The global market for wind turbine composite materials could reach a market value of more than 12 billion by 2023 and is expected to grow at CAGR around 9.6% from now to 2023.
Composites materials advance construction projects globally, including combinations of wood and carbon fiber, foldable composites and more.
Aging infrastructure continues to offer a potentially huge market for composite materials. According to a 2019 report from the American Road and Transportation Builders Association, more than 47,000 bridges in the U.S. are in poor condition and in need of urgent repairs.
In the boatbuilding and marine markets, the increasing size and number of outboards per boat is driving the need for reduced weight in composite hulls and decks.
As the global auto industry hurtles toward its confrontation with US fuel economy and European Union (EU) emissions standards in 2017, the pressure built to find more radical solutions to lightweighting.
With the 737 MAX grounded, the global aerospace supply chain was thrown into disarray in 2019. Still, several new programs on the horizon portend increasing composites use in commercial aerostructures for coming decades.
Although fuel-cell powered vehicles could still be in the automotive future, growth will be measured, and so will the market there for composite components. Composites for electric vehicle battery packs and hydrogen tanks for fuel cell vehicles will be the more immediate opportunity.
Corroded metal infrastructure continues to be a problem, and composite materials, including new advancements in graphene nanotubes, are providing solutions.
High-pressure gas storage vessels represent one of the biggest and fastest-growing markets for advanced composites.
The use of lightweight and high-performance materials in sports equipment continues to increase.
A number of manufacturers in the composites industry have relatively quietly carved out a lucrative and growing share in the market for brackets, fixtures, ductwork, pallets, and other often hidden and typically less newsworthy parts that nevertheless require complex shapes, must perform at high levels and are targeted for weight, cost and production-time reductions.