DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "Global Composites Market Insights, Opportunity Analysis, Market Shares and Forecast, 2016 - 2022" report to their offering.
Worldwide composites market has generated a revenue of approximately $69.50 Billion in 2015 and is projected to generate the revenue of more than $106 Billion in 2022 at a CAGR of approx. 7.11%.
Increasing demand for lightweight materials in various industries and increasing demand of wind energy becomes the major driver which helps to increase the market of the composites globally. Due to its increasing demand from the aerospace & defense and transportation applications. Composites provide heat resistance, high strength-to-weight ratio, and are lightweight, which increases its fuel efficiency in various vehicles and provides structural stability to aircrafts.
The high demand of composite from automotive industry has become the major key opportunity for the market. Automotive composites material are used in the manufacturing of vehicles providing them resistance and strength from adverse conditions. The main advantage of using them is it reduces the overall vehicle weight as they are around 60% lighter than steel or iron and also have comparable stiffness and strength.
This increasing demand of composite in automotive industry helps to increase the market globally. The high manufacturing and processing cost and issues related to recycling becomes the major restraints for the market. The various number of composites use thermosetting resin material which cannot be easily recycled because they are cross linked and cannot be remolded. This recycling issue becomes the major hinder for the composite market growth.
Geographically the market is basically segmented into North America, Europe, Asia pacific and ROW. The Asia pacific has the largest market followed by North America. Due to its increasing electrical & electronics, construction & infrastructure, and improved transportation facilities in the region has increased the demand for composites. India and China are the major countries which helps to drive the composites market in Asia pacific region. North America is anticipated to be the second largest market share in 2022.
- Chongqing Polycomp International Corporation
- Compagnie De Saint-Gobain
- Cytec Industries (Solvay S.A.)
- E. I. Du Pont Nemours & Co.
- Hexcel Corporation
- Huntsman Corporation
- Jushi Group Co. Ltd.
- Kinnock Pvt. Ltd
- Momentive Performance Materials, Inc.
- Owens Corning
- Ppg Industries Inc.
- Sgl Group
- Teijin Limited
- Toray Industries
Key Topics Covered:
2. Market Overview
3. Market Determinants
4. Market Segmentation
5. Geographical Analysis
6. Company Profiles
For more information visit http://www.researchandmarkets.com/research/qzw5m4/global_composites