Composite Materials Market of which global composite materials market is a part of is expected to grow with a CAGR of 7.58% in the forecast period of 2019-2026. This is to result in a rise from its initial estimated value of USD 84.79 billion of 2018 to a projected value of USD 152.13 billion by 2026.
Global composite materials market is expected to rise with a significant CAGR in the forecast period of 2019-2026. The report contains data from the base year of 2018, and the historic year of 2017. This rise in market value can be attributed to the usage of composite materials in innovative production methods for the end-use products.
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Market Definition: Global Composite Materials Market
Composite materials can be defined as the materials formulated from combining two or more individual materials with varied characteristics and properties. Once these individual materials are combined they display a set of different characteristics that might not be possible if they had been used individually.
Key Market Competitors Analysis Segmented in Report
DowDuPont; AGC MATEX CO.,LTD; 3M; TORAY INDUSTRIES, INC.; Magna International Inc.; 3A Composites; Mitsubishi Chemical Corporation; COMPOSITES UNIVERSAL GROUP; Solvay; Axalta Coating Systems, LLC; ASAHI FIBER GLASS Co., Ltd.; Owens Corning; TEIJIN LIMITED; Koninklijke Ten Cate BV; Cabot Corporation; Henkel AG & Co. KGaA; Engineered Bonding Solutions, LLC; Aztron Technologies, LLC.; PPG Industries, Inc.; NEI Corporation; Ashland and H.B. Fuller Company are few of the major competitors currently present in the market.
- Growth in the applications of the product from various end-users; this factor is expected to act as a driver for the market growth
- Advancements in technology and innovations in the market of composite materials; this factor is expected to drive the market growth
- High levels of cost associated with the product is expected to restrain the market growth
Key Developments in the Market:
- In September 2018, 3A Composites announced that they are transforming their composite materials brand to “3A Composites Core Materials”. The previous division name inclusive of all the brands for composite materials will be included in the revamped products division. The transformation is expected to help the company focus on a more sustainable future with environmental friendly materials.
- In March 2018, Magna International Inc. announced the launch of a new composites center for excellence situated in Esslingen, Germany. The new facility will be able to provide automotive manufacturers superior lightweight composite materials that are environmentally friendly as well.
- In February 2017, Koninklijke Ten Cate BV announced that they are set to launch advanced levels of composite materials at the JEC World 2017 held in Paris, France from March 14-16, 2017. The materials for use in Aerospace and high performance industrial applications will significantly increase the performances of the applicable products.
Global composite materials market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of composite materials market for global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
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Segmentation: Global Composite Materials Market
- By Resin
- Thermoset Resins
- Cyanate Ester
- Vinyl Ester
- Thermoplastic Resins
- Polyetherketone (PEK)
- Polyamide-imide (PAI)
- Liquid Crystal Polymer (LCP)
- Polyarylsulfone (PAS)
- Polyetheretherketone (PEEK)
- Polyetherimide (PEI)
- Polyethersulfone (PES)
- Polyphenylene Sulfide (PPS)
- By Fiber
- By Coatings
- Surface Veil
- Gel Coat
- By Adhesives
- Bismaleimide (BMI)
- Cyanate Ester
- Modified Acrylics
- By End-User
- Electronics & Electrical
- Power Generation
- Aerospace & Defense
- By Geography
- North America
- South America
- Rest of South America
- United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Saudi Arabia
- United Arab Emirates
- Rest of Middle East and Africa
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