Investment & Expansions were the key Development Strategies Adopted by the Leading Market Players to Achieve Growth in the Top 10 High Growth Composite Materials Market
Top 10 composite materials are used in various applications, namely, aerospace & defense, transportation, marine, and sports goods. The growth of the composites market can be attributed to the high demand from end-use applications.
The key players in the top 10 high growth composite materials market are Hexcel Corporation (U.S.), Hexion Inc. (U.S.), Strongwell Corporation (U.S.), Toray Industries Inc. (Japan), Teijin Limited (Japan), DAIB Group (Sweden), Celanese Corporation (U.S.), and IDI Composites (U.S.). These players have adopted various strategies to expand their global presence and increase their market shares. Capacity expansions, product launches, and agreements, joint ventures & partnerships are the major strategies adopted by the market players to achieve growth in the market. The key companies offering composites are involved in investment & expansions to strengthen their position in the top 10 high growth composite materials market. Companies such as Huntsman Corporation (U.S.), Hexion Inc. (U.S.), Toray Industries (Japan) adopted this strategy. Companies also adopted the strategy of partnership, joint venture & agreements, in order to expand their composite product reach globally and take advantage of each-others competencies to compete in the market.
Toray Industries Inc. focuses mainly on acquisitions, agreements, expansions, and new product developments to tap the growing demand and expand its market globally. In September 2015, the company acquired 55% of Delta Tech S.p.A. (Italy) which produces and supplies high-quality prepreg and carbon fiber for automobile applications. This acquisition helped the company to increase the sale of carbon fibers for luxury cars.
Hexcel Corporation (U.S.) is a global manufacturer of composites, core materials, and prepregs. The company recently launched new composite material at JEC world 2016. The company showcased nacelle inner fixed structure (IFS) for Airbus A320neo. This material is manufactured by Aircelle using Hexcel’s HexPly 8552 slit tape prepreg, reinforced with HexTow AS4 carbon fiber. The company manufacturers products to be specifically used for components in commercial and military aircraft, space launch vehicles and satellites, wind turbine blades, and industrial/recreational applications. Hexcel Corporation established a new manufacturing facility in Casablanca, Morocco in January 2016. This facility was established with a view to cater to the increasing demand for core structure, which involves the production of honeycomb materials. This approach by the company was aimed to target the aerospace industry providing secondary structures of aircraft, nacelles, and helicopter blades. In 2012 the company signed a distribution agreement with Sikorsky Aircraft (U.S.) to supply HexWeb honeycomb materials.
Delta Group produces and supplies high-quality prepreg and process carbon fiber for automobile applications.
Related Reports:
Top 10 High Growth Composite Material Market by Resin Type (Thermosetting Resin, Thermoplastic Resin), Fiber Type (Carbon, Glass, Aramid), Application (Aerospace & Defense, Wind Energy, Transportation, Sporting Goods), and Region - Global Forecasts to 2021
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