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Due to the double-digit growth rate of wind energy and aviation market, the global composite material market is expected to achieve a compound annual growth rate of 3.5% in the next five years. In addition, the sustained growth of urban population and the rapid growth of construction and infrastructure are also the main driving forces. Asia is the region with the largest growth rate in the composite industry, and it is expected that the growth trend will not decrease in the future.
By 2021, the market share of composite materials in Asia is expected to reach about 47.7%, and that in North America is expected to be about 26.2%. However, as the current per capita consumption of composite materials is relatively low, the BRICs countries are expected to maintain a long-term growth momentum. In 2016, the global composite industry is expected to grow by 3.5%. The continuous improvement of economic conditions in some key regions, such as the United States and Europe, is bound to accelerate the growth of the global composite market. In the next five years, there are also good expectations in the fields of construction and transportation.
The market application of glass fiber composites is not as fast as that of carbon fiber. The market competition will become increasingly fierce in the future, and innovative enterprises are expected to be the ultimate winners.
In the composite industry, there have been some new trends that have a direct impact on the industry dynamics, such as the application of low-cost automotive carbon fiber, wind energy, and the continuous development of high-performance glass fiber.