A composite is a mechanically separable combination of two or more components materials, different at molecular level and mixed to obtain a new material with optimal properties that are different from the properties of base materials. Thermoset composites are formed by the combination of thermoset matrix and reinforcements (fiber). These composites are used in various industries for manufacturing aircraft & spacecraft parts, bicycle frames, golf shafts, badminton rackets, automobile springs, sailboat mats, and automotive structural parts, among others. The thermoset composites market is projected to reach USD 57.98 Billion by 2021, at a CAGR of 6.67% from 2016 to 2021
Key companies offering thermoset composites products have adopted strategies such as expansions; agreements, partnerships, and joint ventures; mergers & acquisitions; and new product launches to strengthen their positions in the thermoset composites market. The strategy of expansions was the key strategy adopted by companies; the expansions strategy accounted for 32.00% share of all growth strategies adopted by major companies between 2012 and 2016. This strategy helped companies expand their geographic presence and cater to the increasing demand for thermoset composites from various end-use industries. Companies also adopted the strategy of agreements, partnerships, and joint ventures to expand their product reach and take advantage of their core competencies to compete in this market. This strategy accounted for 26.00% share of all growth strategies adopted by leading players.
Major manufacturers profiled in this report include Toray Industries, Inc. (Japan), Owens Corning (U.S.), Jushi Group (China), Hexcel Corporation (U.S.), SGL Group (Germany), Teijin Ltd. (Japan), Mitsubishi Rayon Co., Ltd. (Japan), and CPIC (China). These companies have adopted various organic and inorganic growth strategies, such as expansions, partnerships, and joint ventures to expand their global presence and increase their penetration into the thermoset composites market.
Toray Industries, Inc. (Japan) is one of the largest manufacturers of carbon fiber. The company has adopted varied growth strategies, such as mergers & acquisitions, investments & expansions, and new product launches to expand its market share. The company focuses on the high-value aircraft market for increasing its revenue. In June, 2016, the company signed an agreement with Airbus (Germany) to supply carbon fibers and TORAYCA prepreg. This development strategy helped the company expand its business in the aviation sector.
Owens Corning (U.S.) is the largest contributor to the growth of the thermoset composites market. The company serves various industries that include aerospace & defense, wind energy, automotive, electronics, and infrastructure. As a part of its growth strategy, the company has acquired the building and wind business unit of Ahlstrom (Finland) for USD 80.75 million in January, 2016.
Thermoset Composites Market by Manufacturing Process (Lay-Up, Filament Winding, Injection Molding, Pultrusion), Fiber Type (Glass, Carbon), Resin Type (Polyester, Epoxy, Vinyl Ester), End-Use Industry, and Region - Global Forecast to 2021
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