Composites have high demand in the aerospace & defense application and their use is expected to increase in the coming five years due to the increasing penetration of advanced composites in commercial aircraft, such as the Boeing 787 and the Airbus A350. The global market for composites is estimated to grow from USD 69.50 billion in 2015 to USD 105.26 billion by 2021, at a CAGR of 7.04% between 2016 and 2021.
The demand for lightweight composites is driven by increasing demand for fuel efficiency and lightweight components. . The primary benefits that composites offer are reduced weight and greater assembly simplification as compared to the traditional materials, such as steel, aluminum, and titanium, for aircraft construction.
The composites market in the wind energy application is expected to witness the highest CAGR between 2016 and 2021. Transportation, the second-largest application, uses composites to manufacture automotive parts and components. It is used in racing, rails & high-performance vehicle components, materials for primary & secondary structures, high temperature & impact applications, body panels & visual components, and so on. These components require lightweight composites that have high strength-to-weight ratio, electrical properties, chemical- and weather-resistance, and dimensional stability. The demand for components with all these properties has led to the rise in demand for composites in the transportation sector. Increased construction of leisure boats, together with the technological advancements taking place in the industry, are driving the growth in the global market for marine applications.
There is a significant rise in the use of thermosetting composites in various applications as they have excellent resistance to solvents and corrosives and are resistant to high temperatures. Glass fibers are the oldest and, by far, the most common reinforcement used in automotive, electronics & electricals, and boats & marine applications to replace heavier metal parts. Due to the presence of growing economies, such as China and India, and mature market of Japan, Asia-Pacific dominates the composites market. Rapid industrialization and urbanization have led to the increase in demand for composites from construction & infrastructure, wind, pipe & tank, transportation, electronics, and other industries in the region. China is the largest market for market transportation and construction activities in Asia-Pacific, helping it to secure the top position in Asia-Pacific composites market. Brazil is anticipated to be the fastest-growing market for composites in Latin America during the forecast period.
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