DALLAS, Oct. 05, 2018 (GLOBE NEWSWIRE) -- The future of the global composites market looks attractive with opportunities in the transportation, construction, wind energy, pipe & tank, marine, consumer goods, electrical and electronics, aerospace etc. The global composite materials market is expected to reach $38.0 billion by 2023 and it is forecast to grow at a CAGR of 4.1% from 2018 to 2023. The global composites end product market is expected to reach an estimated $107.4 billion by 2023. Major drivers for growth in this market are increasing demand for lightweight materials in the aerospace & defense and automotive industry; corrosion and chemical resistance materials demand in construction and pipe & tank industry; electrical resistivity and high flame retardant materials demand in electrical and electronics industry.
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In this market, transportation, construction, pipe and tank, electrical and electronics, consumer goods and wind energy are the major end use industries. On the basis of its comprehensive research, Lucintel forecasts that the aerospace and wind energy segments are expected to show average growth during the forecast period.
Within the global composites market, injection molding, hand layup, compression molding, spray up, filament winding, resin infusion, and prepreg layup are some of the major processes utilized to manufacture composite parts. Injection molding is expected to be the largest process in terms of value and volume in composite manufacturing because of high-output production rate, low labor cost, and design flexibility.
By fiber type, glass fiber, carbon fiber, and aramid fiber are the major fibers utilized to manufacture composites parts for various end use industries. Carbon fiber is expected to show above average growth during the forecast period.
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By resin type, thermoset and thermoplastic resins are used to make composites parts. In thermoplastic resins, polyamide (PA) is expected to remain the largest polymer by value and volume consumption because it is widely used in transportation, construction and consumer goods applications.
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Emerging trends, which have a direct impact on the dynamics of the industry, include development of low-cost carbon fibers, high performance glass fiber, and rapid cure resin system.
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