May 12, 2020
According to the research report titled ‘Composite Market Size, Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, Russia, Spain, China, India, Japan, Australia, Brazil, Mexico, GCC, South Africa), Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2025’, available with Market Study Report LLC, global composite market is predicted to acquire prominent gains by the year 2025.
Increasing utilization of composites in tank & marine, energy, infrastructure, aerospace, defense and automobile applications is a major factor driving the market growth. Different types of composite materials offer exceptional properties such as high impact strength, superior strength to weight ratio, high chemical inertness, thermal insulation and fatigue resistance.
Composites are widely employed in defense & aerospace sector for producing ballistic barriers, personal armors, lightweight bullet-proof jackets and riot gears as well as for developing spacecraft structural parts, aircrafts and helicopters. Additionally, growing population and surging investments in energy, automobile, infrastructure and aerospace sectors is fueling the market size.
Asia-Pacific composite market is expected to register significant growth during the forecast period, primarily due to growing demand for the product in aerospace, defense, infrastructure and automobile industries. Surging investments towards infrastructural development and numerous modernization activities of prevailing structures are also favoring the market outlook. Strict regulatory scenario and shifting focus towards development of renewable energy facilities such as wind parks and solar farms are also augmenting the regional demand for composites.
Elaborating further on APAC market, China is estimated to generate substantial revenue over the forecast period, owing to government funding of USD 100 billion for development of wind power plants during 2016-2020. Composites are used for manufacturing wind turbine blades. On the other hand, India composite market is poised to witness lucrative growth opportunities, on account of inflowing investments towards strengthening the defense sector.
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The eminent companies in global composite market are Owens Corning, Huntsman Corp., Koninklijke Ten Cate NV, Jushi Group Co. Ltd., Toray Industries, SGL Group, Tenjin Ltd., Tensar International Corp. and Hexcel Corp. among others. These market majors are focusing on expanding their regional presence by deploying business strategies such as innovative product launches, mergers & acquisitions.