$328 Mn Composite Films Market by Resin Type, Curing Type, Function, End-use Industry, and Region - Global Forecast to 2025
DUBLIN, March 18, 2020 /PRNewswire/ -- The "Composite Film Market by Resin Type (Epoxy), Curing Type (Autoclave, Out-of-autoclave), Function (Lightning Strike Protection, Surface Protection), End-use Industry (Aerospace & Defense, Automotive), and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global composite film market is projected to grow from USD 245 million in 2020 to USD 328 million by 2025, at a Compound Annual Growth Rate (CAGR) of 6% between 2020 and 2025.
In comparison to conventional materials such as aluminum steel, composite films offer strength, tenacity, density, and thermal and electrical conductivity, fatigue, and corrosion resistance properties. As such, composite films are preferred in high-performance applications in several end-use industries, driving the demand for composite films in various end-use industries.
Epoxy resin films are the fastest-growing resin film type of composite film market in terms of value.
Epoxy resin films are projected to register the highest CAGR in terms of value between 2020 and 2025. Epoxy resins are thermoset resins known for their excellent mechanical, electrical, and high heat resistance properties. They are also available in a wide range of curing-agent variations. As they have a fast curing time in comparison to other resins, they are the preferred choice among the manufacturers. This factor drives the market growth of the epoxy resin film market.
Autoclave curing type is the largest curing type segment of composite film, in terms of value and volume.
Autoclave curing type is the largest curing type segment in the composite film market. Autoclave curing type produces denser, and void-free molding because high heat and pressure are used for curing. High demand for autoclave exists in the composite film market as it helps in the production of high-value composite films that are widely used in the aerospace industry to fabricate high strength-to-weight ratio parts for aircraft. This is expected to drive the market for autoclave curing during the forecast period.
Lightning strike protection is the fastest-growing function in the composite film market in terms of value.
The lightning strike protection function is projected to register the highest CAGR in terms of value between 2020 and 2025. The composite film protects the aircraft's composite structures from lightning strikes. Growth in the aerospace & defense industry would increase the demand for lightning strike protection composite film
Aerospace & defense is the largest end-use industry of composite film, in terms of value.
The aerospace & defense end-use industry held the largest market share in 2019. According to Boeing's Commercial Market Outlook 2019-2038, airline passenger traffic will grow at a CAGR of 4.7% per year. This will lead to the rise in demand for more than 44,004 deliveries of new commercial aircraft in the next 20 years to cater to the demand in the coming two decades. 39% of all new aircraft will be delivered to airlines in the APAC region alone, whereas another 41% will go to carriers in North America and Europe, which in turn will increase the demand for composite films.
North America dominated the composite film market.
North America is the largest composite film market in terms of value and volume in the global composite film market. APAC dominated the composites industry in 2018. The key reason for this includes the demand for composite films in the aerospace & defense industry in the region. The demand for composite films in aerospace & defense, automotive, and other industries is projected to grow due to product innovation and technological advances. The growth of the composite film industry in this region is further boosted by improved composite technology solutions and market penetration of composite films in various end-use industries.
Some of the key players in the global composite film market are 3M (US), Henkel AG Co. KGaA (Germany), Hexcel Corporation (US), Gurit (Switzerland), Solvay (Belgium), Toray Industries, Inc. (Japan), Socomore (France), Park Aerospace Corp. (US), Axiom Materials Inc. (US), and Lincoln Composite Materials (California). The key strategies adopted by the major players for expanding their business revenue are expansions, new product launches, contracts, agreements, and acquisitions.
Key Topics Covered
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in the Composite Film Market
4.2 Composite Film Market, By Curing Type and Region
4.3 Composite Film Market, By End-Use Industry
4.4 Composite Film Market, By Resin Film
4.5 Composite Film Market, By Country
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Growing Use of Composites in the Aerospace & Defense Industry
5.2.1.2 Increasing Demand for Lightweight Materials and Fuel-Efficient Vehicles From the Automotive Industry
5.2.2 Restraints
5.2.2.1 High Risks Related to the Manufacturing Process
5.2.3 Opportunities
5.2.3.1 Increase in Demand for Smooth Surfaces of Aircraft
5.2.3.2 High Demand for Environmental-Friendly Electric Vehicles
5.2.4 Challenges
5.2.4.1 Developing Low-Cost Technologies
5.3 Porter's Five Forces Analysis
5.3.1 Threat of New Entrants
5.3.2 Threat of Substitutes
5.3.3 Bargaining Power of Suppliers
5.3.4 Bargaining Power of Buyers
5.3.5 Intensity of Competitive Rivalry
5.4 Patent Analysis
6 Macroeconomic Overview and Key Trends
6.1 Introduction
6.2 Trends and Forecast of GDP
6.3 Trends in Aerospace Industry
6.4 Trends in Automotive Industry
7 Composite Film Market, By Resin Film Type
7.1 Introduction
7.2 Epoxy
7.2.1 Excellent Chemical Properties Have Led to the Increased Demand for Epoxy
7.3 Others
8 Composite Film Market, By Curing Type
8.1 Introduction
8.2 Autoclave
8.2.1 Autoclave Produces High-Value Composite Films for Aerospace & Defense End-Use Industry
8.3 Out-Of-Autoclave
8.3.1 Out-Of-Autoclave Can Process Larger Composite Panels
9 Composite Film Market, By Function
9.1 Introduction
9.2 Lightning Strike Protection
9.2.1 Increasing Use of Composite Film in the Aerospace & Defense End-Use Industry to Drive the Market
9.3 Surface Protection
9.3.1 Surface Protection Composite Film Caters to the Huge Demand From Europe
9.4 Other Functions
10 Composite Film Market, By End-Use Industry
10.1 Introduction
10.2 Aerospace & Defense
10.2.1 Growth in Airline Passenger Traffic Would Increase the Demand for Composite Film
10.3 Automotive
10.3.1 Automotive Sector's Focus on Reducing Weight Would Increase the Demand for Composite Film
10.4 Others
10.4.1 High Performance and Low Weight to Drive the MarketIn This Segment
10.4.1.1 Civil Construction
10.4.1.2 Marine
10.4.1.3 Wind Energy
11 Composite Film Market, By Region
11.1 Introduction
11.2 North America
11.3 Europe
11.4 APAC
11.5 Middle East & Africa (MEA)
11.6 Latin America
12 Competitive Landscape
12.1 Introduction
12.2 Competitive Leadership Mapping
12.2.1 Visionary Leaders
12.2.2 Dynamic Differentiators
12.2.3 Emerging Companies
12.2.4 Innovators
12.3 Strength of Product Portfolio
12.4 Business Strategy Excellence
12.5 Market Ranking
12.6 Competitive Scenario
12.6.1 New Product Launch
12.6.2 Contract
12.6.3 Expansion
12.6.4 Agreement
12.6.5 Acquisition
13 Company Profile
(Business Overview, Products Offered, Recent Developments, SWOT Analysis, Winning Imperatives, Current Focus & Strategies, Threat From Competition, Right to Win)
13.1 3M
13.2 Henkel AG. & Co. KGaA
13.3 Hexcel Corporation
13.4 Gurit
13.5 Solvay
13.6 Toray Industries, Inc.
13.7 Socomore
13.8 Park Aerospace Corp.
13.9 Axiom Materials Inc.
13.10 Northern Composites, LLC
13.11 Lincoln Composite Materials, Inc.
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