The composites market is expected to witness significant growth, owing to high demand from its end-use applications. Increasing demand for high performance and lightweight materials, which are used in various end-use applications is a key factors expected to fuel the growth of the market. Fibers, resins, core materials, intermediate materials, such as prepreg, SMC & BMC, LFT, and final products including pultrusion, CFRP, NFT, and CMC are the major composites materials and are discussed in this report.
As per MarketsandMarkets, the market is estimated to grow from US$69.50 bln in 2015 to US$105.26 bln by 2021, at a CAGR of 7.04% between 2016 and 2021.
The carbon fiber reinforced plastics segment is expected to witness significant growth, since various research agencies are focusing on the development of cost-effective production technologies. Carbon Fiber Reinforced Plastics (CFRP) is a lightweight material, which reduces the overall weight of automobiles and thus lowers fuel consumption and carbon emissions.
According to the Global Wind Energy Council (GWEC), by 2035, the renewable energy sector is expected to generate more than 25% of the world's electricity, and a quarter of this is expected to be derived from wind. With the increasing demand for wind energy, the demand for core materials is also rising for manufacturing of wind energy blades, as these materials are economical and have low-density and high performance
Asia-Pacific is estimated to be the largest market for top 10 high growth composite materials, owing to the high demand from the wind energy, electrical & electronics, and construction applications in the region. Easy availability of raw materials, low labor cost, growing manufacturing industries, and capacity expansions by various manufacturers are expected to further boost the growth of the top 10 high growth composite materials market in Asia-Pacific.