Structural Composites Market size worth over $35 billion by 2026
Published Date: May 29, 2020 Authors: Kiran Pulidindi, Sayan Mukherjee
According to a new research report by Global Market Insights, Inc., the Structural Composites Market size is expected to exceed USD 35 Billion by 2026. Increased spending on construction & infrastructure is positively influencing the market growth.
Structural composites have a wide spectrum of mechanical properties which make them ideal to be used for a wide spectrum of applications in diversified end-user industries. These composites are usually light in weight and offer superior strength, durability, stiffness, etc. The superior strength, corrosion and wear resistance and enhanced thermal stability further accentuates the structural composites market popularity over the study period.
Aircraft manufacturers are adopting structural composites for improving aircraft efficiency and performance
Aircraft manufacturers face significant challenges in manufacturing aircrafts. Stringent regulatory norms, emission policies, and crashworthiness standards are encouraging aircraft manufacturers to opt for advanced and lightweight products to improve aircraft performance along with increasing efficiency. The lower weight and high strength of such composites are paving the way for significant investments, thereby expanding the structural composites market share.
The aviation sector is also witnessing high popularity with the advent of low-cost carriers and significant expansion of travel routes. Airliners are placing orders for newer aircraft for catering to the ever-growing travel demand. Major aircraft manufacturers including Airbus and Boeing are facing significant delivery backlogs.
These companies are focusing on increasing their aircraft production and investing in introducing efficient aircraft, which is expected to provide growth opportunities for the structural composites market.
Browse key industry insights spread across 120 pages with 139 market data tables & 19 figures & charts from the report, “Structural Composites Market By Matrix (Polymer, Wood, Metal), By Reinforcement Materials (Glass Fiber, Carbon Fiber, Aramid Fiber), By Sector (Construction & Infrastructure, Energy, Transportation [Automotive, Aerospace & Defense]), Industry Analysis Report, Regional Outlook, Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Metal matrix accounted for over 220 kilo tons in 2026. The rising demand for metal matrix in aerospace and military applications are expected to boost the market size. The product also finds its applications in jet engines, satellites, missiles, aircraft etc. The benefit of the material including high specific stiffness and superior strength makes it suitable to be used for lightweight applications. Moreover, improved wear resistance coupled with a tailorable coefficient of thermal expansion will provide a positive outlook for the structural composites market segment growth.
Carbon fiber reinforcement accounted for USD 6.2 Billion in 2026. The material is ideal for use in applications, where there is a requirement for superior stiffness, high conductivity, and low weight. The material has successfully replaced alloys such as titanium and aluminum in the aerospace industry. The weight savings has resulted in a significant increase in fuel efficiency. Moreover, the material is also used for a wide range of aftermarket parts for the automotive sector and has been used in several racing/sports cars.
Energy sector will hold a respectable volume share of over 27% by 2026. These composites are used in the construction of large blades of wind turbines. The use of such composites offers the required stiffness without adding a significant amount of weight, thereby improving efficiency. Industry players are also continuously investing in R&D and developing advanced composites that are capable of energy storage.
North America to showcase dominance in the structural composites industry
North America will dominate the structural composites market share with a revenue share of more than one-third in 2019. The region witnesses the presence of major industry players, engaged in continuously developing and introducing efficient and innovative products for catering to their customer base. Moreover, industry participants and associations also hold various gatherings and offer awards to the most innovative companies in the sector.
For instance, in December 2017, the Society for the Advancement of Material and Process Engineering (SAMPE) and the American Composites Manufacturers Association (ACMA) organized the CAMX gathering. The main aim of the gathering was to encourage collaborations among industry players and promote innovations in the structural composites market.
Industry players are adopting acquisition strategies for expanding their geographical presence
Industry players are engaged in investment and adopting acquisition strategies for expanding their geographical presence and increase their business share. For instance, in April 2018, Excel Composites announced the acquisition of Diversified Structural Composites, Inc. to expand its geographical presence and gain a significant market in North America.
Some of the major players operating in the structural composites industry include NORPLEX-MICARTA, Janicki Industries, Argosy International Inc., SGL Group, Owens Corning, Huntsman Corporation, Toray Group, Mitsubishi Chemical Holdings Corporation, Solvay, Teijin Limited, Hexion Inc., and Hexcel Corporation.
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