Composites are becoming increasingly important in many industries. The need to save energy is fuelling the increase of composites in aerospace, automotive, and the wind industry. The necessity to diversify away from traditional sources of energy is increasing demand for wind energy, another sector important for composites demand. Composites are also sought after in sectors dealing with corrosion and construction, because they are strong, resistant to damage, and easy to install. The composites market has bright prospects ahead and as a consequence, this new study has determined that the value of the global composites market in 2012 will reach $62.6 billion.
Glass–fiber composites are most widely used due to their low cost and manufacturing ease, and so will remain as the largest submarket (both in volume and value) of composites throughout the forecast period.
Carbon–fiber composites, on the other hand, are expensive, but favored in demanding applications such as aerospace and wind turbine blades. Strong growth prospects are forecasted as increased energy prices push manufacturers to save costs through using innovative materials.
Aramid–fiber composites are in demand in security and high-vibration applications. Some predict that new uses for aramid fiber will be developed over the forecast period. Hybrids and other fiber composites are forecasted to grow strongly, as sophisticated and purpose-built composites will become necessary for new applications.
In the North American, Europe, and other developed markets around the world, composites are becoming more complex, and increasingly high-value. While the current economic conditions are reducing investment in many industries, composites sales are expected to remain robust, and increase considerably once economic conditions improve. Emerging and developing markets in the Middle East, Africa, Asia and South America have a robust demand for composites as well. Many industries in these countries are taking their first forays into using composites – as a consequence, forecasters for the regions see high demand. Over the long term, as industries in these regions develop and require more sophisticated composites, the global composites demand is forecasted to accelerate.
The $2,642 report contains 115 tables, charts, and graphs that add visual analysis to explain developing trends within the composites market. Visiongain provides forecasts for the period 2012 to 2022 in terms of value (US$) for the global composites market, as well as for four submarkets of the composites market (glass fiber composites, carbon fiber composites, aramid fiber composites, other fiber-hybrid composites).
Filed Under: Renewable energy