Westford, USA, Dec. 02, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the global structural composites market share will reach a value of USD 83.86 Billion by 2031, with a CAGR of 7.54% during the forecast period (2024-2031). The structural composites industry is expanding rapidly due to several important factors. The reason it is becoming increasingly popular is the increasing demand for high-strength and low-weight materials in applications such as construction, automotive, and aerospace. Adoption is also driven by advancements in composite manufacturing technology as well as the need for sustainability and fuel economy. The growing demand for long-life and resistant materials, particularly in aggressive environments, further supports the development of structural composites.
Structural Composites Market Overview:
Polymer Matrix Dominates Structural Composites Market with Versatility and Cost-Effectiveness
Based on the 2023 structural composites market analysis, the polymer matrix dominated the market. This matrix is the most widely used material and has several uses in important industries due to important characteristics of this matrix, such as low specific weight, strong corrosion resistance, superior electrical and thermal insulation, ease of shape, cost-effective mass manufacturing, and appealing optical qualities among others. With the increasing demand for the use of polymer matrix in sectors like wind energy, transportation, and construction, the market will also be increasing further into upcoming years.
Dominance of Transportation Industry Amidst Presence of Lightweight Property in Structural Composites
As per the 2023 structural composites market forecast, the transportation industry generated approximately USD 21 billion of revenue owing to an increasing trend towards structural composites. The presence of lightweight with high strength and corrosion-resistant properties makes structural composites immensely popular in railways, automobiles,and aerospace sectors. Structural composites are ideal to be used in body panels interior,and structural parts as they reduce vehicle weight enhance overall performance increase fuel efficiency Consequently they significantly contribute toward enlargement sector's revenue.
Asia Pacific to Lead Structural Composites Market Growth Driven by Industrial Expansion
Instructuralcompositesmarket Asia-Pacificwillbethelargestconsumer.Thisisduetothefactthattheend-usesectorsaredevelopingrapidlysuchasenergytransportationdefenseandbuildingandinfrastructure ThroughouttheforecastperiodChinaisanticipatedtocontinuetoholditsdominantpositionastheworld'slargestconsumerofstructuralcompositesWithmorethan220GWofinstalledwindenergycapacityChinaworld'sbiggestautomotivemarine nation Developmentinseveralsectorscanbeattributedtovariousfactorssuchasverygoodeconomicdevelopmentavailabilityrawresourcescheaplaborgovernmentalprivateinvestments etcThemarketsharestructuralcompositesthisregionispredictedincreaseallthese developments
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