The global laminar composites 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 Weight Saving, Fuel Economy, and Other Performance Benefits offered by the laminar composites. However, high initial production and installation costs associated with laminar composite manufacturing is hindering the growth of the market studied.
- Growing Innovations targeted at lowering the cost of laminar composite end-products is expected to provide a major growth opportunity for the market studied.
- North America accounts for the highest market share and is expected to dominate the market during the forecast period.
- Among the end-user industries, building & construction industry accounted for the highest market share and is expected to dominate the market studied during the forecast period.
Key Market Trends
Buildings & Construction to Dominate the Market
- The construction is one of the major end-user industries of the laminar composite materials consumption.
- These composites are used for repairing existing structures. The demand for composites in construction sector increased in the past few years, owing to their properties like low weight,high aesthetics, enhanced environmental resistance, design flexibility, and increased stiffness .Moreover, many new small civil structures, for example pedestrian bridges, rooftops, etc., are being constructed by composite materials.
- The construction industry in countries, such as China, India, United States, and Germany is witnessing significant growth which is expected to boost the demand for laminar composites in building & construction industry.
- Hence, owing to the above-mentioned factors, the building & construction sector is likely to dominate the market over the forecast period.
North America to Dominate the Market
- North America currently dominates the global laminar composites market with the major demand coming from the United States.
- The demand for composites in North America is projected to continuously increase in the coming years, owing to their superior performance in automotive and construction applications.
- The United States government has set new standards requiring light vehicles to achieve a Corporate Average Fuel Efficiency (CAFE) standard of 46.8 mpg by 2025. This change in regulatory standards which recommend the use of lightweight vehicles is expected to drive the market studied in the country.
- Along with the existing capacities, several composites manufacturers are expanding their production capacities for laminar composites in the United States.
- Hence, owing to the above-mentioned reasons, North America is expected to dominate the market during the forecast period.
The global laminar composites market is moderately fragmented as the market share is divided between many players. Key players in the market include, Hexcel Corporation, Evonik, JEC Group, Honeywell International Inc., and Toray Advanced Composites, among others.
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