After weathering the worldwide recession, the global composites market registered double-digit growth in 2010 due to the economic recovery, according to a new study from Research and Markets. Although the pace of the market subsided in 2011, the market is expected to regain pace and reach $29.9 billion in 2017, with a compound annual growth rate (CAGR) of 5.4% over the next five years.
Over the long term, the composites industry is reportedly a sustainable industry with 30,000 composites applications worldwide. High performance at a lower weight is the major driving force for the selection of composite materials for various applications. Higher market fragmentation is expected to occur due to emerging economies. The future of the market is expected to be highly competitive, and companies with innovative capabilities and products can thrive and gain market share.
Material suppliers in the resin and glass fiber categories are predicted to experience good sales growth in almost all market segments in 2012. The growth in carbon fiber demand is expected to outpace that of glass fiber. This growth in carbon fiber demand should drive the market for epoxy resin because epoxy is predominantly used with carbon fiber.
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