The Global Composite market is to reach US$28.34 billion by 2016. One of the key factors contributing to this market growth is the increasing demand from developing countries. The Global Composite market has also been witnessing developing strategic alliances and partnerships. However, the increasing price war among the competitors could pose a challenge to the growth of this market.
The Global Composite market is witnessing huge demand for application-specific composites. Many vendors are offering composites that are suitable for specific applications and customer requirements. This approach helps vendors to differentiate their products and gain a competitive edge. For instance, some vendors offer composites that can be used only to manufacture sports goods such as tennis rackets and other sport equipment. Therefore, this enables sports goods manufacturers to improve product quality in a cost-effective manner. Increasing demand for application-specific composites is expected to enhance the potential of the market during the forecast period.
Composites are widely used in various manufacturing industries for cost-effective processes and applications. Composites provide better process properties and attributes than steel, aluminum, and plastic, which are commonly used by manufacturing industries. Composites are corrosion resistant and facilitate the manufacture of complex product designs that consist of multiple parts. Also, many manufacturing industries prefer composite materials because they are lightweight and offer long durability and strength. For instance, the Automotive industry uses natural fiber composites and CFRP composites for complex interiors to reduce overall weight.
The key vendors dominating this market space are Toray Industries Inc., Mitsubishi Rayon Co., Ltd., and TOHO Tenex Co., Ltd. The other vendors mentioned in this report are AGY Holding Corp., Aldila Inc., Amber Composites Ltd., BASF SE, Crosby Composites Ltd., Cytec Industries Inc., Formosa Plastics Corp., Gurit Services AG, Hexcel Corp., Huntsman International LLC, SGL Group, Umeco Plc., and Zoltek Corp.
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