The global composite repairs market witnessing a propelled growth, owing to the rise in renovation and restoration of hoary structures, and cost-saving associated with these repairs. The construction sector across the globe is anticipated to grow $8 trillion by 2030. The rapid growth in the construction industry, which in turn, impels the composite repairs market share globally. Furthermore, fibreglass resin, carbon fiber reinforced and wood plastic composites damages are best determined for structural components using suitable Non Destructive Tests (NDT). Automation of composite repair is the key factor fueling the growth of the market. Therefore, automation in this process minimizes total time consumption in composite repairs, thereby its market growth in the upcoming years.
The global composite repairs market size attained a value of $10.1 billion in 2018 and is expected to grow with a CAGR of 8.2% throughout the forecast period 2019-2025.
Lightweight Vehicle Trend in the Automobile Industry Showing Positive Impact on the Composite Repairs Market Growth
The automotive sector around the globe is trying out to implement a new type of composite material to reduce the weight of automotive so that it can be more fuel-efficient, such manufacturing of automotive will fuel the inclusion of composite repairs in the manufacturing process to detect and eliminate various faults. The number of lightweight vehicles produced worldwide was around 19.5 million in 2017 and it reached around 20.6 million in 2018. Electric vehicle’s body frame manufacturing companies are another major consumer of composite repairs.
Asia-Pacific Held Major Share of the Composite Repairs Market
Asia-Pacific generated 42% of the global composite repairs market revenue in 2018. Growing commercial aircraft fleet, indigenous production of commercial and regional aircraft, the opening of assembly plants in China by major commercial aircraft OEMs such as Boeing and Airbus, and increasing aircraft maintenance activities are the major factors for the growth of the market in Asia-Pacific region. NDT method is performed to identify the damages in the composite structures in aircraft. Factors such as the growing demand for new aircraft to cater to the increasing air passenger traffic in emerging economies such as China and India are driving the market in this region.
Lucrative Demand for Composite Repairs in the Aerospace & Defense Sector
The application segment that will be creating the most lucrative opportunities for the composite repairs market is the aerospace and defense sector. This application segment is projected to grow at a CAGR of 6.89% through to 2025. Increasing penetration of composites in next-generation aircraft, such as Boeing 787 Dreamliner in which 50% of its weight constitutes composite materials, is creating a substantial demand for market growth in the upcoming years. The reduced airframe weight enables a better fuel economy and, therefore, lowers operating costs. Thus, the rising air traffic in the Asia-Pacific region is another factor to spur the demand for commercial and passenger aircraft thereby composite repairs market.
The Major Players in the Composite Repairs Market:
Prominent players in the market include Hexcel Corporation, Gurit Holding, The 3M Company, Henkel AG & Co. KGaA, Sherwin-Williams Company, Heatcon Composite Systems, and WichiTech Industries Inc.