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Composites Industry - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2029)

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Rushab Adsule

The global composites market size is projected to reach USD 112.0 billion by 2027, exhibiting a CAGR of 6.88% during the forecast period. Increasing utilization of composite materials in 3D printing applications will broaden the horizons of this market, observes Fortune Business Insights™ in its report, titled “Composites Market Size, Share and COVID-19 Impact Analysis, By Matrix (Polymer matrix, Ceramic matrix and Metal matrix), by Polymer matrix (Fiber {Glass, Carbon, Aramid} and Resin {Thermoset and Thermoplastics}) and by Application (Automotive & Transportation, Building & Construction, Electrical & Electronics goods, Pipes & tank manufacturing, Consumer goods, Wind power, Maritime, Defense & aviation) and Regional Forecast, 2020-2027”. 3D printing technology holds an enormous potential for the manufacturing sector, allowing producers to efficiently create parts, machineries, and equipment at relatively low costs. Most of the 3D printers available today use Fused Filament Fabrication (FFF), a polymer-extrusion process for composites. For example, US-based additive manufacturer, Markforged, developed the continuous fiber 3D printing method and currently offers a variety of industrial 3D printers, with main focus on functional prototyping and end-use manufacturing. Another US-based company, Desktop Metals, launched its Fiber 3D Printer in 2019, which combines the traditional Automated Fiber Placement technology with FFF. These advancements are expected to provide a solid push to the growth trajectory of this market in the foreseeable future.

The unprecedented health and economic crisis created by the COVID-19 pandemic has severely impacted industrial activities. Businesses have either been forced to shut down or are experiencing massive revenue losses. To enable your business to survive these trying times, Fortune Business Insights™ offers comprehensive market research reports based on our experience and expertise. These reports contain a detailed impact analysis of coronavirus pandemic on the market of your concern.

Click here to get the short-term and long-term impact of COVID-19 on this market.

According to the report, the global market value stood at USD 99.91 billion in 2019. The other highlights of the report include:

  • Deep insights into the trends, drivers, opportunities, and challenges shaping the market;
  • Actionable analysis of the market segments;
  • Tangible research into the regional developments impacting the market; and
  • Thorough evaluation of the key market players and their strategies.

Industry Developments:

  • January 2020: Teijin Limited announced the establishment of the Teijin Automotive Center Europe GmbH in Germany, which will serve as a new base for technical operations for the company’s automotive composites business.
  • September 2019: INEOS Enterprises completed the acquisition of the entire composites division of Ashland Global Holdings, including a BDO facility in Germany. Ashland’s businesses in this domain boast combined annual sales revenue of USD 1.1 billion, with sites in the Middle East, Europe, the Americas, and Asia.

List of Key Companies Profiled in this Market Report:

  • Toray Industries, Inc. (Tokyo, Japan)
  • Teijin Limited (Tokyo, Japan)
  • Mitsubishi Chemical Holdings Corporation (Tokyo, Japan)
  • Hexcel Corporation (Stamford, United States)
  • SGL Carbon (Wiesbaden, Germany)
  • Huntsman International LLC. (Texas, United States)
  • Solvay (Brussels, Belgium)
  • Exel Group (Paris, France)
  • Veplas d.d. (VELENJE, Slovenia)
  • Composite Solutions (Sumner, United States)
  • Owens Corning (Ohio, United States)

Please visit: https://www.fortunebusinessinsights.com/composites-market-102295

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