Transparency Market Research (TMR) observes that the degree of competition in the global composites market is quite fragmented. The strong presence of local and regional players in the global market is expected to intensify the competition in the coming years. The leading players operating in the global market are Hexcel Corporation, TPI Composites, Inc., Toray Industries, and Owens Corning. Strategic alliances and product innovation will be the two key strategies adopted by companies in the global composites market in the near future.
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According to the research report, the global composites market is expected to be worth US$ 101.88 bn by the end of 2025 from US$ 47.32 bn in 2016. Analysts state that the global composites market will progress at a CAGR of 8.9% during the forecast period. Out of the various products available in the global market, the polymer matrix composite is expected to hold a major share in the overall market. The report estimates that this product segment is anticipated to progress at a CAGR of 9.9% during the forecast period. From a geographic point of view, North America and Europe are expected to lead the global market as both the regions are slated to acquire similar shares in the near future.
Improved Structure of Composites and Greater Advantages Augment Demand
The demand for various types of composites has been on the rise due to increasing number of manufacturing activities across the globe. The soaring automotive production and increasing focus on reducing the weight of vehicles is expected to provide the global market a major boost. The dire need to bring out CO2 emissions has been driving the demand for composites in recent years as they offer several structural and weight advantages over conventional materials.
Implementation of several norms, rules, and regulations about carbon emissions has compelled automotive manufacturers to bring look for efficient materials to achieve fuel efficiency. This has had a positive influence on the demand for polymer-reinforced composites that provide terrific crash performance. Additionally they have better tensile strength, higher stiffness, and improved temperature tolerance. On the other hand, the global market also stands to benefit with the growth of the aerospace industry. With dynamic changes the industry, introduction of aerospace design and uptake of newer materials are expected to have a positive impact on the overall market.
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Availability of Substitutes to Hamper Sale of Composites
On the flip side, the global composites market is likely to be hampered by the wide availability of substitutes is expected to hamper market growth. For instance, availability of TPOs, TPUs, engineered plastics, aluminum, and other alloys are expected to restrain the growth of global market in the coming years. Furthermore, the high cost of composites due to expensive nature of reinforcement and matrix is likely to hamper the overall market growth in the coming years.