According to
IndustryARC, Global Composite Materials Market is expected to witness a
substantial growth to around $36 Billion with a CAGR of about 7% during the
forecast period of 2014-2020.
The most commonly manufactured
Composite Materials include composite construction materials, reinforced
plastics like FRPs, metal and ceramic composites.
A composite material is basically a
material made from two or more constituent materials with significantly different
physical or chemical properties that, when combined, produce a
material with characteristics different from the individual components. While
the individual components remain separate and distinct within the finished
structure, the new material may be preferred for many reasons like: materials
which are stronger, lighter, or less expensive when compared to traditional
materials. Much lately, researchers have also begun to actively include
sensing, actuation, computation and communication into composites, called Robotic Materials.
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Report:
Market Trends &
Growth:
There are widespread applications for the composite
materials market, of which construction and transportation segments occupy the
major application share. Composites usage will continue to grow because of
increased production of advanced aircraft models across the globe.
Market research suggested that in 2014, the top three market
segments in 2014 were Transportation, Construction and Pipe and Tank which
together represented a huge 69% of the total volume in the market out of which
the Pipe and Tank Segment grew by 5.2% in the same year. And on the other hand,
the most extensively used raw material in the Composites Market is accounted to
be Glass Fibers which owned for about 90% of the total reinforcements in
driving the sales and revenue of the market.
To shed little light on Geography of this market, APAC and
North America were noted to be the dominating regions in 2013 accounting for
almost 67% of the overall market (APAC held 50% and North America owned the
rest of the share.) The GFRP composites by raw material type are projected to
grow at a CAGR of 7.1% through 2014-2020. Within the aerospace market segment, demand
for composite materials was noted to have grown by 10.7% in 2014. Also, the
demand in the U.S Composites Market is slated to grow at a CAGR of 6.6% and to
be $12 Billion by 2020.
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REPORT SCOPE:
Market Segmentation:
The Composite Materials Market is broadly segmented into 5
types with further sub segments in each category. The decisive factors for
classification being:
1.
By Type: FRP
Composites (Fiber Reinforcement Polymers), Matrices, Resins and Others.
2.
By Method: Open and Closed Molding.
3.
By Application: Aerospace, Wind Energy,
Automotive, Construction and Others.
4.
By Form: Fiber Tow, Unidirectional Tape and
Cloth.
5.
By Geography: Americas, Europe, APAC and ROW.
Key Players:
Some of the major notable market players which are mentioned
in this report by IndustryARC are:
·
Dupont
·
Saint-Gobain Vetrotex
·
Lingol Corp
·
J. M. Huber Corporation
·
Ashland Specialty Chemicals
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