Dublin, Aug. 09, 2023 (GLOBE NEWSWIRE) -- The "Global Composite Repair Market by Type (Structural, Semi-Structural, Cosmetic), Process (Hand Lay-Up, Vacuum Infusion, Autoclave), End-Use Industry (Aerospace & Defense, Wind Energy, Automotive & Transportation, Marine), and Region - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The composite repair market is experiencing significant growth, with an estimated value of USD 18.6 billion in 2023, projected to reach USD 34.2 billion by 2028, at a CAGR of 13.0% between 2023 and 2028.
One of the main drivers of this growth is the increasing demand for composite repair in various industries, including wind energy, automotive & transportation, and aerospace & defense.
The rising investment in the rehabilitation of aging structures is also contributing to the growth of the composite repair market. For instance, in the United States, there is a considerable need for infrastructure repair, with many bridges in a structurally deficient state. Similarly, in Europe, a significant percentage of metallic bridges are older than 50 years, presenting opportunities for composite repair.
Researchers are also exploring the development of self-healing composites, which could revolutionize repair technologies in the long term, potentially replacing traditional composite repair methods.
Another opportunity for the composite repair market lies in the increasing use of composites across various end-use industries, from aerospace to pipe & tank. As more industries adopt composites to enhance fuel efficiency and reduce weight, the demand for composite repair is expected to rise accordingly.
However, a major challenge faced by the market is the lack of standardization in materials and testing methods for composite repair. Different industries and manufacturers have varying repair processes and materials, leading to increased costs and inefficiencies.
In terms of geographical distribution, Asia Pacific is currently the leading region in the composite repair market and is projected to continue its dominance. This growth is driven by increasing wind energy installations and the flourishing aerospace industry in the region. Governments' efforts to boost aircraft part manufacturing and maintenance, along with investments in wind energy generation, are fueling the consumption of composites and driving demand for composite repair in the Asia Pacific region.
Overall, the composite repair market shows significant potential for expansion in the coming years, driven by increasing demand in various industries and ongoing research efforts to improve repair technologies. However, addressing standardization challenges will be crucial for sustained and efficient market growth.
Market Overview and Industry Trends
Drivers
- Increased Investments in Rehabilitation of Old Structures
- Cost Savings Associated with Composite Structure Repair
Restraints
- Low Penetration of Composites in Underdeveloped Economies
- Introduction of Self-Healing Composites
Opportunities
- Growing Use of Composites in End Use Industries
- Introduction of New and Advanced Technologies
- Automation of Composite Repair
Challenges
- Skilled Labor Shortage
- Lack of Standardization of Material and Testing
- Financial Losses Incurred During Composite Repair
Key Companies
- Lufthansa Technik Ag
- Air France-Klm E&M
- Haeco
- Upwind Solutions, Inc.
- Total Wind Group
- Technical Wind Services
- Citadel Technologies
- Milliken Infrastructure
- T.D. Williamson
- West System
- Wr Composite
- Concrete Repairs Ltd.
- Walker Technical Resources Ltd.
Other Players
- Furmanite Corporation
- Composite Technologies Ltd.
- Fgs Composites
- Hamble Yacht Services
- Crawford Composites LLC
- Delft Infra Composites
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 185 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $18.6 Billion |
| Forecasted Market Value (USD) by 2028 | $34.2 Billion |
| Compound Annual Growth Rate | 13.0% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/h8rbak
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