Composite Materials Market to Near $40 Billion by 2023
Asia-Pacific is expected to remain the largest region by value and volume.
The global composite materials market is expected to reach an estimated $38 billion by 2023, and is forecast to grow at a CAGR of 4.1% from 2018-2023, according to a report available from Research and Markets. In addition, the global composites end-use market is expected to reach an estimated $107.4 billion by 2023.
Major drivers for growth in this market include: increasing demand for lightweight materials in the aerospace, defense and automotive industries; corrosion and chemical resistance materials demand in the construction, pipe and tank industries; and electrical resistivity and high flame retardant materials demand in the electrical and electronics industries. Emerging trends having a direct impact on the dynamics of the composites industry include the development of low-cost carbon fibers, high-performance glass fiber, and rapid-cure resin systems.
Asia-Pacific is expected to remain the largest region by value and volume; this region is also projected to experience the highest growth over the forecast period due to growth in construction, transportation, and the electrical and electronics segments. The major drivers for growth include increasing automotive production, high growth in construction, and infrastructure development.
Additional details are available at www.researchandmarkets.com.