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.
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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.
Aerospace & defense and transportation application segments are expected to play a key role in the growth of top 10 high growth composite material market
Asia-Pacific is projected to be the fastest-growing region for the top 10 high growth composite materials market, during the forecast period. The growing demand for composites, emission control policies, and introduction of environmental-friendly products, have led to innovations in the region. This is consequently expected to fuel the growth of the market in the region. North America is the second-largest consumer of composites, after its recovery from the economic recession of 2008–2009, as the rise in expenditure on non-residential constructions has led to increased demand for composites in the region.
The top 10 high growth composite materials market is dominated by the aerospace & defense, transportation, wind energy, and electrical & electronics applications. The demand for lightweight composite material is driven by increasing demand for fuel efficiency and lightweight components. The primary benefits that composite materials offer are reduced weight and greater assembly simplification, as compared to traditional materials, such as steel, aluminum, and titanium, in the manufacturing of aircraft.
The injection molding segment is projected to witness highest growth during the forecast period. The high growth of the segment can be attributed to the use of the process to manufacture various transportation and electrical & electronics parts, which are major applications of composites. The injection molding process offers products that provide creep resistance, good strength to weight ratio, and thermal insulation.
Thermosetting resins are widely used in various composites, as they have excellent resistance to solvents and corrosives and are resistant to high temperatures. Glass fibers are the most common reinforcement used in automotive, electronics & electricals, and boats & marine applications to replace heavy metal parts.
Asia-Pacific dominated the top 10 high growth composite materials market, due to the presence of growing economies, such as China and India. China led the market in Asia-Pacific, owing to the growth in the transportation and construction industries in the country.
The key players in the top 10 high growth composite materials market are Hexcel Corporation (U.S.), Hexion Inc. (U.S.), Owens Corning (U.S.), Strongwell Corporation (U.S.), Toray Industries Inc. (Japan), Teijin Limited (Japan), DAIB Group (Sweden), and Celanese Corporation (U.S.).