Composites Market 2017 Share, Trend, Segmentation and Forecast Composites Market - Global Industry Analysis, Size | Page 2

and defense is another application segment which held relatively significant share
in the global composites market in 2016. Composites also provide greater flexibility
because the material can be tailored to meet the design requirements and because
they offer significant weight advantages. Composite materials used in aircrafts are
generally reinforced fibers or filaments embedded in a resin matrix. In terms of
technology, layup process segment generated high sales in 2016. However, it is
anticipated to lose its market share by 2025 on account of the growing demand for
low-cost manufacturing processes.
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North America to Lead the Pack as Region Shows Higher Adoption of
Technological Advancements
North America dominated the global composites market and held nearly 40%
volume share in 2016. Asia Pacific is the anticipated to witness a CAGR of 9.0% by
volume and likely to remain an attractive market for composites. This is on account
of rapidly developing technological advancements and the adaptation of composites
in applications such as automotive and wind turbine blades. Europe being a major
manufacturer of premium cars, is an attractive market for composites. On account
of the increasing use of composites in next-generation aircrafts, the aerospace
segment in Europe is predicted to offer lucrative opportunities witnessing a CAGR of
8.6%, during the forecast period.
Some of the key players in the composites market include Toray Industries, Owens
Corning, Teijin Limited, Hexcel Corporation, TPI Composites, Inc, Faurecia,
Performance Composites Inc., Enduro Composites, Inc., KINECO, APPLIED
POLERAMIC INC., Hexagon Composites, Creative Composites Ltd., and HITCO Carbon
Composites, Inc.
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