Composite Manufactures Market by Product, Application, and Geography - Forecast and Analysis 2021-20
Author : Ganesh mhetre | Published On : 14 Oct 2021
As per the MRFR analysis, the global Composite Manufactures Market witnessed a healthy growth, and the market is likely to witness exponential growth over the next seven years. The market growth is attributed towards the continuously rising demand for lightweight automotive & aerospace components in order to reduce carbon emission and enhance fuel efficiency. The increasing usage of composites in construction applications coupled with a significant rise in construction output of developing economies is set to uplift the market growth. Higher income levels in developing countries of Asia Pacific and Latin America is further expected to drive the end-use industries and in turn augment composite consumption.
Advanced composites are gradually penetrating in several end-use industries replacing conventional metals such as steel and iron. Reduced cycle time, codes and standards to support new material are factors slated to positively influence global composites market over the forecast period. With improving composite technology, its benefits are becoming more pronounced, and the costs of building materials are going down with added superior characteristics. However, strict regulatory environment related to polymers along with high capital expenditure are key challenges faced by industry participants and are touted to restrict market growth.
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The global composites market is segmented by the type, technology, resin type, application, and region. Polymer matrix composites emerged as the leading type segment and accounted for over 85% of the overall market share in 2016. The material consists of a polymer (resin) matrix combined with a fibrous reinforcing dispersed phase. Simple fabrication methods and low cost are key factors determining the preference for polymer matrix over the forecast period. Increasing demand from automotive & aerospace industries along with the emergence of refractory matrix metals is anticipated to boost the market growth for metal matrix composites. It is expected to witness a volume CAGR of 5.59% from 2017 to 2023. Thermoset composites were the largest resin segment with over 60% of the overall market share in 2016 and are expected to continue its dominance over the next seven years. Major benefits associated with composites include superior strength, lightweight, excellent modulus of elasticity, and extraordinary corrosion resistance. Injection molding is expected to be the fastest growing technology segment with demand driven by factors such as increasing penetration in electrical & electronics industry. The segment accounted for 13% of the overall market in 2016 and is expected to witness a CAGR of 10.98% from 2017 to 2023.
Geographically, North America dominated the global composites market, accounting for more than one-third of the value share of the overall market. A significant increase in aerospace manufacturing coupled with continuous innovation to widen the application scope is driving regional market growth. Revitalization of the automotive industry with an increase in production and sales is another factor driving the North America composites demand. Asia Pacific is set to emerge as the fastest growing regional market with a shift of major automotive manufacturing facilities and rapid growth of electrical & electronics and wind energy industries. The region is anticipated to witness an estimated CAGR of 11.28% over the forecast period.
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