According to BlueWeave Consulting, the Global Composites Market is expected to grow at a significant rate during the forecast period. The Global Composites Market is projected to reach the valuation of USD 143.6 million by the year 2026 by growing at a CAGR of 8.1 % during the forecast period 2019- 2026. The market is growing owing to various factors.
The surge in demand from the end-user industries propels the composites market. The increased demand for the composites is due to the enhanced properties such as high strength and modulus, lower weight, high fatigue life, acoustic insulation, and resistance to corrosion. The main drivers for the growth of the composites market are the surging demand for lightweight materials in the aerospace & defense and automotive industries.
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The supply of primary raw materials and carbon fiber processing and its use remotely allows the manufacturers to reduce the cost of logistics. It permits manufacturers to augment productivity for the different end-use products straight. The carbon fibers find numerous applications due to their properties such as weight, high stiffness, low thermal expansion, temperature tolerance, and chemical resistance. Irregularity in the prices of raw materials and non-recyclable composites presents a significant threat to the market growth of composites.
the glass fiber composites segment is account for a significant market share of composites during the forecast years since they are less costly and possess superior physical and mechanical properties such as strength, flexibility, durability, stability, and lightweight. Glass fiber composites are mainly used in the segments of wind power, pipes & tanks, electrical & electronics, and construction & infrastructure.
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By geography, the global Composites Market segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. The Asia Pacific dominated the global composite application market and is expected to continue to dominate over the forecast period, owing to China and India’s growing economies, the participation of leading players, and the expansion of transportation, wind, and construction & infrastructure industries.
The in-depth analysis of the report provides the growth potential, upcoming trends, and statistics of Composites market size & forecast. The report promises to provide state-of-the-art innovations of Composites production and industry insights, which help decision-makers to make sound strategic decisions. Furthermore, the report also analyzes the market drivers, challenges, and competitive analysis of the market.
