This brief presents strategic growth opportunity in the composites Industry. This briefing covers market insights, market forecasts, pull and push Strategy, strategic growth opportunities, drivers and challenges of the market, and limitations of composites market. Some highlights of the briefing are as follows:
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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.
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Aerospace, automotive, and wind energy have demand pull whereas civil engineering, oil and gas, medical and others require push strategy for market penetration.
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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.
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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, and composites recycling.
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Major growth strategies for composites are: identification of right applications based on synergy, cost reduction and improved process, development of strategic alliances, and use of data analytics.
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There are significant opportunities exist for composite players within US as well as in emerging economies through JV and acquisitions.