Selbyville, Delaware, June 01, 2020 (GLOBE NEWSWIRE) -- Based on a report published by Global Market Insights Inc., the structural composites market size is projected to exceed $35 billion by 2026, registering a CAGR of 7.5% from 2020 to 2026. The report offers a thorough analysis of the key investment pockets, top winning strategies, competitive outlook, fluctuating industry trends, drivers & opportunities and market size & estimations.
Structural composites market expansion is accelerated considerably owing to a surge in the production of aircraft. This is mainly due to the robust utilization of the product in aircraft manufacturing process, as well as rising efforts by the aviation industry to accommodate the proliferating air travel demand over the coming years.
Product demand from the aerospace & defense sector will witness a substantial boost over the years ahead. Growth of the structural composites market from the sector is expected to surge rapidly owing to consistent production efforts to fulfill delivery backlogs.
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Key reasons for structural composites market growth:
- Rising demand from construction & infrastructure applications
- Proliferating usage of structural composites in energy-efficient solutions
- The surge in product demand from the automotive sector
2026 forecasts show the wood matrix segment retaining its dominance:
Based on the matrix, the wood matrix segment is poised to depict a commendable growth rate of 9% through 2026. This is ascribed to the growing demand for structural composite-based lumber, used for an array of applications across the construct and infrastructure industry. Wood matrix-based products possess several beneficial properties such as diminished susceptibility to warping, splitting, or shrinking, as well as the ability to handle larger loads, which could add impetus to structural composites market outlook over the forecast spell.
Aramid fiber segment to emerge as a lucrative revenue pocket:
Based on reinforcement material, the aramid fiber segment is projected to account for more than 240-kilo tons over 2026. Rising product demand is attributable to the escalating adoption of structural composites for a variety of applications including defense vehicles, aircraft, etc. Aramid fiber-based structural composites offer myriad benefits including high thermal stability, enhanced strength, superior toughness, and high modulus.
Europe to accrue significant gains:
On the regional front, Europe is expected to hold a commendable revenue share of over 27% in the structural composites market share over 2026. Europe has a strong presence of aircraft and automobile manufactures, which is likely to add impetus to regional industry growth. Furthermore, strict regulatory policies pertaining to transportation-based emissions in the region have proliferated structural composite product penetration to a great extent.
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Leading market players:
The key players analyzed in the global structural composites industry report include Solvay, Teijin Limited, Hexion Inc., Toray Group and Hexcel Corporation, among others. They have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to heighten their competitive advantage in the market.
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting, and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
GMIPulse, our business analytics platform offers an online, interactive option of exploring our proprietary industry research data in an easy-to-use and dynamic manner. Clients get to explore market intelligence across 11 top-level categories and hundreds of industry segments within them, covering regional, company level and cross-sectional statistics that make our offering a stand-out for decision-makers.