The product is majorly produced by layup process, which accounted for 30.90% of the total composites market share in the year 2015. The layup process is presumed to witness significant growth shortly on account of its versatility in manufacturing a wide range of products and low operational expenditure. In the layup process, the resin is applied by hand or spray technique onto a suitable mold surface which causes in curing the laminate without requiring any additional treatment. The layup process is expected to grow at a CAGR of 9.70% over the forecast period.
In terms of volume, Asia Pacific was the major market in 2015. Emerging economies such as India, China, South Africa, and Brazil are anticipated to lead the market on account of the increasing demand from numerous application sectors including aerospace & defense, transportation, automotive, and wind energy. Mergers and acquisitions and R&D activities together with new product development by major companies are projected to augment the market growth. In addition, superior features provided by these products particularly in CFRP i.e. carbon fiber reinforced plastics on account of technological innovations and new high-value applications will fuel the market expansion.
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Application Insights
The Aerospace & defense sector was estimated for 13.10% of the total market share in the year 2015. The application of composites in the production of aircraft has a benefit over the traditional materials due to its high-performance properties. Decrease in weight coupled with high corrosion resistance is a few of the crucial factors enhancing the growth of the composites market in this sector.
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