Report forecasts healthy composites growth

MarketsandMarkets forecasts total value for the composites market of US$90 billion by 2020, and says automotive composites will play a big role in growth.

A new market report, entitled "Composites Market by Type (Carbon Composites, Glass Composites and Aramid Composites), by Manufacturing Technology (Layup, Filament winding, Injection molding, Pultrusion, Compression Molding etc.), by Resin Type
(Thermoplastics Composites and Thermosets Composites), by Application (Automotive, Aerospace & Defense, Electronics & Semiconductor, Wind, Construction, Pipe & Tanks, Marine and others), and by Region: Global Trends and Forecasts to
2020", is now available from market research firm MarketsandMarkets (Dallas, TX, US). According to the report, the composites market in terms of value is expected to reach around US$90 billion by the year 2020, forecast to grow at a significant CAGR 7% to 9% from 2015 to 2020.

The report includes 93 market data tables and 55 figures, in its 200 pages. The company says that early buyers will receive 10% customization on this report. The report also identifies the driving and restraining factors for the composites market, with an analysis of trends, opportunities, burning issues, and winning imperatives. The market is reportedly segmented, and the volume and value have been forecasted on the basis of major regions, including North America, Asia-Pacific, Europe, and Rest of the World (RoW).

One topic is the increase in demand for composites from the automotive industry. The demand for lightweight automotive parts has given an edge to composites due to their high strength and properties. The use of composites enabled automotive parts reduction in lightweight vehicles, improved engine efficiency, reduction in CO2 emissions and superior performance. The automotive industry can benefit from composites in several applications such as powertrain, suspension and braking systems, exhaust systems and catalytic converters, tires and body parts. As automakers in the US work to meet Corporate Average Fuel Efficiency (CAFE) standards of 36.6 mpg by 2017 and 54.5 mpg by 2025, vehicle weight reduction has become a major strategy. The use of composites in automobiles can help the manufacturers to achieve the targets with improved mileage.

Global composites market by end use product by value is projected to reach around US$90 billion by 2020, growing at a significant CAGR 7% to 9% from 2015 to 2020. The Asia-Pacific region dominated the composites market in terms of volume in 2014 and it is expected to grow at a higher CAGR from 2015 to 2020. Large projects, wind and increasing automotive and aerospace  and defense in the Asia-Pacific region helped it to dominate the global composites market. The construction market in Asia-Pacific is the major driving factor for the composites application market.

Asia-Pacific is the prime consumer of composites globally, followed by North America. North America and Asia-Pacific together accounted for more than 68% of the composites in terms of volume in 2014. Asia-Pacific is expected to grow at the highest CAGR and secure its leading market position by 2020, with increasing demand from automotive, wind, and construction markets. In North America the use of composites continues to increase in the aerospace, defense and automotive industries.