In the recently compiled research report by Global Market Insights Inc., structural composites marketsize has been projected to grow notably by 2026.
Stakeholders expect structural composites to unravel substantial growth opportunities for composite materials in aerospace, infrastructure and automotive. With high mechanical properties, corrosion resistance, thermal conductivity and low weight making them ideal materials for a range of end-markets, leading companies are expected to step up their game to reap benefits from the composites.
Notable spike in construction activities and unprecedented demand for lightweight and high strength composites meant for sports goods are being perceived as a booster for the market share. Industry analysis indicates that increased traction for composites will stem from aircraft and spacecraft.
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Trend emanating from carbon fiber
Rising prominence of carbon fiber in aircraft structure has solidified the former’s position as the most prevalent classes of high-performance fibers demanded in composite production. PAN-based carbon fibers will be highly sought-after for the quality of the resulting fibers and to effect high-strength composites.
Palpable trend for carbon fiber is mainly attributed to some of the innate upsides such as high temperature tolerance, high tensile strength, high chemical resistance, low thermal expansion, high stiffness, and low weight. Carbon fiber is expected to play a huge role across end-use applications with reinforcement material segment projected to expand at a CAGR of over 4.5% through 2026.
Opportunities in polymer matrix
While investment in wood and metal composites is likely to surge, polymer matrix will expand more robustly. Prominently, polymer matrix is touted to hold a lion’s share, registering over 4/5th market share; attributed to its expanding application range and low cost in end-markets.
Going by the past trend, APAC and North America are expected to live up to the expectation and will be major destination hubs in the wake of thriving energy, automotive, and construction sectors. Meanwhile, stakeholders are expected to boost portfolio expansion in MEA as the region is replete with construction activities and building of skyscrapers. Robust business outlook in the region comes to light through a healthy CAGR projection of over 8% through 2026.
Growth drivers to spur from sports space
Revenue stream is slated to gain impetus from strong demand stemming from sports & recreation space. Use of composites such as carbon fiber and fiberglass to manufacture highly sought-after protective sportswear and sports equipment. For instance, carbon fiber composites are being used in golf clubs to produce poles, thereby making them torsion resistant, flexible, light and firm.
Structural composites market also being used tennis racket frames for stiffness and high strength. With soaring traction for carbon fibers in sports landscape, the other segment (sporting goods and piping applications) has been projected to expand at a steady growth rate of over 4% through 2026.
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Potential obstacles: High processing costs
Forward-looking companies may want to surmount the challenge in the shape of high processing costs. While COVID-19 outbreak has posed a palpable threat to the market, post-COVID outlook looks robust.
Innovations and research and development activities are likely to gain ground at the time when mergers and acquisitions may be on the cards. Investment in carbon fiber is expected to bolster the revenue stream and will be a lucrative business portfolio.
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