Product ID: SQMIG15B2085
Global Composites Market Size, Share, Growth Analysis, By Product Type(Glass Fiber, Carbon Fiber), By End-Use(Aerospace & Defense, Automotive & Transportation), By Process(Layup Process, Injection Molding Process) - Industry Forecast 2024-2031
Report ID:
SQMIG15B2085 |
Region:
Global |
Published Date: February, 2024
Pages:
165
|
Tables:
95 |
Figures:
76
Global Composites Market Dynamics
Composites Market Driver
- For customers who require a wide range of intricately engineered parts, design patterns, and structures, composite materials are used. The sector provides services to a number of sectors, including consumer goods, wind power, automotive, aerospace, and maritime. There are many different ways that these industries use these materials. Regulations, consumer demand, part performance standards, and cost restrictions all influence this usage. The materials, pricing, and process technology, for instance, are very different between the automobile and aerospace industries. Because these materials themselves are so diverse, they can satisfy this wide range of demand. As an illustration, resins, a variety of fibres, equipment, processes, and finishing options are readily available and can be used to fabricate almost any part for any application.
- The Automotive Industry's Ongoing Efforts to Drive the Market for Lightweight Vehicles Fuel economy and emission standards are what drive the car sector, which is why composites for lightweight materials are always being developed. For instance, the corporate average fuel economy (CAFÉ) guidelines in the US now call for a fleet average of 23.2 km/liter by 2025. The Corporate Average Fuel Consumption (CAFC) in China also has a fleet objective of 20 kilometres per litre. Presently, more than 100 models in the automotive industry call for the use of carbon-fiber reinforced plastic for OEM parts. The market is also being driven by the expanding trend of using thermoplastics in cars. In order to lighten automobiles, lower emissions, and increase fuel economy & economy, original equipment manufacturers (OEMs) use these materials during the production process.
Composites Market Restraint
- Some of the market dynamics limiting the industry include tight environmental policies and laws, as well as rising limitations and prices for landfill disposal. In addition, the management of composite end-of-life waste is being closely examined due to the growing use of life cycle assessment as a component of the material selection process in many sectors. Since 90 percent of waste in the United Kingdom is currently dumped in landfills, for instance, the industry must address important societal and commercial issues. Additionally, the global increase in plastic garbage has forced legislators to enact strict environmental standards. The outlawing of single-use plastic in a number of nations has drawn attention to the measures adopted by governments to address the issues raised by plastic trash.
Global Composites Market Report Snapshots
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