Pune, India, Aug. 27, 2020 (GLOBE NEWSWIRE) -- According to the report, published by Fortune Business Insights™, titled “Composites Market Size, Share and Global Trend By Matrix (Polymer matrix composites, ceramic matrix composites and metal matrix composites), by Polymer matrix composites (Fiber {Glass, Carbon, Aramid} and Resin {Thermoset, Thermoplastics}) and by Application (Automotive & Transportation, Building & Construction, Electrical & Electronics goods, Pipes & tank manufacturing, Consumer goods, Wind power, Maritime, Defense & aviation and Others) and Geography Forecast till 2026” states that the global composites market size is expected to reach USD 163.23 billion by 2026 and was stood at USD 93.68 billion in 2018, exhibit a CAGR of 7.26% during the forecast period. The rising demand for aircraft and the surge in the aerospace industry will contribute positively to the growth of the market in the forthcoming years.
As per the survey conducted by India Brand Equity Foundation, India is estimated to become the third-largest aviation industry in terms of passengers by 2024. The surge in foreign investment for air transport services and domestic passenger airlines will have a drastic impact on the composites market revenue during the forecast period.
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Moreover, India Brand Equity Foundation states, the investment in India’s airport infrastructure can reach up to $5.99-6.41 billion in the future. The interest by government authorities in the improvement of airport facilities will subsequently aid the composites market revenue in the forthcoming years.
List of the Leading Companies Present in the Global Composites Market are;
- Owens Corning
- Toray Industries, Inc.
- Teijin Limited
- Mitsubishi Chemical Holdings Corporation
- Hexcel Corporation
- SGL Carbon
- Huntsman International LLC.
The report is aimed at delivering a comprehensive description of the composites market dynamics and structure by identifying and providing information regarding the key market segments. It also focuses on an all-encompassing analysis of leading market players by financial position, product, product portfolio, price, growth strategies, and regional presence.
It offers PORTER’s analysis and SWOT analysis to record the question of shareholders and highlights the investment potential in the upcoming future. It also showcases what procedures and strategies; companies are currently implementing in the market. It further examines the ways and components convincing market expansion, growth patterns, restricting factors, and market strategies.
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Significant Development:
Successful Acquisition of AIM Aerospace by Sekisui Chemical to Enable Speedy Expansion
Sekisui Chemical Co. Ltd, a part of SEKISUI America Corporation (SAC), announced the acquisition of AIM Aerospace, a leading company in manufacturing carbon fiber, thermoplastics, intelligent composite manufacturing automation, and aerospace interiors. The increasing acquisitions and mergers of companies will promote the composites market share during the forecast period. Moreover, Ian Moran, President of Sekisui America, said in a statement, the acquisition of Sekisui Aerospace continues Sekisui’s commitment to investing in growth markets with high-quality and principled companies that share our corporate values. Besides, the merger between companies will add a new value to the shareholders, customers, and employees in the coming future, which, in turn, will favor best for the composites market trends.
Restraining Factors:
Complications Associated with Composite Recycling to Inhibit Market Development
The rising government guidelines and policies regarding the environment will consequently dampen the growth of the market during the forecast period. The surge in policies and high prices for disposal of landfills can slow the growth of the market. Additionally, the rising utilization of lifecycle assessment as a type of material selection process and waste management will also have an effect on the market’s growth. Moreover, most of the countries dump their composite waste in the landfills, thus causing serious damage to the environment and challenge to the composite industry.
Regional Analysis:
Defense and Aerospace Industry to Boost Prospects in North America
North America generated a revenue of USD 27.61 billion in 2018 and is likely to remain dominant during the forecast period. The rising demand for composites from the aerospace, the defense industry will augment growth in the region. The Asia Pacific accounted for a high share in 2018 and is expected to exhibit rapid growth during the forecast period. The growth of the region is attributed to the rising demand for composites from the aerospace, automotive, building & construction, and electrical & electronics industry.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Trends
- Overview of Global Composites Production
- Global Composites Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Matrix
- Polymer matrix composites
- Fiber
- Glass
- Carbon
- Aramid
- Resin
- Thermoset
- Thermoplastic
- Fiber
- Ceramic matrix composites
- Metal matrix composites
- Polymer matrix composites
- Market Analysis, Insights and Forecast – By Application
- Automotive
- Building & construction
- Electrical & Electronics goods
- Pipes & tank manufacturing
- Consumer goods
- Wind power
- Maritime
- Defence & Aviation
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia pacific
- Latin America
- Middle East & Africa
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