According to a new market research report published by Global Insight Services “Composites Market is expected to reach US$ XX bn by 2031”. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.
Composites are materials that are made up of two or more different substances. The substances are combined in such a way that they create a new material with different properties than the original materials. Composites are often used in applications where the new material has improved strength, stiffness, or durability.
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Key Players
- Owens Corning
- Toray Industries Inc.
- Teijin Limited
- Mitsubishi Chemical Holdings Corporation
- Hexcel Corporation
- SGL Group
Key Trends
Composite materials are becoming increasingly popular in a number of industries due to their unique properties and potential advantages over traditional materials. Some of the key trends in composites technology include:
Increased use of composite materials in the aerospace industry: Composite materials are increasingly being used in the aerospace industry due to their high strength-to-weight ratio and resistance to fatigue and corrosion.
Increased use of composite materials in the automotive industry: Composite materials are also being used more frequently in the automotive industry for applications such as body panels, structural components, and exhaust systems.
Development of new composite materials: There is a continuous effort to develop new composite materials with improved properties for specific applications. For example, carbon fiber reinforced plastic (CFRP) is being developed for use in aircraft structures due to its high strength and stiffness.
Improved manufacturing methods: Various manufacturing methods are being developed and improved to better suit the production of composite materials. These methods include filament winding, pultrusion, and resin transfer molding (RTM).
Key Drivers
The key drivers of the composites market are high strength-to-weight ratio, low weight, corrosion resistance, and thermal stability. Composites are widely used in the aerospace, automotive, and construction industries because of these properties.
The aerospace industry is the largest user of composites, accounting for more than 50% of the total composites market. The use of composites in aircrafts helps to reduce fuel consumption and emissions.
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Market Segments
By Fiber Type
- Glass Fiber Composites
- Carbon Fiber Composites
- Natural Fiber Composites
- Other Fiber Composites
By Resin Type
- Thermoset Composites
- Thermoplastic Composites
By End Use Industry
- Aerospace & defense
- Wind Energy
- Automotive & Transportation
- Construction & Infrastructure
- Marine
- Others
By Manufacturing Process
- Lay-up
- Filament Winding
- Injection Molding
- Pultrusion
- Compression Molding
- RTM
- Others
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