Composite materials market is expected to witness steady growth over the forecast period owing to increasing use in industries including construction, marine, pipe & tank, electrical & electronics, automobiles and energy. Rising lightweight material demand in aerospace industry is expected to drive the composite materials market. Application industry growth including aerospace, construction and transport is expected to further drive composite materials market demand. Superior properties of composites including corrosion resistance, low maintenance, high strength and longevity as compared to other conventional materials such as steel and aluminum are anticipated to fuel the market growth over the next seven years. However, uncertain raw material availability resulting in high cost is expected to hamper the market growth. Technological advancements in orthopedic surgery including prosthetics are expected to create growth opportunities over the forecast period. Growing popularity and acceptance of fiber-reinforced polymer composites in various industries including construction, marine and wind energy owing to low maintenance costs and high durability is anticipated to propel the market demand over the next seven years.
Asia Pacific had the largest composite material demand and is anticipated to continue dominance owing to favorable FDI policies by Indian and Chinese Governments over the next seven years. Developed regions including North America and Europe are expected to follow Asia Pacific over the next seven years on account of rising lightweight materials used for vehicle components. Nonetheless, lower per capita composite materials consumption in BRIC is expected to provide impetus for market growth over the forecast period. Favorable government regulations are anticipated to lower entry barriers for new market participants in emerging economies resulting into higher market fragmentation over the next seven years.
Capacity expansions, product innovations along with M&A among major market participants are expected to aid market positioning and fuel industry rivalry over the forecast period. As of 2012, Cytec Industries Inc. restarted carbon fiber manufacturing at South Carolina facility and expanded prepeg manufacturing facility at Texas to fulfill growing demand from aerospace industry. In March 2015, Zoltek announced expansion of carbon fiber facility at Hungary in order to serve aerospace, automotive and wind energy industries. In addition, Holding Company Composite initiated alabuga fiber production in Russia to support industrial grade carbon fiber demand. Rising number of patents including Century-Board’s patent for “Polyurethane composite materials” (US 8138234 B2); University Of Delaware’s patent for “Ferromagnetic resonance and memory effect in magnetic composite materials” (US 8432164 B2) and Corning Incorporated’s patent for “Organic/inorganic magnetic composite, and method of making same “(WO 2015031605 A1) are further expected to encourage market participants for continuous investments in R&D. Other participants in the market include DuPont, Gurit Holding AG, Hexcel Corporation, Mitsubishi Rayon Co., Teijin Limited, Owens Corning Corporation, SGL Carbon, Siemens AG, Formaplex, Jet Capsule, TenCate, and Toray Industries, Inc.
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