Simulation Software Market in the Composites Industry: Highlights
The next five years for the composite simulation software market are going to be vigorous with attractive growth opportunities in the entire ecosystem of the market. The global composite simulation software market is projected to grow at an impressive rate over the next five years to reach an estimated value of US$ 76.8 million in 2023. Increasing penetration of composites in various end-use industries including aerospace & defense and automotive, higher demand for automation and faster production processes, and increasing demand for simulation software from design to production are some of the major growth drivers of the market.
The composites industry currently accounts for a minuscule share of the total simulation software market, but is likely to be one of the fastest-growing applications in the foreseen future. All the major players are keenly showing an interest to participate in the market to capture a larger pie of the market in the foreseen future.
Composite materials are far more complex and variable than metals due to the presence of many raw materials, intermediates, and manufacturing processes. It is not easy to produce a final part by developing a right combination of different materials and processes for the first time. Also, there is a big push on the manufacturing side to streamline automation and produce high-quality composite parts faster. Machine throughput is extremely critical to maintain the growth momentum of composites in mass volume industries like transportation. Simulation software helps composite stakeholders in the designing, development, and production of composite parts more efficiently. It stimulates digitally and minimizes the risk of the expensive proposition of producing physical parts. Over the past few years, there’s been a big push to add or expand composite-focused simulation tools to existing software suites.
Simulation Software Market by Composites End-Use Industry Type:
Aerospace and defense industry is expected to remain the largest market for simulation software in the composites industry. Composites are gaining ground on the major next-generation aircraft, such as B787, A350XWB, and A220. All the major aerospace and defense OEMs are searching out the possibility of using composites in most of the structural applications of their upcoming aircraft. This is driving the demand for efficient simulation software to minimize the risk of expensive product development.
Transportation is expected to experience the highest growth in simulation software demand for composites over the next five years. Increasing use of composites in the structural applications of electric vehicles and premium vehicles are driving the demand for simulation software. All the major simulation software providers for the composites industry are heavily targeting the transportation industry to tap the growing market potential.
There are broadly three types of simulation software used in the composites industry: Computer Aided Design (CAD), Computer Aided Engineering (CAE), and Computer Aided Manufacturing (CAM). CAD is the most used simulation software in the global composites industry and is expected to remain largest during the forecast period as well.
Simulation Software Market by Region:
North America is expected to remain the largest market for composite simulation software over the next five years. The region is the world’s capital in terms of aerospace composites manufacturing with the presence of several aerospace OEMs and tier players. However, Asia-Pacific is likely to experience the highest growth in the demand for composite simulation software because of high growth of composites and a gradual shift of composites manufacturing from North America and Europe to the Asia-Pacific region.
The supply chain of this market comprises software developers, designers, part molders, distributors, OEMs, and end users. The global composite simulation software market is highly consolidated with about a dozen players populated worldwide. The key players are Siemens AG, Autodesk Inc, Dassault Systemes, and Altair Engineering. New product development and execution of merger & acquisitions are the key strategies adopted by the major players to gain a competitive edge in the market.