As per the latest market analysis by IndutryARC, the global composite materials market value hovered around $26 billion as of 2018, with an estimated CAGR of around 6% during the forecast period of 2019 to 2025. In the report, titled “Composite Materials Market: By Material (Fibre Reinforced Polymers, Resins, Matrices, Others) By Application (Aerospace, Construction, Wind Energy, Automotive, Others) By Method (Open Moulding & Closed Moulding); By Geography – Forecast (2019 – 2025),” Asia Pacific has emerged as the leading region, which contributes to more than 45% as the regional composite material market share. The construction segment is showing the greatest promise, with the demand incrementing at around 7% through to 2025.
The composite materials include fiberglass, fiber-reinforced polymer, and reinforced plastics. According to the American Composite Manufacturers Association, the composite material market is one of the economic forces that fuels up the American economy. The composite materials market contributes to $22.2 billion to the U.S. economy, and it is expected to reach $113.2 billion by 2022. Composite materials are used all over the globe to construct and repair bridges and buildings, roadways, and railways because of their high-strength and less maintenance.
Composite Materials Market Companies: Recent Developments
The composite market is making strides in the construction industry owing to the recent growth and development. Few innovations are picked up and listed below:
- Solvay Partners with Composite One in North America
Solvay has started with distribution of Composite One in North America. It is Solvay’s authorized distribution channel that offers a large range of consumables such as breather fabrics, sealant tapes, and adhesive tapes. The company has entered into the partnership agreement with Composite in North America to expand its ability in the composite materials market. Solvay’s expansion experiences are recognized and utilized widely in industrial and aerospace applications. The composite manufacturing process gets simplified and improves cost efficiency and advances in composite materials offerings. The composite materials market also helps Solvay to expand its business further in the sectors such as aerospace, automotive, and other designing industries.
- Toray Develops TORAYCA MX Series Carbon Fiber to introduce Prepreg
In November 2018, Toray Industries Inc. announced its developed new carbon fibers that realized both higher tensile strength and tensile modules named as Torayca MX and are planning to expand the product series. The company is also planning to introduce prepreg using this same series of carbon fibers to increase its number of applications. The demand for composite materials from the market has been tremendously high since they are lightweight. Composite materials part maintains the ideal stiffness design at the time of retaining strength. Toray considers its composite materials business as a strategy for expanding business globally by investing in various resources, and the company strives to position itself in the composite material market.
There has been a significant rise in the size of the composite materials market in recent years. APAC has emerged with a boom in the market by contributing almost half of the global share. The major companies have started using composite material manufacturing as a strategy for their growth and development plans.
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