Demand from Aerospace and Automotive Industries Boosting Growth of Composites Market

According to a research report from IndustryARC, the global composites market is estimated to exceed 30 billion mark by 2022, with a steady CAGR of 3.7% during the forecast period 2018-2023. The report is titled “Composites Market : By Organic (Blood Meal, Fish Meal, Manure, Granite Meal, Others); By Inorganic (Nitrogen, Potassium, Phosphate, Calcium, Sulfur, Others); By Bio-Composites (PSB, Azotobacter, Others); By Form (Solid, Liquid, Gaseous) By Crops (Wheat, Rice, Maize, Oil seeds & Others); By Geography – Forecast (2018-2023)”.

The burgeoned demand for composite materials provides a driving impetus for all shareholders within the value chain: raw materials suppliers, end component verticals, and manufacturers, and thereby increasing employment prospects as well. Composite materials serve purposes owning to their attributes of low weight, faster assembly, low density, high creep strength, temperature dependent behavior, and corrosion resistance. The various materials used for producing composites include polymers, carbon, ceramic, graphite, and glass.

Composites of semiconductors are widely used to create new materials with modified optoelectronic properties, band gaps, and band offsets, thus reflecting positively over the growth of the market. The major driver for Indian composites market is the imminent demand for renewable energy for new infrastructure development and water management. Rising concerns on hazardous materials and increasing adoption of green building concepts provides great opportunities for bio-based composites.

Composites market steps forward with its extensive use in a variety of residential and commercial construction applications. Entire homes can be framed using plastic laminated beams and trusses, which are light-weighted instead of traditional wood framing. On the other hand, composites like fiberglass-reinforced aluminum or carbon fiber create materials light enough to fly are extensively used with a leading edge in manufacturing aircraft divisions such as the wings and tail. In the automotive sector, laminar composite structures are used for tires, printed circuit boards, and windshield glass. The industry primarily uses epoxy based PMCs.

The electrical industry predominantly depends on electrical composite materials for productive outputs, as they emphasize processing into smaller parts which leads to be cost effective and illustrates better performance.

The composites market has transcended itself from conventional applications in aerospace sector to expanded applications across marine, automobiles, and infrastructure verticals. This has resulted in vast scope for the players to bolster into several opportunities. The analyst of the IndustryARC report says that the evolvement of the market for scaling down the costs will open new frontiers for expansion.

The global composites market demand is rapidly increasing in various areas including building and construction, chemical, and automotive applications. Imminent demand for renewable energy sources is the key driver of the market. Additionally, with the advent of technologically advanced composites is expected to make the products even more cost effective and hence more added in the near future.

Aerospace Composites Market: By Components (Fiber, Resin); By Aircraft (Business, Commercial, Civil, Military, ); By end-user Industry (Aerospace); By Geography - Forecast(2018-2023)

Functional Composites Market: By Type (Metal Matrix Composites, Polymer Matrix Composites, Ceramic Matrix Composites, Epoxy Resin Matrix Composites, Hybrid Matrix Composites), By Function (Thermally Conductive, Electrically Conductive), By Application (Sensors, Body Panels, Valve Covers, Truck Beds, Storage Tanks, Electrical Components, Others), By End-User Industry (Aerospace, Defense, Wind Energy, Transportation, Building & Construction, Storage & Piping, Consumer Goods, Electrical & Electronics, Others), By Geography (North America, Europe, Asia Pacific, South America, Middle East & Africa) - Forecast (2018-2023)