Composites market value to reach $62.6 billion in 2012

The composites market has a bright future and as a consequence, it has been determined that the value of the global composites market will reach $62.6 billion in 2012.

Composites are becoming increasingly important in a variety of sectors. The need to save energy is driving the increase of composites in the aerospace and automotive sectors.

The necessity to diversify away from traditional sources of energy is increasing demand for wind energy, another sector important for composites demand.

Composites are also sought after in sectors dealing with corrosion and construction, as they are strong, resistant to damage and easy to install.

In the North American, European and other developed markets around the world composites are becoming more complex, and increasingly high-value.

In terms of the three different fibre types, glass remains the most popular due to its cheap price and ease of manufacturing, and will remain as the largest segment (both in volume and value) of composites throughout the period to 2022.

While the current economic conditions are reducing investment in many industries, composites sales are expected to remain robust, and increase considerably once economic conditions improve.

Emerging and developing regions within the composites market such as in the Middle East, Africa, Asia and South America also have a growing demand for composites.

Many industries in these countries are taking their first forays into using composites - as a consequence the composites demand in these regions is estimated to be high.

For more information on the composites market, see the latest research: Composites Market Report

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