October 31, 2018
WELLESLEY, Mass., October 31, 2018–The composite market is expected to grow from approximately $94.5 billion in 2016 to $145.7 billion in 2022, expanding at a compound annual growth rate (CAGR) of 7.4%., according to a new BCC Research report.
As examined in the report The Global Market for Composites: Resins, Fillers, Reinforcements, Natural Fibers and Nanocomposites Through 2022, composites are crafted from two or more materials and they have unique properties such as resistance to chemicals, fire, corrosion, heat and electricity. Composites also offer a high strength-to-weight ratio, flexibility and are low cost in design.
The rising demand for lightweight and environmentally sustainable composite materials in various applications such as automotive, building and construction; an increasing use of composites in aerospace and defense applications; and emerging trends and improving economic conditions in developing countries contribute to the growth of the composites market.
“The global composites market is expected to grow over the next five years due to the increasing demand from various industries such as transportation, aerospace and defense, electrical and electronics, wind energy, construction and infrastructure, automotive interiors, pipes and tanks, and marine,” the report notes.
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The Global Market for Composites: Resins, Fillers, Reinforcements, Natural Fibers and Nanocomposites Through 2022( PLS029F )
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