Dallas, TX / CRWE PRESS RELEASE / Aug. 4, 2021 - According to the recent study the composites market is projected to reach an estimated $39.0 billion by 2026 from $28.7 billion in 2020, at a CAGR of 4.4.4% from 2020 to 2026. Growth in this market is primarily driven by increasing demand for lightweight materials in the aerospace & defense and automotive industry; corrosion and chemical resistance materials demand in construction and pipe & tank industry; electrical resistivity and high flame retardant materials demand in electrical and electronics industry.
Browse 237 figures / charts and 51 tables in this 404-page report to understand trends, opportunities and forecast in composites market by application type (transportation, marine, wind energy, aerospace, pipe & tank, construction, electrical & electronics, consumer goods, and others), raw material (glass fiber, carbon fiber, aramid fiber, polyester resin, vinyl ester, phenolic, polyurethane, thermoplastic resin, filler, and others), fiber type (glass fiber composites, carbon fiber composites, and aramid fiber composites), resin type (polyester composites, epoxy composites, vinyl ester composites, phenolic composites, other thermosets, and thermoplastic composites), by molding compound (SMC, BMC, SFT, LFT, and other composites), and region (North America, Europe, APAC, and ROW).
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“Transportation market is expected to remain the largest segment during the forecast period.”
Based on end use industry, the composites market is segmented into transportation, marine, wind energy, aerospace, pipe & tank, construction, electrical & electronics, consumer goods, and others. Lucintel forecasts that the transportation market is expected to remain the largest segment.
“Within the composites market, the injection molding segment is expected to remain the largest manufacturing process”
Based on manufacturing process, the injection molding segment is expected to witness the largest segment because of low cycle time, low manufacturing cost, and ability to make complex shapes.
“Asia Pacific will dominate the composites market in near future”
Asia Pacific is expected to be the largest region with the highest growth over the forecast period because of growth in construction, transportation, and the electrical and electronics segments. The major drivers for growth are increasing automotive production, high growth in construction, and infrastructure development.
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Major players of composites market are adopting various growth strategies like new product launches, expansions, merger and acquisitions, partnerships, agreements, and collaborations to expand their presence in this market. Owens Corning, Jushi Group, Nippon Electric, Toray Industries, and Hexel Corporation are among the major composites providers.
This unique research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link https://www.lucintel.com/composites-market.aspx or email@example.com
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