“Composite repairs market to grow at a CAGR of 8.0% from 2016 to 2026”
The composite repairs market is projected to reach USD 21.97 billion by 2026, at a CAGR of 8.0% between 2016 and 2026. Composite repairs are carried out on damaged structural parts of aircraft airframe, wind turbine blades, automotive panels, boats, and pipelines. Composite repairs save up to 60% of the cost as compared to composite parts replacement depending on the end-use industry and the severity of the damage.
Development of self-healing composites such as hollow fibers, lost wax process, and Sheffield solid-state healing is expected to restrain the growth of the composite repairs market, as these materials can detect damage, change shape on their own, and protect themselves from lighting. However, these are still in the R&D stage.
“Automotive & transportation expected to be the fastest growing end-use industry segment”
Although, currently, composites are used in high-end racing cars and premium luxury cars, in recent years, the use of composites has gradually increased in mainstream passenger cars. With the increasing consumption of composites in automotive, the market for composite repairs is expected to grow. Furthermore, the use of composites in mass transit is expected to drive the automotive & transportation segment of the composite repairs market.
“Asia-Pacific expected to lead the composite repairs market”
Asia-Pacific is estimated to account for the largest market share of the composite repairs market in 2016. The region is expected to grow at the highest CAGR owing to remarkable growth in installations harnessing wind energy in the past 10-15 years.
The demand for composite repairs is growing in the Asia-Pacific region due to increased expenditure in the aerospace industry and initiatives taken by governments of various countries in the region to install wind turbines for clean energy generation. Governments of South East Asian countries are focusing on aircraft parts manufacturing and MRO industries as part of their economic development strategy to increase value-added manufacturing activity.
In addition, the region has also witnessed tremendous enhancement in wind capacity, especially in China and India. China was the leader in wind capacity enhancement and its wind energy market grew twofold from 75 GW in 2012 to 145 GW by 2015. Thus, the high demand for composite repairs is expected to grow in Asia-Pacific. Furthermore, growing consumption of composites in wind energy and aerospace & defense industries is estimated to drive the composites repairs market in Asia-Pacific.
Extensive primary interviews were conducted to determine and verify the market size for several segments and subsegments obtained through secondary research.
The break-up of primary interviews is given below.
- By Company Type: Tier 1 – 37%, Tier 2 – 50%, and Others – 13%
- By Designation: C level – 50%, Director level – 31%, and Others – 19%
- By Region: North America – 31%, Europe – 38%, Asia-Pacific – 25%, and RoW – 6%
Companies profiled in this market research report are Lufthansa Technik AG (Germany), Air France KLM E&M (France), HAECO (U.S.), UpWind Solution (U.S.), Total Wind Group A/S (Denmark), Technical Wind Services (Scotland), Citadel Technologies (U.S.), Milliken Infrastructure (U.S.), T.D. Williamson (U.S.), West Systems (U.S.), WR composites (U.K.), Fibrwraps (U.S.), and Concrete Repairs Ltd. (U.K.).
This research report categorizes the composite repairs market on the basis of type, process, end-use industry, and region. The report includes detailed information regarding the major factors influencing the growth of the composite repairs market such as drivers, restraints, challenges, and opportunities. A detailed analysis of key industry players has been done to provide insights into business overviews, products & services, key strategies, investments & expansions, mergers & acquisitions, and recent developments associated with the market.
Reasons To Buy the Report:
The report will help market leaders/new entrants in this market in the following ways:
- This report segments the composite repairs market comprehensively and provides close approximations of market sizes for the overall market and subsegments across verticals and regions.
- The report will help stakeholders understand the pulse of the market and provide them information on key market drivers, restraints, challenges, and opportunities.
- This report will help stakeholders understand major competitors and gain insights to enhance their position in the business. The competitive landscape section includes expansions, new services offered, and mergers & acquisitions, and agreement.