Composites are synthesized materials produced by combining two or more raw materials with various properties. These composites retain all individual chemical, mechanical and physical properties of the raw materials combined. Composites provide higher mechanical strength, stiffness, thermal & electrical conductivity and anti-corrosive property. Considering these properties they are used in wide range of applications across industries such as industrial, energy, aerospace, automotive, oil & gas, marine and others. Also due to high strength and low weight property, it witnesses huge demand in transportation, defence and aerospace sectors.
Global composites market is highly fragmented and is segmented into three fibre types namely glass, carbon and aramid fibres. Of these, glass fibre dominates global composites market, however, carbon fibre segment is expected to witness tremendous growth in coming years. In addition, the market is highly specialized with majority of companies manufacturing single type of composite. Moreover, these composites are also used in electrical and electronics industry due to their high dielectric strength and arc resistance. The composites are also witnessing rapid growth in electronic gadgets market especially in wearable electronics.
Due to weather-resistant & lightweight properties and availability of wide range of textures, glass fibre composite is expected to witness stable growth and retain its market dominance. Carbon fibre segment is expected to witness substantial growth in automotive industry attributing to advances in technology and high-value applications. Also, major carbon fibre manufacturers are anticipated to experience uptick in R&D investment and expansion of their production facilities.
In future, the industry is expected to witness higher market fragmentation due to increased share of emerging economies. The factors like development of low cost carbon fibres in wind, automotive & industrial applications and shortening resin cycle time of glass fibres are expected to drive the growth of composites market. However, non-recyclability and volatility in raw material prices may pose challenges to overall market growth.
ASDReport.com has an extensive collection of reports on composites & fibres. The reports cover various products like basalt fibre, marine composite, carbon fibre reinforced plastic, medical composite, wood plastic composite and much more.