San Francisco,18 October 2018:
According
to a report published by Grand View Research, Inc.; the global composites
market is anticipated to attain a valuation of around USD 130.83
billion by 2024. Growing requirement for lightweight vehicles to enhance
fuel-efficiency is anticipated to market growth over the forecast period (2018
to 2024). Composites can replace steel in vehicles attributed to their higher
strength to weight ratio.
Currently, most vehicles use
conventional fuel technologies such as petrol and diesel. However, growing environmental
concerns and stringent regulations regarding pollution control can force manufacturers
to manufacture eco-friendly vehicles. Composites can be used to manufacture lightweight
vehicles. These vehicles offer high fuel-efficiency, which is a primary factor augmenting
product demand.
The worldwide composites
market can be segregated on the basis of product, resin, manufacturing process,
end-use, and region. Based on product, the market can be categorized into glass
fiber, carbon fiber, and others. In 2015, glass fiber emerged as the largest
product segment. Also known as fiberglass, this composite is made of fine
fibers of glass. Fiberglass is lightweight, robust, and strong material. This
factor is expected to bode well for segment growth over the forecast period. However,
it is likely to have lower stiffness than carbon fiber.
Based on resin, the market can
be bifurcated into thermoplastic and thermosetting. In 2015, thermosetting
resin dominated market and accounted for largest market share of around 83.3%.
Thermoset or thermosetting composites are synthetic materials strengthened when
heated. They cannot be remolded after initial heating. Thermosetting products
are stronger attributed to cross linking and can suit for high temperature. This
is the primary demand driver for these resins.
Access
Research Report of Composites
Market@ www.grandviewresearch.com/industry-analysis/composites-market
Based on manufacturing
process, the market for composites can be classified into injection molding, compression
molding, pultrusion, resin transfer molding, layup, filament winding, and
others. In 2015, layup dominated the market and accounted for around 30.9% of the
total market share. The layup process involves placement of fiber layer in
sequence by using matrix of hardener and resin. It is then allowed to set at
room temperature. The curing process can be accelerated by applying heat with
oven. Hand layup process is low cost cooling technique and includes wide choice
of material types and suppliers.
Based on end-use, the market
can be divided into electrical and electronics, aerospace and defense,
automotive and transportation, construction and infrastructure, pipes and tanks,
marine, and others. In 2015, transportation dominated the market and accounted
for the largest share of 20.8% in terms of demand. Advantages of lightweight
and durable materials are appreciated in design, fuel savings, and
manufacturing efficiencies for autos, buses, and trains, across the
transportation spectrum. Manufacturers of buses and light rails use composites to
enhance fuel efficiency and interiors of vehicles. Demand for fire retardant,
corrosion resistant, and durable products from top suppliers to fulfill demand
for adhesives, resins, reinforcements, and gels in transportation applications
wil bode well for segment growth in near future.
Browse more reports of this category by
Grand View Research at: www.grandviewresearch.com/industry/advanced-materials
Regional segmentation includes
Europe, North America, Asia Pacific, Latin America, and Middle East and Africa.
Asia Pacific dominated the market and accounted for largest market share in 2015.
It is likely to continue its dominance over the forecast period owing to rising
production of boats, architectural moldings, and wind turbine blades in the
region.
North America is predicted to
witness significant growth during the forecast period. Rising demand for
commercial aviation on account of globalization and rising disposable income is
expected to spur growth of aviation sector in the region. In addition, growing
concerns regarding aircraft weight can further fuel demand for composites.
Commercial aviation is expected to use composites to around 50% of total weight
of aircraft. Airbus A350 can be built using 52% Carbon Fiber Reinforced Polymer
(CFRP), while Boeing 787 Dreamliner can be built using 50% CFRP in terms of
weight.
Europe is likely to witness
steady growth during the forecast period owing to extensive R&D activities
and emergence of numerous market players. Some of the leading companies operating
in the composites market are Mitsubishi Rayon Corporation, Cytec Industries,
Hexcel, Toray industries, and Hyosung.
Access
Press Release of Composites Market@ 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.
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