Albany, New York, Feb. 14, 2018 (GLOBE NEWSWIRE) — The global composites market is dominated by multinational corporations having large shares, observes Transparency Market Research in a recently published report. Despite their stronghold, several small players are expected to establish themselves during upcoming years owing to the rising applications of composites.
With a high commercial potential for composite materials existing in this market, most companies look forth for a positive future and a healthy competitive scenario. Some of the leading players in the global composites market are HITCO Carbon Composites, Inc., KINECO, Creative Composites Ltd., Owens Corning, APPLIED POLERAMIC INC., Toray Industries, TPI Composites Inc., Teijin Limited, and Hexcel Corporation.
According to our expert analysts at TMR, the global composites market was valued at US$47.3 bn in 2016, and is expected to reach a valuation of US$102 bn by 2025 at a healthy CAGR of 8.9%. This rise is being prophesized to occur during the forecast period from 2017 and 2025.
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Prominent Businesses in North America Retain Leading Positions
The global composites market is segmented on the basis of product type, application, technology, and geographical reach. With respect to the revenue generated, the polymer matrix segment held the top spot under the ‘product type’ criteria, due its lightness and user-friendliness. As far as applications go, the automation and transportation segment accounted for maximum shares in 2016. Under the ‘technology’ criteria, the layup process segment generated exceptional sales in 2016. Based on regions, North America and Europe are anticipated to hold leading regional revenues in the global composite market in future. This is expected mainly as a result of a stable presence of prominent businesses in the technological domain, which have a crucial role to play in the market.
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Controlling Fuel Emissions and Improving Engine Performance to Boost Sales
Among the number of industries that have mushroomed and flourished in the last few decades, the automotive industry has emerged as a winner with respect to revenue generated and consistency. Such a growth of this industry is a vital factor leading towards improvement in the global composites market’s sales. This is mainly as a result of frequently using composites during designing of automotive components and while working on associated processes. With a high preference for lightweight parts in automobiles, composites are being tapped into increasingly by manufacturing companies, thus serving as a prime growth driver for the market. This characteristic is highly preferred to efficiently control fuel emissions and improve engine performance and upkeep. Product innovation is expected to remain the most prominent trend in case of the global composites in the near future. The market is also expected to show a definite progress towards a consolidated set up, as many players are anticipated to get involved in mergers and acquisitions.
High initial costs is a major restraint in the global market, especially in case of metal composite polymer composite materials. However, intense product innovation is going on all over the globe, which is expected to decrease these costs in future.
The study presented here is based on a report by Transparency Market Research (TMR), titled “Composites Market (Product – Polymer Matrix Composite (Carbon Fiber Reinforced Plastic, Glass Fiber Reinforced Plastic, and Aramid Fiber Composites), Metal Matrix Composites, and Ceramic Matrix Composites; Technology – Pultrusion Process, Layup process, Filament Winding, Compression Molding, Injection Molding, Resin Transfer Molding, Automated Fiber Placement, and Automated Tape Laying; Application – Automotive & Transportation (Interior, Exterior, Power Train Components, Brake Pads, Chassis), Construction, Aerospace & Defense, Electrical & Electronics, Marine & Oil & Gas (Pipes and Top Side Application), Wind Energy, and Consumer Goods) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2025”.
- With respect to the revenue generated, the polymer matrix segment held the top spot under the ‘product type’ criteria, due the associated product’s lightness and user-friendliness.
- With a high commercial potential existing in this market, most companies look forth for a positive future and a healthy competitive scenario.
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The global composites market is segmented as follows:
- Composites Market – By Product Type
- Polymer Matrix Composites
- Carbon Fiber Reinforced Plastic
- Glass Fiber Reinforced Plastic
- Others (Aramid fiber composites, etc.)
- Metal Matrix Composites
- Ceramic Matrix Composites
- Polymer Matrix Composites
- Composites Market – By Technology
- Pultrusion Process
- Layup Process
- Filament Winding
- Compression Molding
- Injection Molding
- Resin Transfer Molding
- Others (Automated fiber placement, automated tape laying, etc.)
- Composites Market – By Application
- Automotive & Transportation
- Power Train Components
- Others (Chassis, brake pads, etc.)
- Aerospace & Defense
- Electrical & Electronics
- Marine & Oil & Gas
- Others (Top side applications, etc.)
- Wind Energy
- Others (consumer goods, etc.)
- Automotive & Transportation
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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