The global market size of composites is estimated to grow from USD 69.50 Billion in 2015 to USD 105.26 Billion by 2021, at a compound annual growth rate (CAGR) of 7.04% between 2016 and 2021. High demand for composites from aerospace & defense, wind energy, and transportation is the key driver for the composites market.
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The key players in the composites market are
Hexcel Corporation (U.S.), Huntsman Corporation (U.S.), Owens Corning
(U.S.), Toray Industries (Japan), Teijin Limited (Japan), SGL Group
(Germany), and so on. These players have adopted various strategies to
expand their global presence and increase their market shares. Capacity
expansions, product launches, and agreements & partnerships are the
major strategies adopted by the market players to achieve growth in the
composites market.
Investments & expansions has been the principal
strategy adopted by key players for entering the composites market. A
number of capacity expansions in the composites market were undertaken
by key players such as Hexcel Corporation (U.S.), Toray Industries
(Japan), Teijin Limited (Japan), and PPG Industries (U.S.) to strengthen
their market position; for instance, Toray Composites, Inc. expanded
its production facility in Pierce County in September 2015 to add
significant prepreg capacity to its existing facility for meeting the
demand growth in Boeing and other aircraft applications. Hexcel
Corporation (U.S.) established a new manufacturing facility in
Casablanca, Morocco in January 2016 to cater to the increasing demand
for core structure, which involves the production of honeycomb
materials, especially, for the aerospace structures.
A substantial number of novel product launches were
announced and commercialized between 2012 and 2016 in the composites
market. Owens Corning (U.S.) announced maximum number of product
launches during this period. The products launched by Owens Corning
included PulStrand 4100, multi-end roving under the brand Paneluxe,
HydroStrand 258 glass-fiber chopped strands for polyamide (PA) resins,
glass fiber products under the brand Advantex ME1975 and Advantex
ME1510, and others. This has enabled Owens Corning to expand its market
presence in automotive, pipes, and sheet molding applications.
Composites manufacturers worldwide are also
considering agreements & partnerships with other key players to
broaden their market and explore new opportunities in the composites
market; for instance, Cytec-Solvay Group (U.S.) has signed a
distribution agreement with Bang & Bonsomer Group (Finland) for
distribution of process materials products in Lithuania, Estonia,
Latvia, and Finland. Another major composites manufacturer, Huntsman
Corporation (U.S.) entered into a distribution agreement with GMZ Inc.
(U.S.) for distribution of advanced materials epoxy resins and specialty
components products in Midwestern U.S., which includes Illinois, Iowa,
Kansas, Minnesota, Missouri, Nebraska, North Dakota, South Dakota, and
Wisconsin.
