Global Composite Fabrication Technologies Market Size, Trends & Analysis - Forecasts To 2026 By Process (Automated Fiber Placement (AFP)/Automated Tape Laying (ATL), Compression Molding, Lay-up, Filament Winding, Injection Molding, Pultrusion, RTM, Others), By Application (Building and Construction Products, Aerospace & Defense, Medical Equipment, Wind Energy, Automotive, Shipbuilding, Railway Equipment, Others), By Region (North America, Europe, Asia Pacific, MEA, CSA), Vendor Landscape, End User Landscape and Company Market Share Analysis & Competitor Analysis
Composite Fabrication Technologies Market: Insights
The global composite fabrication technologies market is expected to generate revenue amounting to USD 7.14 billion in 2020, and is projected to reach to USD 11.47 billion by 2026, growing at a CAGR of 8.21% over the forecast period. Rise in the number of construction activities across the globe is one of the major factors driving the market for composite fabrication technologies during the forecast period. Rapid industrialization in developing economies and increasing demand for wind energy are expected to propel the market growth.
High demand from automotive industry is anticipated to further propel the market growth for composite fabrication technologies. There are numerous methods for fabricating composite components. Selection of a method will depend on the materials, the part design and end-use or application among others. The rise in the demand for high performance materials is also driving the market growth. Composite materials offer many properties such as tight tolerance, repeatable moldings, chemical resistance, corrosion resistance, design flexibility and durability among others. Growth in aerospace industry across various regions including North America, Europe, Asia Pacific, and Central & South America is further projected to propel the market growth of composite fabrication technologies. However, high cost of equipment is likely to hamper the market growth during the forecast period.
Composite Fabrication Technologies Market Size: By Segmentation
The global composite fabrication technologies market is segmented on the basis of process into lay-up, filament winding, injection molding, pultrusion, compression molding, RTM, and automated fiber placement (AFP)/automated tape laying (ATL) among others. The lay-up segment is expected to hold the largest market share in the global composite fabrication technologies market during the forecast period. Layup is the most basic method for production of composite fabrications. The process involves placing a layer of fiber in a sequence by using a matrix of resin and hardener. The layup is then allowed to set at room temperature. The curing process can be accelerated by applying heat with an oven. Layup process is a low cost tooling technique and includes a wide choice of material types and suppliers. Increasing production of boats, wind turbine blades, and architectural moldings are expected to fuel the market growth for layup process segment during the forecast period.
On the basis of application, the market is segmented into aerospace and defense, transportation, wind energy, automotive, building and construction products, shipbuilding, medical equipment, and railway equipment among others. The transportation segment is expected to hold the largest market share in the global composite fabrication technologies market during the forecast period. Growing demand for durable and lightweight materials to design, manufacture fuel saving auto, and buses, across the transportation sector is driving the market growth for transportation segment. Environmental regulations regarding emission standards, in North America, and Europe are the major factors driving for introduction of lightweight and fuel-efficient composites in transportation. Aerospace and defense segment is expected to grow at a high CAGR during the forecast period. The growing production of aircrafts across the globe is driving the market growth.
Composite Fabrication Technologies Market Size: Regional Analysis
On the basis of region, the market for composite fabrication technologies is segmented into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa. The Asia Pacific region is expected to dominate the market and is also estimated to expand at a rapid pace during the forecast period. The growing economies of China and India, the presence of prominent players, and expanding transportation, wind energy, and construction & infrastructure industries in the region driving the market growth. The expanding manufacturing sector and increasing FDI in the developing countries such as China, India, Japan and South Korea among others is driving the market growth.
Composite Fabrication Technologies Market: Share & Competitor Analysis
Some of the key players operating in the composite fabrication technologies market include: Hewlett-Packard, Kevvox, Wolfangel Gmbh, Stratasys, 3D Systems, Graco Inc, Arevo Labs, Engineering Technology Corp., Envirosystems Llc, Globe Machine Manufacturing Co, Ettliger Kunststoffmaschinen Gmbh, Arburg Gmbh+Co Kg, CMET, and Ingersoll Machine Tools among others.
Please note: This is not an exhaustive list of companies profiled in the report.
Composite Fabrication Technologies Market: By Process
Composite Fabrication Technologies Market: By Application
Composite Fabrication Technologies Market: By Region
The global Composite Fabrication Technologies Market has been studied from the year 2017 till 2026. However, the CAGR provided in the report is from the year 2018 to 2026. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply side analysis for the Composite Fabrication Technologies Market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the companies and customer analytics.
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