The global composite material market is expected to grow at with a CAGR greater than 5% during the forecast period. One of the major factors driving the market is the increasing technological advancements in the field of material science However, high cost of composite materials is hindering the growth of the market studied.
- Another major factor driving the market studied is emerging use of 3D printing with composites.
- North America accounts for the highest market share and is expected to dominate the market during the forecast period.
- Among the applications, aerospace & defense application dominated the market studied and is expected to dominate the market studied during the forecast period.
Key Market Trends
Carbon Fiber Type to Witness the Highest Growth
- Over the past years there have been a number of changes in the application areas for carbon fiber. Aerospace & defense applications have grown significantly and are now the largest consumers of carbon fiber.
- The automotive segment is becoming increasingly obsessive with consumption of carbon fiber and has increased significantly over the past years. This is mainly because of the factors relating to the reduction of CO2 emissions, lightweight construction and e-mobility.
- The increasing demand for electric vehicles in countries like China and United States is also a major driving factor for the demand for composite material.
- Hence, owing to the above-mentioned factors, carbon fiber is expected to witness the highest growth rate during the forecast period.
Asia-Pacific to Witness the Highest Growth Rate
- Asia-Pacific region accounts for the highest share of composite material market owing to high demand from end-user industries like construction, Industrial, Power, etc.
- The demand for composite material in the Asia-Pacific region is growing at a staggering rate as a result of rapid industrialisation.
- High population ensures high availability of skilled labor and the region’s geographic location provides easy access to composite material markets across the globe.
- 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.
- Hence, owing to such factors, the Asia-Pacific region is likely to witness the highest growth rate.
The composite material market is moderately fragmented as the market share is divided between many players. Key players in the market include TORAY INDUSTRIES, INC., 3M, Cabot Corporation, Dupont, and Owens Corning, among others.
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