Lucintel Forecasts BRIC Composites Market to Witness Good Growth during the Next Five Years Growth Opportunities for Composites in BRIC Countries 2013-2018: Trends, Forecast, and Opportunity Analysis
IRVING, Texas, Oct. 31, 2013 /PRNewswire-iReach/ -- The BRIC composites market is expected to witness good growth over the next five years. China has been the leader among the BRIC countries in terms of total composite consumption, whereas India depicted the highest growth rate due to rapidly increasing demand from the end user industries. The BRIC composites industry growth rate differed across various market segments depending on price-versus-performance criteria and the level of penetration in a particular application.
Lucintel, a leading global management consulting and market research firm, has conducted a competitive analysis on the composites market in the BRIC countries and presents its findings in "Growth Opportunities for Composites in BRIC Countries 2013-2018: Trends, Forecast, and Opportunity Analysis". The future market is expected to be highly competitive and companies with innovative capabilities can thrive and gain market share. In the long-term, the composites industry is a sustainable market and it has excellent growth potential.
Lucintel indicates that in some regions of the BRIC countries, the usage of composites is mostly confined in the non-residential and industrial projects. Another challenge for the composite market is that it is affected by the short-term negative impact from global economic cues.
The report outlines that demand in aerospace and defense is expected to witness robust growth due to higher adoption of composites. Consumption of composites in automobiles have risen substantially, driven by fuel efficiency because of lighter vehicles for mass produced models as well as performance benefits to high-end automotive models. Pipe and tank is another market where composite materials are being used extensively.
These applications may have huge impact on the growth of the composite industry over the next five years. The growth drivers overshadow the challenges substantially and hence, all BRIC countries are likely to witness robust growth during the forecast period. Most of them were impacted moderately by global economic issues; however, the impact was minimal when compared to the developed countries.
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