Lucintel: Composites industry poised for growth

Lucintel's Norman Timmins will speak at the ACMA Composites 2011 conference and expo this week, Feb. 2-4, about composites growth in several global regions, as well as the outlook for green materials in composites.

At the forthcoming ACMA Composites 2011 show in Fort Lauderdale, Fla., USA, Feb. 2-4, Lucintel (Los Colinas, Texas, USA) reports it has been invited to give two conference presentations. Vice president of consulting for Lucintel, Norman Timmins, will speak about and share insights on “Trends and Opportunities for Composites in key Global Markets” as well as a second presentation on “Green Energy: Growth Potential beyond Wind.” Both conference presentations are taking place on Feb. 3.

According to Lucintel, the global composites marketplace, after a challenging 2009, rebounded in several segments and multiple geographies with a year-over-year (YOY) growth rate of 10.3 percent, with the Global composite materials market reaching $17.9 billion in 2010. Major industries and fundamental demand rebounded in 2010, combined with the added productivity and profits resulting from increased efficiencies driven by 2009 efforts in restructuring and cost reductions. Overall in 2010 the North American composites industry rebounded strongly with YOY growth of ~13 percent, followed by Asia at ~9 percent and Europe at ~8 percent. The end product market made with composites reached $50.7 billion in 2010. Overall, says Lucintel, the composites industry remains innovative, with more than 50 new material and 100 new application launches every year driven by more than 500 material supplies and +5,000 molders/fabricators across the globe.

Green energy is one of the major segments of the global composites industry and will represent the focus of Lucintel’s second ACMA presentation. Composites demand in green energy has been driven fundamentally by the growth in renewable energy sources led by wind. The Global wind market in 2010 was $62.6 billion (2010), with a 29 percent CAGR last 5 years, while solar PV is rapidly growing with a 54 percent CAGR and is soon challenging the wind market in terms of overall size in value. Total cumulative capacity installations of renewable energy grew by 19 percent during 2005-10 (excluding hydro and nuclear) and it is expected to grow with a CAGR of 18 percent in the next five years.

According to Lucintel, some of the factors that have the ability to drive composites market growth above current projections are: greater acceptance of composites as a replacement for traditional materials, low life cycle cost, high tensile strength, high strength to weight ratio, and greater use of composites in anti-corrosive materials.