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Major players are adopting investments & expansions as a key strategy to gain market share in Composites Market
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.
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.
Composites Market by Type (Carbon Fiber Composites, Glass Fiber Composites and Others), Resin Type (Thermoplastic Composites and Thermosetting Composites), Manufacturing Process, Application and by Region - Global Trends and Forecasts to 2021
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