The global composite process material kits market is predicted to see prominent growth by 2031, owing to the growing applications of composite process material kits in the automotive sector. The North America region is expected to be dominant.
NEW YORK, March 16, 2023 /PRNewswire/ — Global Composite Process Material Kits Market Forecast Analysis:
As per the report published by Research Dive, the global composite process material kits market is envisioned to generate $196.5 million in revenue and grow at a CAGR of 6.3% over the forecast period from 2022 to 2031.
Segments of the Composite Process Material Kits Market
The report has divided the composite process material kits market into the following segments:
Kit-Type: pre-cut shapes, combination kits, welded products, and others
Process-Type: prepreg layup, infusion process, and others
End-Use Industry: aerospace and defense, wind energy, marine, transportation, and others
Region: North America, Europe, Asia-Pacific, and LAMEA
Access to the Complete PDF Sample of the Composite Process Material Kits Market
|
Segment |
Sub-Segment |
|
Kit-Type |
Pre-Cut Shapes – Dominant market share in 2021 |
|
The increasing use of a pre-cut shape kit-type in various applications due to its easy handling and lower cost is expected to foster the growth of this market sub-segment further. |
|
|
Process Type |
Infusion Process – Highest market share in 2021 |
|
The infusion process is an innovative method that can manufacture big components in a single phase with a superior strength-to-weight ratio which is expected to propel the sub-segment forward. |
|
|
End-Use Industry |
Aerospace & Defense – Biggest market share in 2021 |
|
Companies specializing in aerospace & defense produce a wide range of goods such as spacecraft, defense hardware, weapon systems, and many more, for both public and private organizations which are anticipated to push the market sub-segment forward. |
|
|
Region |
North America – To Hold the largest market share by 2031 |
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The strong presence of several small to large-sized OEMs, process material suppliers, and raw material suppliers in this region is predicted to fuel the growth of the regional market in the forecast period. |
Dynamics of the Global Composite Process Material Kits Market
Commonly, the automotive sector always requires composites for producing lightweight materials for fuel efficiency and less carbon emission. The rising applications of composite process material kits in the automotive sector such as producing lighter automobiles, emitting fewer pollutants, and delivering better fuel economy are predicted to foster the growth of the composite process material kits market over the forecast timeframe. However, the lack of standardization in manufacturing technologies over composite process material kits may hinder the growth market throughout the analysis timeframe.
The increasing use of composite process material kits in the aerospace sector to understand future demands, facilitate capability development in composites, and promote technology is expected to create massive growth opportunities for the market over the estimated period. Moreover, the growing need for composites in the aerospace sector to create cooperative industrial research activities is expected to boost the growth of the market in the coming period.
Covid-19 Impact on the Global Composite Process Material Kits Market
The rise of the novel coronavirus has caused several uncertainties which led to crucial economic losses across various businesses around the world. The outbreak has also negatively impacted the composite process material kits market owing to the closure of manufacturing plants, disruptions in the supply chain, and economic slowdown across many nations. Additionally, the import-export restrictions have affected the major composite process material kits-producing countries. Further, the reduced demand for composite process material kits from the construction & automotive sector has declined the growth of the market over the crisis.
Key Players of the Global Composite Process Material Kits Market
The major players of the global market include
- Metyx Composites
- InCom Group
- GEFiM
- Diatex SAS
- Pro-Vac Vacuum Consumables
- Shanghai Leadgo-Tech Co. Ltd.
- Velocity Composites plc
- Aerovac Composites One
- Solvay S.A.
- Airtech Advanced Materials Group
These players are working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to acquire a leading position in the global industry.
For instance, in March 2021, Composites One, a leading provider and distributor of composite materials, announced its acquisition of Solvay Composites Materials Global Business, a science company whose technologies bring benefits to many aspects of daily life. With this acquisition, the companies aimed to expand their international manufacturing and sales capabilities in specialized materials used in a wide range of vacuum-assisted composite manufacturing processes.
What the Report Covers
Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter’s five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments.)
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