Status of the North American Composites Industry: Market Potentials and Innovation Mega Trends,
This Lucintel brief presents market potentials and innovation mega trends in the North American Composites Industry. This briefing covers market insights, market forecasts, opportunities, emerging trends, drivers and challenges of the market. Some highlights of the briefing are as follows:
- Composite materials market in North America was estimated at $7.4 billion in 2013, and is forecast to grow at 7% CAGR in next five years to reach $11.3 billion in 2019.
- Aerospace, automotive, and wind energy have demand pull whereas civil engineering, oil and gas, medical and others require push strategy for market penetration.
- Some of the limitations for composites are:
- High materials cost
- Lack of high volume processes for structural parts
- Print thru,
- Lack of better repair, recycling, and joining technologies.
- Key innovation areas for driving composites growth are:
- Reduction in fibers and resins cost
- Improvement in manufacturing processes (low cycle time and high layup rate)
- Property enhancement
- Composites recycling
- Identification of right applications based on synergy
- Cost reduction
- Improved process
- Development of strategic alliances
- Use of data analytics
- Major growth strategies for composites are:
- There are significant opportunities exist for composite players within US as well as in emerging economies through JV and acquisitions.
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