By Nick Gilbert
An international management consulting and market research company, Lucintel, has released a report on the Chinese composites industry titled as, ‘Growth Opportunities in the Chinese Composites Market: 2012-2017.’
According to the report, the composite materials market in China is anticipated to exceed US $7 billion in 2012. In 2009, the Chinese composite market grew by over 2%, though there was an uncertainty in the global economy and a recession in the global composite materials sector. Growth momentum of the Chinese market is projected to increase to about $11.5 billion in the year 2017 with a CAGR of 7.3% in the next five years.
The research report from Lucintel includes market trends and forecast data for 2012–2017; market sizing for a variety of raw materials, including thermoplastic compound materials, thermoset, fiber and resin; analysis of eight segments of the composites industry in China; details of the drivers and challenges in the industry and information on the Chinese governments tariffs.
The report summarizes how the fast growth in the Chinese economy has increased the glass fiber demand. It reveals that aerospace, construction and transportation industries are anticipated to drive growth during the projected period of 2012 to 2017. The long-term growth in the composites industry depends on a large number of applications globally. Research and development of several composite materials applications are currently taking place, which has led to the development of the industry.