Market research and consulting company, Lucintel has released a new market research report on worldwide composites industry titled ‘Growth Opportunities in the Global Composites Industry 2011-2016’.
The report offers outlook for 32 segments that are supported by hurdles, key drivers and trends of the composite market.
According to the report, the composite materials market faced a significant downturn during fiscal years 2008 and 2009. However, the market experienced a revival in 2010 with a growth rate of 10.3% due to growing demands of the industries including E & E, marine, automotive and construction. The composites market generated an expected $50 billion in revenues in 2010 and is estimated to achieve $78 billion in 2016.
The report analyzes the market segments and geographic areas to give a better picture about the overall industry and the performing segments for the investors. Wind energy, tank and pipe segments are the least performing markets. However, the wind power, aerospace and marine markets are anticipated to grow in double digits in 2011.
In view of emerging economy growth, more fragmentation will take place in the future markets and new companies will compete in the composite materials industry. According to the report, carbon fiber reinforced plastics will register more growth than glass fiber reinforced plastics in the coming years.