New York (US), Aug. 31, 2023 (GLOBE NEWSWIRE) -- Composite Repair Market Overview
According to a Comprehensive Research Study by Market Research Future (MRFR), “Composite Repair Market Information by Type, Process, End-User, and Region - Forecast till 2032”, The Composite Repair market will be going from USD 20.36 Billion in 2023 to USD 52.24 Billion by 2032, at a decent rate of 12.50% between 2023 and 2032.
Market Scope
When two different material types are strengthened or combined, composite materials are created that are better or more durable for a given application.
Numerous other industries, including the aerospace, automotive, and manufacturing sectors, utilize these materials. Due to the extensive usage of these materials in many crucial industries, damages to such composites that are invisible to the naked eye are inevitable. Composite repair is the crucial process of fixing such composite materials.
The purpose of composite repairing is to fix flaws in composite materials that are used in a wide range of equipment, such as large-diameter pipelines for the transportation of fluid, high-pressure piping systems, bends, flanges, valves, gaskets, fittings, pressurized vessels and tanks, saddles, main body connections, supports, etc.
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Market Competitive Landscape:
The important composite repair manufacturers include
- Heatcon Composite Systems (U.S.)
- Sherwin-Williams (U.S.)
- WichiTech Industries Inc. (U.S.)
- KGaA (Germany)
- Henkel AG & Co. Hexcel (U.S.)
- The 3M Company (U.S.)
- Gurit (Switzerland)
- Among others.
Report Scope:
| Report Attribute | Details |
| Market Size in 2032 | USD 52.24 Billion |
| CAGR | 12.50% (2023-2032) |
| Base Year | 2022 |
| Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, process, End-user and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Key Market Drivers | Developments in Composite Repair Technologies |
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Market USP Covered:
Market Drivers:
The size of the composite repair market will increase as rehabilitation of ageing structures receives more funding. The American Society of Civil Engineers' 2018 Report Card estimates that by 2020, the U.S. would need to spend USD 3.3 trillion on infrastructure repairs. According to the report, the average age of the 607,380 bridges is 42 years old, and one out of every nine of them has structural flaws. The Federal Highway Administration estimates that by 2028, the nation will need to invest USD 20.5 billion yearly in addition to its existing USD 12.8 billion.
The Grow America Act will boost spending on crumbling bridges. The U.S. Department of Transportation estimates that there is a USD 808.2 billion backlog of investment needs for highways and bridges, including USD 479.1 billion for urgent repairs. Additionally, 11% of the bridges are deemed structurally inadequate. The transport and infrastructure systems are proposed to receive USD 478 billion over six years during the 2016 fiscal year. Bridge upkeep and repair are included in this. 25% of the USD 29.4 billion cash will be used to upgrade interstate bridges that have structural problems as part of the U.S. President's Fix-it-First initiative.
There are a few techniques that can already protect airplanes against lightning damage, including copper foils and meshes in the outer piling, insulation caps on collars, nuts and fasteners, conductive paints, nickel-coated carbon fibers, and aluminum foil industry strips for shielding, among others. As another example of a recent breakthrough, the MAST Consortium (a U.K. MoD program) created an entire woven SMA/carbon fiber preform. This program increases lightning resistance and offers lightning protection. One of the most recent developments in lightning protection is a covering made of carbon nanotubes (CNT).
Even though these technologies are still in the research stage, once they are commercialized, it's possible that they will eventually supplant composite repair techniques, making them obsolete.
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Market Restraints:
The market lacks standardization when it comes to the materials used to build composite buildings, the repair materials, and the repair process. For example, there are significant differences between the repair processes for Boeing and Airbus airplanes.
COVID 19 Analysis
Due to COVID-19 in the two main countries that produce composites, India and China, there has been a decline in demand for composites. To maintain social distance between floor workers, engineers, and other employees, composite manufacture had been stopped or reduced.
Additionally, COVID-19 has forced the production of wind turbine blades, aircraft, and automobiles, which has decreased demand for composite materials and resulted in a complete shutdown of the market, further complicating matters for the composite repair industry.
In addition, the construction industry was also in a standstill, which was fatal for the market since the construction industry is one of the main end users of composite materials.
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Market Segmentation
By Type
The Composite Repair Market is divided into structural, semi-structural, and cosmetic segments based on type. With 46% of market revenue coming from this category, it controlled the market.
By Process
Based on process, the Composite Repair Market is divided into manual lay-up, vacuum infusion, autoclave, and others.
By End User
Aerospace & defense, wind energy, automotive & transportation, marine, construction, pipes & tanks, and others are the end-user segments of the composite repair market.
Regional Insights
The top spot has been held by the North American market since 2022 (45.80%). This is due to the fact that nations like the United States and Canada are seeing the expansion of sectors like aerospace, automotive, shipbuilding, etc. where composite repairs are heavily used.
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