ALBANY, New York, October 23, 2018 /PRNewswire/ --
The leading multinational companies hold larger share in the global composites market, states Transparency Market Research in its recent report. Some of the prominent players in the market are KINECO, Owens Corning, Creative Composites Ltd., APPLIED POLERAMIC INC., TPI Composites Inc., and Toray Industries. However, the dominance of these companies has not restricted the entry of new players and they are likely to establish themselves in the near future. As composites materials are profitable and have high demand across the globe, this market seem to grow positively over the forecast period. The players existing in the market are likely to have a healthy competition in the market.
As per Transparency Market Research, the valuation of the global composites market is anticipated to reach US$102 bn by the end of 2025. In 2016, the market valued at US$47.3 bn. The market is expected to rise at a steady CAGR of 8.9% during the forecast period between 2017 and 2025.
Based on product type, the polymer matrix composite segment led the market by holding a 95% share in the market in 2016. However, metal matrix composites have some advantages over matrix composite as it provides higher resistance to degradation by organic fluids. On the regional front, Asia Pacific offers lucrative opportunities for this market and is expected to expand at 9.0% CAGR in the coming years. Europe is also considered as a lucrative regional market for composites due to the presence of key manufacturers of premium cars.
Growing Use of Composites in Automotive Industry to Boost Market Growth
Rising application of composites in various industries such as aerospace, defense, automotive, and transportation, wind energy, construction and many other is driving the growth for the composites market. The growing use of composites in automotive components and while working on associated processes is expected to boost demand in the composites market in the near future. Moreover, manufacturers are using composites for making lightweight parts in automobiles that may also fuel the market growth.
Government regulatory policy to control emission of harmful gasses is likely to benefit market growth, as composites are highly favored as it helps in controlling fuel emissions and enhance engine performance. In addition, product innovation and increasing research and development activities are projected to escalate the growth of this market.
High Initial Cost to Restraint Growth of Composites Market
Despite the increasing application of composites in multiple industries, there are few restraints that could hamper the growth of the composites market globally. One such factor is the high initial cost of polymer composites and metal composites, which is likely to obstruct the demand for composites. Nevertheless, growing product innovation across the global and rising use of organic and inorganic strategies by the players may reduce the cost and assist in expanding the market.
The information presented in this review is based on a TMR report, titled "Composites Market (Product - Polymer Matrix Composite, Metal Matrix Composites, and Ceramic Matrix Composites; Technology - Pultrusion Process, Layup process, Filament Winding, Compression Molding, Injection Molding, Resin Transfer Molding, Automated Fiber Placement, and Automated Tape Laying; Application - Automotive & Transportation, Construction, Aerospace & Defense, Electrical & Electronics, Marine & Oil & Gas (Pipes and Top Side Application), Wind Energy, and Consumer Goods) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025."
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