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The market for top 10 high growth composite materials is estimated to grow from USD 69.50 Billion in 2015 to USD 105.26 Billion by 2021, at a CAGR of 7.04% between 2016 and 2021.
The market for top 10 high growth composite materials is estimated to grow from USD 69.50 Billion in 2015 to USD 105.26 Billion by 2021, at a CAGR of 7.04% between 2016 and 2021.
On the back of flourishing construction industry and emphasis on lightweight robust materials across other industries including automotive and aerospace, the global composites market will continue returning healthy profits, as per the findings of a new business publication from IndustryARC. According to the report, the global composite materials market demand will grow at a notable CAGR of around 6% over the forecast period of 2019 to 2025, incrementing perpetually from an estimated valuation of around $26 billion as of 2018. The report is titled “Composite Materials Market: by material (fibre reinforced polymers, resins, matrices, others) by application (aerospace, construction, wind energy, automotive, others) by method (open moulding & closed moulding); by geography - forecast (2019 - 2025).”
Browse 77 Market Tables, 178 Figures spread through 180 slides and an in-depth TOC “Composite Materials Market (2019 - 2025)”
Global Composite Materials Market: Leading Segments
APAC holds the maximum share of 45%, and is estimated as the key region for the growth of composite materials market during the forecast period. The surge in this region is expected due to the increasing usage of composite materials in transportation, aerospace, and construction applications. Additionally, fiberglass composites used for designing the printed circuited boards is driving the market growth in this region.
According to the report analyst, construction industry is the largest end user of the composite materials; it is estimated to grow with a good CAGR around 7% during the forecast period 2019-2025. The most common available material of composite is concrete. As composites are extremely durable, low weight, design flexibility, corrosion resistance, and impact resistance materials, they are widely used in the construction industry. Due to their design flexibility property, historical replications, and complex designs of buildings can be easily constructed.
Global Composite Materials Market Analysis
Archaeologists say that humans have been using composites for at least 5,000 to 6,000 years. In ancient Egypt, composites made from mud and straw were used as bricks to cover and strengthen wooden structures such as forts and monuments. In the modern era, composites are now reused with the invention of early plastics such as bakelite and vinyl along with engineered wood products like plywood. Composites are lightweight materials that are much stronger and stiffer than pure polymers.
In 2018, there were 26,307 aircraft fleets; in the next 10 years there will be 3.7 % net annual growth, increasing the fleet to 37,978. Some composite solutions are autonomously planned, and advanced for the aircraft seats in planes such as P750Xstol and Cessna 208 Caravan in South Africa. The increasing usage of composite materials in aircrafts, military, and automotive applications are the factors driving the growth of the composite materials market during the forecast period of 2019 to 2015.
Global Composite Materials Market: Trends
Introduction of new hybrid glass and carbon fiber for composite applications in the automotive, marine, and sporting goods industries by Owens Corning. This latest innovation of the company combines the best of glass and carbon fibers into a unique material which increases dissemination of composites against metals.
The high-strength composite materials used in advanced applications which includes elevated temperature conditions, are typically, continuous fibrous material embedded in a metal matrix composites material that acts to hold the fibers together.
The turbo machinery industry is increasingly showing interest in the use of ceramic-matrix composites (CMCs). This class of composite materials is primarily apt for extremely high temperature applications such as the hot section components of aircraft engines and land-based gas turbines.
Global Composite Materials Market: Competitive Landscape
Some of the other players operating in the global composite materials market are Owen Corning, Solvay, SGL Group, and Toray Industries. Solvay the global provider of technologically advanced light-weighting material solutions has appointed, Composites One, the national leading supplier of composite materials as a new North America distributor for its process materials and tooling product lines. Both companies offer a large range of consumables, including release films, vacuum bagging films, peel plies, release fabrics, breather fabrics, sealant tapes and adhesive tapes in the North America region.
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Related Reports:
Advanced Materials Market: By Product Type (Light Weight Materials, Bio-Based Materials, Ceramics, Colloids, Nanomaterials, Smart Materials, Catalysts, Fibers, Plastics, Resins, Composites, Polymers, Woven & Non-Woven Materials, Conductive Materials, Organic Materials, Insulation Materials, Packaging Materials, Biomedical Materials, Graphene, Others), By End-User Industry (Building & Construction Industry, Aerospace Industry, Marine Industry, Defense, Automotive Industry, Electrical & Electronics Industry, Oil & Gas Industry, Health Care Industry, Paints & Coatings Industry, Others), By Geography (North America, Europe, Asia Pacific, South America, Middle East & Africa) - Forecast(2018-2023)
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About IndustryARC:
IndustryARC is a research and consulting firm that publishes more than 500 reports annually in various industries, such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food & Beverages, Information Technology, Life sciences & Healthcare.
IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications of the Market. Our Custom Research Services are designed to provide insights into the constant flux in the global demand-supply gap of markets. Our strong analyst team enables us to meet the client research needs at a very quick speed with a variety of options for your business.
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Automotive composite materials
In the past few decades the automotive industry has grown exponentially, witnessing several technological advancements among vehicles. A supporting aspect of this is the increase in GDP of several countries that led to an increase in per capita income, which in effect strengthened the buying potential of consumers worldwide. High affordability for the consumers increased the demand of vehicles with enhanced luxury, comfort, and safety of the vehicle. Owing to this, the number of vehicles has been continuously increasing since 2009, which is evident from the fact that the number of vehicle production in 2017 increased to 97.31 million as compared to 94.64 million in 2016.
In addition, the increasing number of the vehicles has increased the content of greenhouse gases (GHG) in the atmosphere. In the same context, using composite materials is considered to be one of the best methods to reduce the GHG emissions, as they are light in weight, thereby helping improve fuel efficiency. Besides being a lighter substitute to steel and aluminum, composite materials have higher strength and durability. Owing to such factors, there is an impending inclination towards the lightweight vehicles among the automakers.
Some of the other major reasons fueling the adoption of composite materials in the automotive industry are stringent government regulations on GHG emissions, increasing usage of composites, among hybrid and electric vehicles and better structural and mechanical properties of composites than steel and aluminum. Concerned with the alarming level of GHGs in the atmosphere, governmental bodies such as National Highway Traffic Safety and Administration (NHTSA) of the U.S., Environment Protection Agency (EPA), European Commission (EC) and Ministry of Environment and Protection of China, among several others issued regulations mandating the reduction in emission of Carbon Dioxide (CO2) and other greenhouse gases by vehicles.
To motivate the automakers for composite materials, governmental bodies are offering certain subsidies and relaxation in taxes as well. Besides this, the composite materials are now widely adopted in electric and hybrid vehicles to offset the weight increased by the addition of the batteries. Further the better structural and mechanical properties of the composites such as high tensile strength, resistance to corrosion and moisture, high temperature withstand capabilities, and better crashworthiness capabilities than steel and aluminum are also attributed to be the major factors for their widespread adoption.
Owing to this, the global automotive composite materials market is expected to reach US$ 8,173.4 million in 2024 from US$ 4, 297.0 million in 2017 at a CAGR of 9.7% during the forecast period (2018-2024).
The factors that are hampering the market growth are the high cost of the raw materials and manufacturing and the lack of innovations in the developing countries. However, the growing advancements in the hybrid composites, increasing partnerships, merger and acquisitions and potential in the emerging markets can be key opportunity areas for the composite materials manufacturers and automotive OEMs in the coming future. Polymer Matrix Composite (PMC), Metal Matrix Composite (MMC), Ceramic Matrix Composite (CMC) and Hybrid Composite are different types of the composite materials widely used across the automotive industry. Currently, PMCs are the most popular composite type among the automakers, as they have high flexibility, high insulation, lower density and lighter weight than other composite material types.
Owing to such factors, the polymer matrix composites held the highest market value of US$ 3,259.7 million in 2017 and are anticipated to reach to US$ 6,160 million by 2024 at a CAGR of 9.6% during the forecast period (2018-2024).
In addition to this, the high cost and long cycle time of the composites have given birth to hybrid composites.
Hybrid composite materials have better mechanical properties than single fiber composites; hence hybrid composites embody high growth opportunities and are expected to grow at the fastest pace of 12.4% CAGR during the forecast period (2018-2024).
The properties of the composite materials change with the manufacturing techniques. Some of the popular manufacturing processes include Hand Lay Up, Compression Moulding, Injection Moulding, and Resin Transfer Moulding (RTM).
Injection Moulding dominated the market in 2017 with a market value of US$ 177.5 million and is anticipated to reach US$ 3,763.4 million by 2024 at a CAGR of 9.7% during the forecast period (2018-2024).
On the other hand RTM will be the fastest growing manufacturing process because of its growing adoption in the auto industry. RTM is widely used for mass production of large and complex surfaces as it completely satisfies the low cost- high volume requirement of the automotive industry.
RTM held US$ 355.60 million market value in 2017 and is expected to reach US$ 732.75 million at a CAGR of 11.0% during the forecast period.
A visible surge in the usage of composite in almost all the areas of vehicle is witnessed. Composite materials are replacing steel, aluminum and other components in vehicle interiors, exteriors, structures, chassis and powertrain, among others.
Among different application areas, exterior application dominated the market in 2017 with a market value of US$ 2,919.4 million in 2017 and is anticipated to reach US$ 5,496.6 million by 2024 at a CAGR of 9.6% during the forecast period.
However, the stringent regulations on vehicle interior air quality are expected fuel the demand of composite demand for vehicle interiors.
Owing to which, global interior application market is anticipated to reach US$ 626.9 million by 2024 from US$ 309.0 million in 2017, growing at the fastest growing CAGR of 10.8% during the forecast period (2018-2024).
Composite materials are widely used across all the vehicle types such as super cars, passenger cars and commercial vehicles.
Among several vehicle types, passenger car segment held the highest market share with a market value of US$ 4,221.0 million in 2017 and is anticipated to reach US$ 7,865.3 million by 2024 at a CAGR of 9.4%.
The highest market value of passenger cars among the vehicle segment is attributed to the growing adoption of composites for the light vehicles.
Further, across different geographies, Asia Pacific dominated the market in 2017 and is expected to remain dominant during the forecast period. The presence of several material suppliers, automotive OEMs, stringent emission regulations and increasing adoption of composites with parallel growing EV market, especially in China, among several other factors, were attributed to the highest market share of Asia Pacific in 2017.
Asia Pacific was valued at US$ 2,163.2 million in 2017 and is anticipated to grow to US$ 4,103.6 million by 2024 at a CAGR of 9.7% during the forecast period.
Some of the major key players in the automotive composite materials market include BASF, DowDupont, Gurit Holding AG, Magna International Inc., Mitsubishi Chemicals Holding Corporation, Owens Corning, SGL Group, Solvay S.A., Teijin Limited and Toray Industries Inc. These players are entering into several strategies partnerships, merger-acquisitions, joint-venture, product launch, business expansion among others to strengthen their position in the automotive composite materials market.
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A recent market study on the composite materials for automotive market applies both primary and secondary research techniques to identify new opportunities for development for the composite materials for automotive market for the forecast period,2018 -2025. The research further screens and analyses data on the market share, growth rate and size to enable stakeholders, product owners and field marketing executives identify the low-hanging fruits and reap a significant return on their investment. Importantly, the data on the current business environment of the composite materials for automotive market proves a boon for companies trying to identify next leg for growth.
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Scope:
Researcher’s visibility engagement approach when evaluating data such as key driving forces, threats, challenges, opportunities empowers product owners to meet their strategic goals through accelerated returns. The intelligent market survey that blends in both new and old study techniques brings to light more information pertaining to various product types, applications, end-use and important industry definition. The research on the composite materials for automotive market further validates other prime factors including investment feasibility, production capability, product pricing, production volume, demand and supply, import and export status to help business evangelists make the multi-dimensional marketing strategy more robust. Comprehensive data on the current and future business environment is showcased through self-explanatory infographics, charts, and tables and can be integrated with any business presentation.
In market segmentation by manufacturers, the report covers the following companies-
Magna, Menzolit, Polynt, Molymer SSP, Huamei New Material, Yueqing SMC & BMC, Tianma Group, Jiangshi Composite, Huayuan Group, SANSE, BI-GOLD New Material, Changzhou Rixin, DIC, East China Sea composite materials, Fangda Thermoset Plastic, SIDA composites, Fu Runda Group
In market segmentation by geographical regions, the report has analysed the following regions
North America
China
Europe
Southeast Asia
Japan
India
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In market segmentation by types of composite materials for automotive, the report covers-
SMC
FRP
RTM
In market segmentation by applications of the composite materials for automotive, the report covers the following uses
Passenger Car (PC)
Light Commercial Vehicle (LCV)
Heavy Commercial Vehicle (HCV)
A closer look at the aspects including but not limited to market segmentation by the end-user, end-use, geography, type, and application forms an integral part of the research report. In addition, in-depth analysis of critical factors such as spending capability, gross margin, business environment and profit for the forecast period 2018 - 2025 holds critical information and is based on curated facts and logical arguments. Importantly, validation of statistics recent acquisitions and mergers, collaborations and product launches serve as testimonials for stakeholders, field marketing personnel, product manufacturers and business evangelists on how a product will be positioned in the real world in years to come.
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The research provides answers to the following key questions:
There are 15 Chapters to deeply display the Composite Materials For Automotive market.
The report is distributed over 15 Chapters to display the analysis of the composite materials for automotive market.
Chapter 1 covers the composite materials for automotive Introduction, product scope, market overview, market opportunities, market risk, market driving force;
Chapter 2 talks about the top manufacturers and analyses their sales, revenue and pricing decisions for the duration 2018 and 2025;
Chapter 3 displays the competitive nature of the market by discussing the competition among the top manufacturers. It dissects the market using sales, revenue and market share data for 2018 and 2025;
Chapter 4, shows the global market by regions and the proportionate size of each market region based on sales, revenue and market share of composite materials for automotive, for the period 2018- 2025;
Chapter 5, 6, 7, 8 and 9, are dedicated to the analysis of the key regions, with sales, revenue and market share by key countries in these regions;
Chapter 10 and 11, talk about the application and types of composite materials for automotive in the market using the same set of data for the period 2018-2025;
Chapter 12 provides the market forecast by regions, types and applications using sales and revenue data for the period 2018-2025;
Chapter 13, 14 and 15 describe the value chain by focusing on the sales channel and the distributors, traders, dealers of the composite materials for automotive. The concluding chapter also includes research findings and conclusion.
Browse complete report description@ https://www.marketexpertz.com/industry-overview/composite-materials-for-automotive-market
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