Composite Laminates: Introduction
- Composite laminate is made of many layers of a composite mixture, which is made of matrix and fibers. Each layer of the composite laminate offers similar or dissimilar characteristics with different fiber orientations.
- The layers of composite laminates offer properties such as high specific modulus and excellent specific strength. These layers can be tailored for any specific application. These features of composite laminates play a useful role in the manufacture of various aircraft parts.
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Key Drivers of Composite Laminates Market
- Rise in industrialization and urbanization is a key driver of the composite laminates market. Composite laminates are light weight and play a significant role in aerospace applications. Aircraft designers are concerned about the weight of the aircraft, as weight reduction decreases the amount of fuel required and improves the speed. Rise in fuel prices has led to an increase in demand for lightweight structures and materials. Composite laminate materials possess high stiffness as well as strength-to-weight ratio vis-à-vis traditional metallic materials. Lightweight composite laminates and structures enable aircraft to carry more fuel and payload. Furthermore, they help improve fuel efficiency without compromising on safety or performance.
- Growth in usage of advanced composite laminates in development programs of fighter aircraft is a significant example of utilization of composite laminates in the aerospace & defense sector. This is expected to drive the demand for composite laminates in the near future.
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COVID-19 Impact on Global Composite Laminates Market
- According to the International Monetary Fund (IMF), the global economy is expected to face losses worth US$ 9 Trn by 2024. This, in turn, is likely to adversely affect major industries including aerospace & defense and automotive.
- The global composite laminates market is estimated to be adversely affected by the outbreak of coronavirus. Composite laminates are extensively employed in applications including aerospace & defense and automotive. The outbreak of Covid-19 is projected to hamper the manufacturing of parts made of laminated composites in the near future. Supply chain disruption is another factor that is likely to restrain the market in the near future.
North America to Hold Prominent Share of Global Composite Laminates Market
- Geographically, the global composite laminates market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- The composite laminates market in North America is expected to expand at a healthy pace in the near future. North America is the dominant region for composite laminates in terms of volume due to fleet expansions and increasing investments in aerospace & defense and automotive applications in the region. Furthermore, the region is expected to be highly attractive during the forecast period due to the raw material processing ability and other technological advancements in the region. The outbreak of Covid-19 has led to supply chain disruption, thereby hampering the production and supply of composite laminates. However, North America is expected to bounce back by the end of 2024.
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- Asia Pacific is another significant region of the market, with China contributing prominent share. Rise in air passenger traffic and improvement of economy and lifestyles are estimated to drive the demand for composite laminates in aerospace application during the forecast period. Furthermore, the war-like situation of India with China has led to an increase in demand for aircraft in the country. This is expected to drive the demand for composite panels in manufacture of various aircraft parts due to their excellent specific strength, high specific modulus, and composite panels’ ability of being able to be tailored for any specific application.
- Excellent durability, lightweight, high strength-to-weight ratio, high moisture resistance, and ease of installation of composite laminates are likely to drive the demand for these laminates in Latin America and Middle East & Africa
Key Players Operating in Market
The global composite laminates market is highly fragmented. Manufacturers are highly engaged in new product launches in order to expand their share in the market. Prominent players operating in the global composite laminates market include:
- Panolam Industries International, Inc.
- Polser Fiberglass Reinforced Plastics Inc.
- Crane Composites
- LAMILUX Heinrich Strunz Holding GmbH & Co. KG
- Stabilit
- Brianza Plastica S.p.A.
- Vetroresina SpA
- U.S. Liner Company (Uslco)
- Optiplan GmbH
Global Composite Laminates Market: Research Scope
Global Composite Laminates Market, by Matrix Type
- Thermoset Composites
- Thermoplastic Composites
- Others
Global Composite Laminates Market, by Reinforcement Type
- Glass
- Carbon
- Others
Global Composite Laminates Market, by End-use Industry
- Building & Construction
- Aerospace & Defense
- Automotive
- Others
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