COMPOSITE MARKET ANALYSIS
The Global Composites Market market size was valued at US$ 93.4 billion in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 7.3% from 2023 to 2030. Composites are produced using a combination of fibers and matrices. Matrices are generally made of resins including thermoplastics, epoxy, or polyester. One of the major advantages of high-performance composites is their lower mass content as compared to steel and iron. Due to this, a fewer number of materials such as fasteners and joints are required to hold the product together.
Global Composites Market Trends:
Increasing Demand from the Aerospace Industry to Shape New Opportunities
The usage of composites in the aerospace industry has been grown, the Aircraft Manufactures are taking steps to enlarge the primary Structures in thermoplastics both for business jets as well as commercial aircraft. . Thermoplastics also provide a high level of toughness, which translates into lower-weight structures with improved damage tolerance. For example, in February 2020, Marshall Advanced Composites won a £9.5 million contract from Lockheed Martin to manufacture cockpit trim panels (Nomex honeycomb core) for its C-130J Super Hercules airlifted for the next five years.
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