PUNE, India, February 2, 2017 /PRNewswire/ --
The report " 10 High Growth Composite Material Market by Resin Type (Thermosetting Resin, Thermoplastic Resin), Fiber Type (Carbon, Glass, Aramid), Application (Aerospace & Defense, Wind Energy, Transportation, Sporting Goods), and Region - Global Forecasts to 2021", published by MarketsandMarkets, the market is estimated to grow from USD 69.50 Billion in 2015 to USD 105.26 Billion by 2021, at a CAGR of 7.04% between 2016 and 2021.
Browse 82 market data Tables and 129 Figures spread through 216 Pages and in-depth TOC on "Top 10 High Growth Composite Material Market"
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The composites market is expected to witness significant growth, owing to high demand from its end-use applications. Increasing demand for high performance and lightweight materials, which are used in various end-use applications is a key factors expected to fuel the growth of the market. Fibers, resins, core materials, intermediate materials, such as prepreg, SMC & BMC, LFT, and final products including pultrusion, CFRP, NFT, and CMC are the major composites materials and are discussed in this report.
The carbon fiber reinforced plastics segment is expected to witness significant growth, due to the rising demand from the aerospace, automotive, and wind energy applications
The carbon fiber reinforced plastics segment is expected to witness significant growth, since various research agencies are focusing on the development of cost-effective production technologies. Carbon Fiber Reinforced Plastics (CFRP) is a lightweight material, which reduces the overall weight of automobiles and thus lowers fuel consumption and carbon emissions.
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Increasing adoption in the wind energy industry is expected to boost the growth of top 10 high growth composite materials market
According to the Global Wind Energy Council (GWEC), by 2035, the renewable energy sector is expected to generate more than 25% of the world's electricity, and a quarter of this is expected to be derived from wind. With the increasing demand for wind energy, the demand for core materials is also rising for manufacturing of wind energy blades, as these materials are economical and have low-density and high performance
Asia-pacific is estimated to be the largest market for top 10 high growth composite materials
Asia-Pacific is estimated to be the largest market for top 10 high growth composite materials, owing to the high demand from the wind energy, electrical & electronics, and construction applications in the region. Easy availability of raw materials, low labor cost, growing manufacturing industries, and capacity expansions by various manufacturers are expected to further boost the growth of the top 10 high growth composite materials market in Asia-Pacific.
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Some of the key players in the composites market include Owens Corning (U.S.), Strongwell Corporation (U.S.), Toray Industries Inc. (Japan), Teijin Limited (Japan), DAIB Group (Sweden), and Celanese Corporation (U.S.). These players have adopted various organic and inorganic developmental strategies in the past five years to maintain their position in the top 10 high growth composite materials market.
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