Composite Vacuum Consumables Market to reach US$ 656.3 Million in 2024
February 07, 2020
Composite Vacuum Consumables Market is expected to experience a healthy growth rate over the next five years to reach US$ 656.3 million in 2024, propelled a host of factors including an increasing penetration of prepreg materials in the aerospace & defense and automotive industries, recovering marine market, and a sustainable growth in the wind energy.
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Composite Vacuum Consumables Market Segment Insights:
By End-Use Industry Type:
Based on the end-use industry type, the market is segmented into Aerospace & Defense, Wind Energy, Marine, Transportation, and Others. Aerospace & defense is expected to remain the largest segment of the composite vacuum consumables market during the forecast period. High use of prepreg lay-up process for manufacturing structural composite components is the prime driver of the higher demand for vacuum consumable in the aerospace & defense industry. The next-generation aircraft, such as B787 and A350XWB, contain about 50% composites of the total structural weight of the aircraft in which the majority is manufactured through prepreg material.
The transportation segment is expected to experience the highest growth for the same period. The stringent government regulations are forcing auto OEMs to incorporate advanced lightweight materials in the structural areas of an automobile. This trend is driving composite penetration, especially in electric vehicles and premium vehicles, to enhance fuel efficiency and to achieve stringent government regulations, such as CAFÉ standards.
By Region:
Based on the regions, North America is expected to remain the largest market for composite vacuum consumables during the forecast period. The region is the world’s capital of composites manufacturing with the presence of several small- to large-sized composite part molders. It is the largest composites market for aerospace & defense, transportation, and marine industries and is also one of the leading wind composite markets. These all four markets will continue to generate a healthy demand for vacuum consumables in the region in the coming years.
Asia-Pacific is likely to be the fastest-growing market for composite vacuum consumables for the same period. High growth of composites, a gradual shift of manufacturing base from the developed economies to the developing Asian economies, the formation of a large number of strategic alliances with the Asian companies to set up their facilities in this region, and upcoming indigenous commercial and regional aircraft are some of the key whys and wherefores behind the massive growth in the Asia-Pacific region. China, Japan, and India are expected to remain the growth engines of the Asia-Pacific’s market.
Key Players:
The supply chain of this market comprises raw materials suppliers, film suppliers, vacuum consumable manufacturers, distributors, part molders, OEMs, and end-users. The global composite vacuum consumable is a highly consolidated market. The key Composite vacuum consumables manufacturers are Airtech Advanced Materials Group, Solvay S.A. (Umeco Plc), and Diatex S.A. New product development, regional expansion, and the formation of long-term relationships with prepreg manufacturers are the key strategies adopted by the key players to gain a competitive edge in the market.
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- Emerging trends
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