Composite films are used in a variety of end-use industries, including aerospace & defense, and automotive, among others. Led by strong end-user demand, the composite film industry is growing at a rapid pace. The global composite film market size is expected to grow from ~USD 245 million in 2020 to ~USD 328 million by 2025, at a Compound Annual Growth Rate (CAGR) of 6.0% during the forecast period.
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The aerospace & defense industry is a major consumer of composites, which in turn increases the demand for composite films. Leading aircraft manufacturers such as Boeing and Airbus are increasing the use of carbon composites, and composite films in their commercial aircraft. Composite films are also used in fuselage, wings, tail, tail fin, wing box, trailing edge, engine nacelles, engine, and other structural parts of an aircraft. Growing environmental concerns and search for high strength lightweight materials to increase fuel efficiency has put composites and simultaneously composite films under the limelight in the automotive industry. As, the composite structures used on automotive would require Class A protection from extreme climates, and scratches.
The strength-to-weight ratio of most composites is higher than that of steel and aluminum. The weight reduction of the required structure makes the use of composites vital in the aerospace & defense industry. The use of composite films in aircraft has grown as they are lightweight and have high tensile strength. Composite films can withstand lightning strikes. Commercial aircraft such as Boeing 787 and Airbus 350 are relying heavily on carbon fiber composites for their airframe structures, with 50% of the aircraft’s materials being composites, which in turn increases the demand for composite films.
North America holds the largest market for the composite film market. The key reason for this includes the demand for composite films in the aerospace & defense industry in the region. The demand for composite film in aerospace & defense, automotive, and other industries is projected to improve due to product innovation and technological advances made in this sector. According to the 24/7 Wall St. a Delaware corporation, in the US, parts of Florida experience an average of 100 thunderstorm days annually, making Florida the most likely place in the country for lightning strikes. Also, along the US West Coast, annually, an average of 10 thunderstorms is experienced. These factors drive the demand for composite films during the forecast period.
Key players in the market include 3M(US), Henkel AG Co. KGaA(Germany), Hexcel Corporation(US), Gurit (Switzerland), Solvay(Belgium), Toray Industries, Inc. (Japan), Socomore(France), Park Aerospace Corp.(US), and Axiom Materials Inc.(US), among many others. These companies are involved in adopting various inorganic and organic strategies to increase their foothold in the composite film market.
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