According to a new market report published by Lucintel, the future of global
composite tube market looks promising with opportunities in industrial, electrical, robotics and automation, sports and leisure, transportation and telecommunication industries. The composite tube market is expected to decline in 2020 due to global economic recession led by COVID-19. However, market will witness recovery in the year 2021 and it is expected to grow with a CAGR of 2% to 4% from 2020 to 2025. The major drivers for this market are increasing demand for lightweight and corrosion resistance structures in industrial, robotics and automation industries.
In this market, carbon fiber and glass fiber are utilized to manufacture composite tubes for various end use industries. On the basis of comprehensive research, glass fiber tube will remain the largest market by value and carbon fiber tube is expected to witness the highest growth in the forecast period due to its low weight and excellent strength to weight ratio.
Within composite tube market, industrial will remain the largest end use industry by value due to the increasing demand for lightweight composite materials for the industrial equipment such as rollers, instrument connection, tool handles and others. Robotics and automation is expected to witness the highest growth due to increased penetration of composites in robotics industry to reduce weight, to increase part stiffness and to improve automation process.
APAC will remain the largest region and it is also expected to witness the highest growth over the forecast period due to the rapid industrialization, and urbanization.
Emerging trend, which has a direct impact on the dynamics of the industry, includes development of high performance carbon fiber tube by discontinuous fiber. Exel Composites, Accurate Plastics, Strongwell Corporation, Fibertech Composite, Fibergrate Composite Structures, Glasforms, Composite Resources, Foshan Zhihui Junzhang Advanced Composite Technology and Rock West Composites are among the leading suppliers of global composite tube market.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities of global composite tube market by end use industry, by fiber type, manufacturing process, product type, and region, and has come up with a comprehensive research report “Growth Opportunities of Global Composite Tube Market 2020-2025: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a catalyst for growth strategy as it provides a comprehensive data and analysis on trends, key drivers, and directions. The study includes market trends and forecasts for global composite tube market segmented by end use industry, fiber type, manufacturing process, product type and region as follows:
By End Use Industry [Volume (M lbs) and $M shipment analysis for 2014 to 2025]:
Industrial
Electrical
Robotics and Automation
Sports and Leisure
Transportation
Telecommunication
Others
By Fiber Type (Volume (M lbs) and $M shipment analysis for 2014 to 2025):
Carbon Fiber Tubes
Glass Fiber Tubes
Hybrid Tubes
By Manufacturing Process (Volume (M lbs) and $M shipment analysis for 2014 to 2025):
Pultrusion/ Pullwinding
Filament Winding
Others
By Product type (Volume (M lbs) and $M shipment analysis for 2018):
Round
Profile
Telescopic
Conical
By Region (Volume (M lbs) and $M shipment analysis for 2014 to 2025):
North America
Europe
Asia Pacific & ROW
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