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Continuous Fiber Composites Market to Grow at 6.5% CAGR during 2018-2023

 


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Continuous Fiber Composites Market: Highlights Composites have earned their way onto various end-use industries, propelled by a long list of their advantages including high strength-to-weight ratio, excellent corrosion and creep resistance, low-maintenance cost, and lightweight. The materials have a disruptive journey of more than eight decades and are efficaciously gaining penetration in both high-performance as well as cost-sensitive end-use industries. The penetration of composites is not likely to cede here and will penetrate more in the coming years. The global continuous fiber composites market is likely to grow at a healthy CAGR of 6.5% over the next five years, driven by a host of factors including an organic growth of composite rich end-use industries including automotive and aerospace & defense; introduction of stringent government regulations regarding the fuel efficiency enhancements and the carbon emission reductions; and superior performance of continuous fiber composites over traditional metals including aluminum and steel.

Both glass, as well as carbon fibers, are increasingly used in various applications, owing to their distinct advantages. Continuous Fiber Composites Market: by Form Type The continuous fiber composites market is segmented into the form type as Woven Fabrics, Non-Crimp Fabrics, Unidirectional Tape, and Others. Woven fabric is projected to remain the most dominant form type in the market during the forecast period, driven by a high usage in various end-use industries including wind energy, automotive, and electronics.

Non-crimp fabric occupied a considerable share of the market, driven by an increased usage in wind energy. The fabric allows an easy flow of resin and provides good mechanical strength in multiple directions. The unidirectional (UD) tape is likely to be the fastest-growing market over the next five years. UD tape offers the advantages of high impact strength, high mechanical strength at one direction, and excellent chemical and corrosion resistance. The fiber is gaining the traction in the aerospace & defense and automotive industries. Continuous Fiber Composites Market: by Reinforcement Type Based on the reinforcement type, the continuous fiber composites market is segmented into Glass Fiber Composites, Carbon Fiber Composites, and Other Composites.

Other composites mainly include aramid fiber composites. Glass fiber composite is projected to remain the most dominant segment of the market during the forecast period, driven by a wide array of advantages including low cost, good mechanical performance, and excellent corrosion and abrasion resistance. The fiber mainly competes with metals including steel and aluminum and is considered an ideal material in highly cost-sensitive markets, such as wind energy, automotive, marine, and building & construction.

On the other side, carbon fiber composite is likely to witness the highest growth during the same period. Carbon fiber is catching world’s attention, driven by a host of factors including the demand for lightweight materials in order to fulfill the stringent government regulations of different countries regarding the fuel efficiency. Ongoing efforts for reducing the cost of carbon fiber further elevates its potential in many cost-sensitive industries.

Carbon fiber offers a series of advantages in which the most important is an extreme lightweight coupled with excellent aesthetics. Continuous Fiber Composites Market: by End-Use Industry Type Based on the end-use industry type, the continuous fiber composites market is segmented into Aerospace & Defense, Automotive, Wind Energy, Electronics, Sporting Goods, and Others. Wind energy is likely to maintain its dominance in the total continuous fiber composites market during the forecast period.

Wind blades, spinners, and nacelles are the major composite applications in the wind energy and largely fabricated with glass fiber composites using continuous fiber composites. Increasing wind turbine installation across the globe is the prime driver for the demand for composites in this industry. China, India, the UK, Germany, and the USA are likely to remain the growth engines of the market for the segment over the next five years. Automotive is also following the footsteps of the A&D industry. Major automakers are working closely with composite industry stakeholders with regards to increasing the composites content in their upcoming vehicle models. For instance; BMW developed BMW i3 vehicle using carbon composite passenger cell. It is the world’s first mass-produced model in the auto industry with high carbon composites content. Continuous Fiber Composites Market: by Region Based on the regions, Asia-Pacific is likely to remain the largest market during the forecast period, driven by China, India, and Japan. High installations of wind turbines, high automobile production, high electronic parts manufacturing, upcoming indigenous commercial and regional aircraft (COMAC C919 and Mitsubishi MRJ), and the opening of assembly plants of Boeing and Airbus in China are some of the major factors driving the demand for continuous fiber composites in the region. Europe is likely to witness the highest growth during the same period, driven by aerospace & defense and automotive industries. Europe is the manufacturing capital of premium and electric vehicles where advanced composites are efficaciously gaining traction. All the major premium and electric automakers are increasingly increasing the composite content in order to address the EU norms regarding the carbon emission reduction targets. Furthermore, they would like to excel the aerodynamics and aesthetics of their upcoming models. Increasing production rates of the A350XWB and A320 family including neo versions are further likely to boost the demand for continuous fiber composites of the region in the coming years. Continuous Fiber Composites Market: Key Players and their Strategies The global continuous fiber market is highly competitive with the presence of a large number of global as well as regional players in which some of the players are vertically integrated from fiber manufacturing to intermediate products manufacturing to composite parts manufacturing. Some of the major global players are Owens Corning Corporation, Saertex GmbH & Co. KG, Sekisui Jushi Corporation, Chomarat Group, Hexcel Corporation, Toray Industries, and SABIC Corporation. Report link : https://www.stratviewresearch.com/326/Continuous-Fiber-Composites-Market.html.

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