Composites Market Trends

Growth Drivers

• Growing Infrastructure Activities of Roads and Bridge- By 2022, the Indian government anticipates building about 64,000 km of national highways for the cost of approximately USD 740 Billion.

• Surge in Usage of Composites in Aerospace- The A380's airframe is made up of more than 19% composite materials.

• Rise in Aging Infrastructure- In the United States, there are more than 615,000 bridges. Currently, about 46,150, or an approximately 6% of all bridges in the country, are deemed structurally deficient, which means they are in "bad" condition and account for approximately 40% of all bridges that are at least 50 years old.

• Increasing Use of 3D Printing in the Marine Industry- The MAMBO (Motor Additive Manufacturing BOat), a 3D-printed boat made with continuous fibreglass thermoset material, was unveiled by Moi Composites in October 2020.

• Growing Urban Population- Approximately 4.4 billion people, or 56% of the world's population, reside in cities. By 2050, approximately 7 out of 10 people will live in cities, with the urban population predicted to more than double from its current level.

Challenges

• Recycling and Standardization Issues
• High Costs
• Increasing Trade Conflicts

Lack of standardization is expected to hamper the mass production of automobile and aircraft owing to the manufacturers considering conservative designs. Hence this factor is expected to hinder the growth of the market.