 "Wind energy is fastest-growing application for composites: Report")
Wind energy is expected to emerge as the fastest-growing application for composites during 2016-2021, as per the latest report of Research and Markets. The properties offered by composites, such as shape stability, strength, damage resistance, and longitudinal stiffness, are encouraging its usage in high-performance wind energy applications.
According to the report, the global market for composites is estimated to grow from $ 69.50 billion in 2015 to $ 105.26 billion by 2021, at a CAGR of 7.04 percent between 2016 and 2021. The global market for composites marked a strong growth in the past few years due to its high demand from the aerospace & defence and transportation applications. Composites provide high strength-to-weight ratio, heat resistance, and are lightweight, which increase fuel efficiency in vehicles and give structural stability to aircrafts.
The major applications of composites are in aerospace & defence, transportation, wind energy, construction & infrastructure, pipes & tanks, marine, electricals & electronics, and others.
Currently, Asia-Pacific is the largest consumer of composites. The growth of the electricals & electronics, construction & infrastructure, and improved transportation facilities in the region has led to an increase in the demand for composites. China, India, Sweden, the UK, the US, Brazil, and Malaysia are among the major markets of composites. The Brazilian market for composites in Latin America is projected to register the highest CAGR during 2016-2021, said Research and Markets in the report.
High cost of raw materials required for manufacturing composites is acting as a barrier for its use in various applications. Recyclability issues of composites are also posing a threat to its market. However, companies are adopting various strategies to build a strong foothold in the market through several developmental activities.
According to the report, the global market for composites is estimated to grow from $ 69.50 billion in 2015 to $ 105.26 billion by 2021, at a CAGR of 7.04 percent between 2016 and 2021. The global market for composites marked a strong growth in the past few years due to its high demand from the aerospace & defence and transportation applications. Composites provide high strength-to-weight ratio, heat resistance, and are lightweight, which increase fuel efficiency in vehicles and give structural stability to aircrafts.
The major applications of composites are in aerospace & defence, transportation, wind energy, construction & infrastructure, pipes & tanks, marine, electricals & electronics, and others.
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The layup process dominated the composites market in 2015 due to the increased demand from wind, marine, and aerospace & defence industries. The layup process is preferred by composite manufacturers due to its low cost and is mostly used for manufacturing composites parts for wind energy and marine applications.
Currently, Asia-Pacific is the largest consumer of composites. The growth of the electricals & electronics, construction & infrastructure, and improved transportation facilities in the region has led to an increase in the demand for composites. China, India, Sweden, the UK, the US, Brazil, and Malaysia are among the major markets of composites. The Brazilian market for composites in Latin America is projected to register the highest CAGR during 2016-2021, said Research and Markets in the report.
High cost of raw materials required for manufacturing composites is acting as a barrier for its use in various applications. Recyclability issues of composites are also posing a threat to its market. However, companies are adopting various strategies to build a strong foothold in the market through several developmental activities.