Westford, USA, Nov. 16, 2022 (GLOBE NEWSWIRE) -- Global production of composites is forecast to grow by 2.5% per year during the forecast period. This growth of the composites market will be driven by increasing demand for composites in the automotive and aviation sectors. The automotive sector is projected to consume the most composites, with a growth rate of 4%. The aviation sector is forecast to grow even more quickly, at 6.9%. in fact, the automotive market will account for the largest share of the composite market in 2021, at 56%. This is followed by the industrial market with a share of 34%. However, even though the industrial market is projected to grow at a higher rate, it will still be outnumbered by the automotive market in 2020.
SkyQuest predicts that the carbon fiber composites market will experience the highest growth rates due to their increasing use in applications such as wind turbines, high-performance sports cars, and aircraft. However, other types of composites are also expected to see significant growth over the next few years. For example, there is growing demand for aerospace-grade aluminum alloys in manufacturing applications such as aircraft and satellites.
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Despite this positive outlook of the global composites market, SkyQuest warns that there are several challenges facing the market. One issue is that there is a lack of standardization in the industry which can lead to increased costs and decreased product performance. Additionally, environmental regulations are continuing to increase pressure on companies producing composite materials, requiring them to develop new methods of production that are more environmentally friendly.
Key Dynamics of Global Composites Market
- Growing Demand for Lightweight and Strong Materials: Increasing demand for lightweight and strong materials is driving the growth of the composites market. These materials are needed in a variety of applications, such as automotive, aerospace, and electricity generation, among others.
- New Applications Development: New applications are being developed that require stronger and lighter materials. These include electric vehicles and aircraft. Additionally, research is underway into new composite construction methods that can improve performance even further.
- Rising R&D Spending: Companies in the global composites market are investing more in R&D to develop new technologies that can improve the performance of composites. This investment is yielding positive results, as evidenced by increased adoption of composites in various applications.
Growing Efforts to Develop Sustainable Composites
There has been a recent surge in efforts to develop sustainable composites and various methods are being investigated to make these materials more environmentally friendly. One approach is to use sustainable materials such as agricultural byproducts or waste streams. Another is to use renewable resources, such as solar or wind energy.
One major challenge in developing composites using sustainable materials in the global composites market is the amount of waste required. For example, composites made from waste corn cobs contain about 60% less carbon than traditional plastics. However, this material still requires thermal treatment to remove impurities and create a lightweight composite material.
Another problem with using unsustainable materials is that they often Damascus when subjected to high temperatures or stress. This can lead to the degradation of the material and potential failure. In a study on fiber-reinforced plastic composites containing wood fibers, 85% of the specimens failed after only six months due to microcracking. To address this issue, composite researchers are investigating ways to improve the durability of these materials.
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Other approaches being explored more dominantly in the global composites market include using renewable resources such as solar or wind energy. By harnessing these sources of energy, it should be possible to produce composites without any emissions from the manufacturing process. Solar photovoltaic (PV) modules are already being used to create lightweight composite materials for aircraft applications and research on other hybrid solar/wind technologies is ongoing.
Recent Developments in Line with Ongoing efforts to Support Sustainable Composites Market
- In November 2022, Bio-Sep partnered with iCAST, NCC, and University of Bath in order to expediate the production and development of sustainable composites using forestry-produced biochemicals
- In November 2022, Airbus Defense and Space awarded sustainability award to Hexcel for developing environment-friendly composites
- In November 2022, Helicoid Industries launched 3 new applications of Helicoid technology for sustainable composites
- In October 2022, Faurecia advances bio composites, recyclability, reduced CO2 and sustainability in NFPP and NAFILean composites for more sustainable vehicle interiors and forms Sustainable Materials division
- In November 2022, Arkema unveils sustainable and high-performance composition solutions at Formnext
Major Challenges in the Global Composites market
- Developing a durable form for sustainable composites has been another challenge. Traditional composites are often strong but brittle, which makes them less desirable for many applications. Some researchers are looking at ways to improve the durability of sustainable composites through various methods including adding reinforcements like Kevlar or carbon fiber, or using novel construction techniques like 3D printing.
- Innovation is key to keeping producers in the global composites market ahead of the curve. Producers need to find new ways to reduce weight and increase strength while also meeting environmental demands. Additionally, they must research new materials and develop innovative manufacturing processes if they want to remain competitive.
- Another challenge that composites producers face is developing new production technologies. A number of advances have been made in the past few years in terms of composite production techniques, but there is still room for improvement. For instance, researchers are working on ways to create more durable materials using less material overall.
The productivity remains one of the biggest challenges facing composites producers. There is still lot of room for improvement in terms of efficiency across all stages of production – from tooling development to final assembly lines. To make sure that their products remain competitive, producers will need to find ways to reduce waste and improve process flow.
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Top Players in Global Composites Market
- Owens Corning (US)
- Toray Industries, Inc. (Japan)
- Teijin Limited (Japan)
- Mitsubishi Chemical Holdings Corporation (Japan)
- Hexcel Corporation (US)
- SGL Group (Germany)
- Nippon Electrical Glass Co. Ltd. (Japan)
- Huntsman International LLC. (US)
- Solvay (Belgium)
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