Composites Market Scenario and the Growth Prospects with Forecast 2025
The global composites market is dominated by companies such as Owens Corning, Hexcel Corporation, Toray Industries, and TPI Composites Inc. While these and other multinational players exert significant dominance in the global composites market, the composites industry is likely to feature a large number of smaller players in the coming years due to the diversity of areas in which composite industry players can specialize in. The novel nature of the composites sector has also aided its growth, as the commercial potential of each aspect of the market remains high. Thus, smaller regional players are likely to have a say in the proceedings in the global composites market in the coming years.
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According to Transparency Market Research (TMR), the global composites market was valued at US$47.3 bn in 2016 and is likely to rise to close to US$102 bn by 2025 at a robust CAGR of 8.9% between 2017 and 2025. Product innovation is likely to remain the most important competitive strategy in the global composites market in the coming years, while the market’s progression towards consolidation will also lead to a number of mergers and acquisitions.
Booming Automotive, Wind Energy Sectors Drive Demand from Composites Market
The steady growth of the automotive industry has emerged as a key driver for the global composites market due to the widespread use of various composites in automotive design and the high commercial potential of the automotive industry due to its growing presence in emerging regions. The lightness provided by composites has become a major feature in automotive design, as lighter vehicle construction helps reduce its fuel emissions as well as helping produce better engine performance. These attributes are likely to remain important to the automotive industry due to tightening environmental regulations across the world, enabling consistent demand from the global composites market.
The automotive and transportation sector accounted for more than 25% of the global composites market in 2016 and is likely to remain a leading contributor in the coming years due to the rising demand for transportation in emerging economies, where the rapid pace of urbanization has driven the demand from a wide-ranging network of ancillary industries.
The wind energy sector has come to the fore at a rapid pace in recent years due to the growing awareness about the unsustainability of the conventional energy usage structure based on fossil fuels. This has led to growing demand from the global composites market due to the benefits provided by lighter construction materials in maximizing the energy output from wind energy generation units. The growing government support to alternative energy sources such as solar and wind power in emerging regions is thus likely to be a major driver for the global composites market in the coming years.
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North America to Retain Dominant Share due to Consistent Encouragement to Technological Progress
Regionally, North America and Europe are likely to retain dominant shares in the global composites market in the coming years due to the steady presence of leading technological institutions in the regions. Government support to technological innovations has also been forthcoming in countries such as the U.S., the U.K., Germany, and France, enabling a conducive environment for the global composites market. Widespread public awareness in the developed regions is also a key driver for the global composites market, as there is steady demand in the consumer market for products containing the latest technological innovations.
The high production of automobiles in North America and Europe is likely to remain a key driver for the global composites market in the coming years. Several leading automotive firms have firmly established production bases in the U.S. and Western Europe, while the U.S. also represents one of the leading automotive markets in the world, making North America and Europe crucial for the global composites market’s future.