Newark, NJ, June 24, 2020 (GLOBE NEWSWIRE) -- According to the new report published by Fior Markets, the global composite film market is expected to grow from USD 230.01 million in 2019 to USD 366.58 million by 2027, at a CAGR of 6% during the forecast period 2020-2027.
Rise in demand for smooth surfaces of aircraft and high demand for environmentally-friendly electric vehicles are the factors possessing opportunities for the market growth.
A minor constituent reacting with the major constituent and forms an intermetallic phase, which is then dispersed in the major phase, is known as composite films. Some of the properties offered by composite films are tenacity, electrical and thermal conductivity, fatigue, strength, density, and corrosion resistance. The strength to weight ratio in the composite films is greater in comparison to steel or aluminum. This attribute of the composite films makes them more demanding from the end-user industry vertical. Weight reduction is becoming an important factor for the companies engaging in aerospace and automobile industry verticals.
The factors influencing the market are increasing demand for lightweight materials and fuel-efficient, and the growing use of composites in the aerospace & defense industry. Rise in demand for smooth surfaces of aircraft and high demand for environmentally-friendly electric vehicles are the factors possessing opportunities for the market growth. Furthermore, the composite films can withstand lighting which acts as another benefit/advantage for the composite films and their adoption in the aerospace industry vertical. The factor hindering the market growth is high risks related to the manufacturing process. Developing low-cost technologies is a major challenge hindering the market growth.
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Some of the notable players of the market are Henkel AG Co. KGaA, Gurit, Toray Industries, Inc., Solvay, 3M, Axiom Materials Inc., Park Aerospace Corp., Hexcel Corporation, and Socomore. To improve their market position in the global composite films market, the key players are now concentrating on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership.
- In March 2018, acquisition between Toray and TenCate Advanced Composites took place, for accelerating the demand in advanced composites film products and helped Toray to sustain in the market.
The lightning segment is Expected to Register the Highest Growth Over the Forecast Time Period.
By function, the market is categorized into surface protection and lighting strike protection. The lighting segment is expected to register the highest growth during the forecast time period. The composite film protects the structures from lightning strikes. The escalating demand from the aerospace & defense industry would have a positive impact on the segment growth.
Epoxy segment held the largest market share of 62.10 % in 2019.
By resin type, the market is bifurcated into epoxy resins and others. The epoxy resin segment held the largest market share of 62.10% and was valued USD 142.38 Million in 2019. The segment growth is attributed owing to higher demand as they have superior mechanical and physical properties like durability, strength, flexibility, lightweight, and stability.
Autoclave segment held the largest market share of 55.5% in 2019.
The curing type segment includes out-of-autoclave, and autoclave. The autoclave segment held the largest market share of about 55.5% and was valued USD 127.33 Million in 2019. The segment growth is attributed owing to higher demand as it helps in producing high-valve composite films and increasing use in the aerospace industry.
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Aerospace and Defense segment held the largest market share in 2019.
By end-user, the market is segmented into aerospace and defense and automotive. The aerospace & defense held the largest market share in 2019. The segment growth is attributed owing to the weight reduction of the required structure and the growing usage of composites in aircraft.
Regional Segment Analysis of the Composite films Market
- North America (U.S. , Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
North America accounts for the largest share in the market, owing to the rising demand for composite films in the aerospace and defense industry. The growing economies in North America, such as Canada and the US are expected to dominate the market growth. The factor for the high consumption of composite films is the economic growth of the nation. Market penetration of composite films in various industries dominated the market in the Asia-Pacific region. Other factors influencing the market in the region are increasing demand for composite films in the automotive, aerospace and defense industry.
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About the report:
The global composite films market is analyzed on the basis of value (USD billion), volume (Kilotons), import (Kilotons), export (Kilotons). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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