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.