinct at macroscopic level with the finished structure. Increase in demand of products with enhanced properties such as light weight, structural durability, heat resistant and so on, has led to the development of these materials to a significant extent. Composites have been used for long time; however the increase in adoption of these materials started from early 20th century when plastics such as phenolic, polyester, vinyl and polystyrene were developed. The composite materials market is set to escalate at a CAGR of 3.7% during the period 2016-2021. The current business environment has become highly competitive as the leading industries are challenged by the demand for quality, safety, productivity and environmental protection. Market is tremendously growing and is estimated to reach US$30.63 mln in 2021, as per Furion Analytics Research and Consulting LLP

The Composite are broadly divided into several materials such as polymers, metal, ceramics, carbon & graphite & others. The market is also classified by form such as particle-reformed, fibers-reformed and structural. As per the current trends, the composites market has grown significantly over the last few years. Global market of composite materials is well established and fairly mature market. However, growth opportunities still exists owing to immense potential of these materials to replace traditional materials as well as ever enhancing properties due to significant R&D. Regional markets of APAC, Eastern Europe and Africa holds significant scope to grow in the coming decade. Collaborative efforts of the industry are a favorable factor leading to enriched R&D activities. CROs have been playing a major role in offering solutions to the changing and complex needs of the end users. The report also comprises of the region wise study of the global market including Americas, Europe, Asia-Pacific and Rest of the World.
Composites have been extensively used in various applications over the past few years across the globe. Composites are the combination of two or more distinct and insoluble phases. These are presently one of the most important classes of engineered materials.

Applications requiring a sturdy and rigid, yet lightweight substance are the applications most apt for CFRP, as these composite materials are exorbitantly prices when compared to other metals which can be utilized as matrix. With advent of technologies CFRP will become cost effective and hence competitive in the near future. Though composites market is well established and penetrated, the market has been providing new opportunities over time mainly driven by evolving needs of end use applications and advancing material sciences and research. R&D has become a vital phase in the industry delivering compounds according to the varying requirements of end users. However, the cost of these specialized materials remains high. Research is underway to develop and establish low cost manufacturing platforms that support mass production. Rising concern on hazardous materials and increasing adoption green building concepts provides opportunities for bio-based composites especially in developed nations. In addition, commitment of government of various countries to curb emissions and build energy efficient facilities acts as a major booster.

The market has been segmented into Americas, Asia-Pacific, Europe and Rest of the World (RoW) on basis of geography. In 2015, APAC is the prominent region for Composites market. APAC is estimated to be the fastest growing region with CAGR of 6.7% during the forecasted period. India ranks second in terms of population and is one of the fastest growing economies in the world. With increasing demand for improved living conditions, India has become a hub for many industries such as construction, electrical and electronics and many others. Rise of such industries in any region would demand in an increase of enhanced consolidation methods; in this case composite material.

Toray and Teijin are key players of the carbon fiber reinforced plastic material composites in 2015 with a share of 23.4% and 16.4% respectively. Some of the important players in the market include Mitsubishi Chemical Holdings Corporation, SGL Carbon SE and Solvay (Cytec) to name among a few others.