Asia-Pacific region is expected to be the largest market for global composite material due to its high consumption from the region's end-user industries and rapid industrialization. Beside this, huge inflow of investments in the construction sector of countries, such as China, India, Vietnam, Singapore, and Japan has positively impacted the growth of the studied market.
Carbon fibers also referred as graphite fibers mainly based on three chemical sources polyacrylonitrile, rayon, and petroleum pitch is likely to drive the market. CF weighs about one-fifth as much as steel and is better in terms of stiffness and strength. According to the Oak Ridge National Laboratory, they also do not rust or corrode like steel or aluminum, and they could significantly increase vehicle fuel economy by reducing vehicle weight by as much as 60 percent hence experiencing increased demand from automotive industries. Further, roughly 25% of wind turbines are now manufactured with carbon fiber spar caps to provide lighter weight the massive structures without Performance sacrifices.
The global market for composite material is moderately fragmented with major players, including TORAY INDUSTRIES, INC., 3M, Cabot Corporation, Dupont, and Owens Corning, among others.
In June 2018, Airborne Oil & Gas (AOG, IJmuiden, The Netherlands) began a qualification program of a thermoplastic composite pipe (TCP) riser that aims to provide a disruptive new riser pipe technology for operators, with international deep water applications
GlobalComposite Material Market report provides deep insight into the current and future Composite Material market state across various regions. The study comprehensively analyzes the Composite Material market by segmenting based on Resin (Thermoset Resin, Thermoplastic Resin), By Fiber Type (Glass Fiber, Carbon Fiber, Aramid Fiber, and Others), By Process (Continuous Lamination, Direct LFT Compression & Injection, Filament Winding, Hand Lay-Up, Pultrusion, Resin Infusion, Sheet Molding Compound (SMC), Spray-Up, and Others), By End-Use (Building & Construction, Consumer Goods Electrical and Electronics, Energy Generation, Industrial & Infrastructure, Transportation, Aerospace & Defense, and Others), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The report examines the market drivers and restraints, along with the impact of Covid-19 on the market growth in detail. The study covers & includes emerging market trends, developments, opportunities, and challenges in the industry. This report also covers extensively researched competitive landscape section with profiles of major companies, including their market shares and projects.
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