The global composites market is anticipated to witness good growth with a CAGR of 4.3% over the next five years, according to a new market study from management consulting and market research firm Lucintel (Irving, TX, US). The composites market is expected to experience substantial growth in future with new developments in various sectors.
Asia is anticipated to have a market share of approximately 50.7% by volume in 2020. North America is expected to be second with an estimated market share of 28.9% in 2020. Nevertheless, comparatively lower levels of per capita composites consumption is anticipated to help high growth markets in BRIC countries sustain momentum for a longer period. On a global basis, the composites industry is forecast to grow by 4.5% in 2015. Improving economic conditions in major countries, such as the U.S. and Europe are expected to propel the global composites market once again toward strong growth.
This research further reveals that demand for composite materials in the aerospace sector is expected to witness the maximum growth among all sectors. Construction and transportation are anticipated to witness good growth in the next five years. Carbon fiber composite applications are expected to grow rapidly compared to glass fiber applications.
In the future, Lucintel expects higher market fragmentation for the industry due to the emerging economies coming into play. The future market is expected to be highly competitive, and companies with innovative capabilities can be anticipated to thrive and gain market share.