Composite Repair Market Size Worth USD 65.75 Billion in 2032 | Emergen Research

Vancouver, Jan. 23, 2024 (GLOBE NEWSWIRE) -- The global composite repair market size was USD 16.95 Billion in 2022 and is expected to register a revenue CAGR of 13.8% during the forecast period. Major factors driving the global market revenue growth are cost savings involved in composite structure repair, increasing automation of composite repair, and increasing investments in rehabilitation of old structures.

An International Organization for Standardization (ISO)- and American Society for Testing and Materials (ASTM)-qualified repair technique called composite repair is used to fix defects in composite materials. Composite repair fixes flaws in a variety of equipment, including large-diameter pipes, high-pressure piping systems, bends, flanges, valves, gaskets, fittings, pressurized vessels and tanks, saddles, main body connections, supports, nozzles, and tees. Damaged laminate constructions, fiber-reinforced composites, and other composite materials can be repaired using composite materials.

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However, in comparison to composite materials, traditional materials including steel, aluminum, and wood are used more frequently in the least developed countries of South America and Africa. Increasing use of composites is being constrained by resistance to switching from conventional to innovative materials. Composites have a higher switching cost than conventional materials. Thus, composites are still hardly used in the least developed countries of South America and Africa. This is expected to restrain revenue growth of the market.

Segment Insights

Process Insights:

Based on process, the global composite repair market is segmented into autoclave, hand lay-up, vacuum infusion, and others. The autoclave segment accounted for largest revenue share in 2022. In the composites business, heated pressure containers called autoclaves are frequently used. These containers are commonly utilized in high-performance applications, such as aerospace and defense industries, where component quality and material qualities are of utmost importance to guarantee an ideal finished product. Vacuum and external pressure are applied when composites are autoclave cured. To avoid void formation, the vacuum extracts trapped air and volatiles from a laminate, and external pressure pushes any leftover vapors into the resin matrix.

End-Use Insights:

Based on end-use, the global composite repair market is segmented into construction, wind energy, aerospace & defense, automotive & transportation, marine, pipes & tanks, and others. The aerospace & defense segment accounted for largest revenue share in 2022. Demand for composite materials is rising, particularly in the aerospace sector. Commercial transport aircraft make extensive use of composite materials because the lighter airframe allows for higher fuel economy and cheaper operating costs. Revenue growth of this segment is expected to be driven by rising composite content in new-generation commercial aircraft such as the Boeing 787 Dreamliner and A350 Airbus. Composite materials make up roughly 50% of the weight of the Boeing 787. With a greater emphasis

on travel and tourism, the growing air passenger traffic in the Middle East and Asia Pacific regions is expected to create a high demand for commercial and passenger aircraft.

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Regional Insights:

North America accounted for largest market share in the global blockchain Internet of Things (IoT) market in 2022 due to rising need for blockchain solutions that are energy efficient. Proof-of-work consensus processes in blockchain require an increasing amount of compute power without compromising decentralization due to their scalability and resilience. For instance, April 4, 2022, Intel released information about its new Intel Blockscale ASIC, which will offer users energy-efficient hashing for proof-of-work consensus networks, building on years of Research & Development (R&D) at Intel.

Europe is expected to register the fastest market growth rate in the global blockchain Internet of Things (IoT) market during the forecast period due to technological progress initiatives and innovations by major players. For instance, on 18 May 2020, SAP collaborated with several prominent companies, including Capgemini, Deloitte, GrainCorp, HCL Technologies, HERE Technologies, Moog Inc., Natura Cosmeticos S.A., NetApp, and PeerNova on a blockchain co-innovation initiative.

Scope of Research

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Major Companies and Competitive Landscape

The global composite repair market is fairly consolidated with few small and medium-sized market players accounting for the majority of revenue. Major players are deploying various strategies, entering into mergers and acquisitions, strategic agreements and contracts, developing, testing, and introducing more effective in the market. Some major players included in the market report are:

• HAECO
• Citadel Technologies
• Lufthansa Technik
• Air France
• Total Wind Group
• Upwind Solutions
• West System
• Milliken Infrastructure
• Walker Technical Resources Ltd.
• WR Composite

Strategic Development

• On March 02, 2021, The Process Materials business was acquired from the Solvey Composites Materials Global Business by Composites One, the top North American supplier of composites materials and value-added services. With the acquisition, the business will have a one-of-a-kind chance to expand its manufacturing and sales operations internationally for specialty materials utilized in various vacuum-assisted composite manufacturing processes.

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Segments Covered in Report

For the purpose of this report, Emergen Research has segmented the global composite repair market on the basis of process, type, end-use, and region:

• Process Outlook (Revenue, USD Billion; 2019–2032)
  • Autoclave
  • Hand Lay-Up
  • Vacuum Infusion
  • Others
• Type Outlook (Revenue, USD Billion; 2019–2032)
  • Cosmetic
  • Structural
  • Semi-Structural
• End-Use Outlook (Revenue, USD Billion; 2019–2032)
  • Construction
  • Wind Energy
  • Aerospace & Defense
  • Automotive & Transportation
  • Marine
  • Pipes & Tanks
  • Others
• Regional Outlook (Revenue, USD Billion; 2019–2032)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. France
    3. U.K.
    4. Italy
    5. Spain
    6. Benelux
    7. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Turkey
    5. Rest of MEA

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